Siemens Energy Ventures and Alfa Laval AB have joined as investors in the latest financing round held by the long-duration energy storage developer Malta Inc.
The company said in a media release that Siemens Energy and Alfa Laval have joined existing shareholders Breakthrough Energy Ventures, Proman, Chevron Technology Ventures, and Piva Capital.
The new capital will be used to accelerate deployment of Malta’s storage systems globally, the company said.
According to Malta, its grid-scale, long-duration energy storage system helps governments, utilities and grid operators transition to low-cost, carbon-free renewable energy while enhancing energy security. Storing electricity for eight hours to eight days or longer, its service reduces carbon dioxide emissions and dependence on natural gas, Malta said.
Using new technologies developed by Siemens Energy and Alfa Laval, Malta said its plant is a like-for-like replacement for natural gas-powered plants, allowing solar and wind to replace the heat and power generated by traditional generation, reduce dependence on natural gas, and maintain grid stability, power reliability, and system resilience.
“Our partners facilitate and enhance our ability to execute in this rapidly expanding growth market. As a global leader in the power sector, our partners bring unparalleled industry knowledge, technical expertise, and global commercial reach to help accelerate our commercial deployment”, Ramya Swaminathan, president and CEO of Malta, said.
“Malta’s innovative thermoelectric energy storage system offers a flexible, cost-effective and scalable solution for the storage of energy over long periods of time. With our support, Malta is well positioned to be the first company to commercialize such a solution globally. Our engineers are making an important contribution to technology development and scale-up”, added Christian Bruch, president and CEO of Siemens Energy.
“In the race towards Net Zero, there are many challenges, but also solutions. Alfa Laval is contributing with its innovative heat exchanger technology that will be vital to enable commercially viable long-duration energy storage, fundamental for the decarbonization of the renewable energy sector”, Tom Erixon, president and CEO of Alfa Laval, said.
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