Malta aims to provide grid-scale, long-duration thermal energy storage for renewable energy sources in place of decommissioned coal-fired power plants and nuclear sites.
The company already had the backing of Proman, Alfa Laval, Breakthrough Energy Ventures, and Dustin Moskovitz.
“There are many solutions working to meet the rapidly growing demand for long-duration energy, however, Malta has developed the most reliable solution to sustainably power the world’s growing energy needs," said Ricardo Angel, Managing Partner of Piva Capital.
Malta developed a Pumped Heat Energy Storage system that leverages thermodynamic systems to provide long-duration, large-scale energy storage by converting electricity from any source to be stored as thermal energy.
The company said its technology is able to efficiently store up to 200 hours of energy.
John Engel is the Content Director for Renewable Energy World. For the past decade, John has worked as a journalist across various mediums -- print, digital, radio, and television -- covering sports, news, and politics. He lives in Asheville, North Carolina with his wife, Malia.
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