Malta Inc., a pioneer in long-duration energy storage, announced this Wednesday Chevron Technology Ventures and Piva Capital have joined its Series B financing program to advance Malta’s long duration energy storage solutions. The Series B financing also has Proman, Alfa Laval, Breakthrough Energy Ventures, and Dustin Moskovitz as peers.
Firstly, the financing now has expanded to $60 million; which will strengthen the commercialization strategy of Malta’s solutions. Malta indeed intends to seize opportunities in the rapid increase for energy storage demand; specially as data centers and electrification grows.
Secondly, the going offline of nuclear energy plants and coal-fired power generation has created a gap that energy storage will fill; as energy transition demands cleaner alternatives, and renewable energy expands.
Thirdly, according to the U.S. Energy Information Administration, in 2020 19% of US electricity generation came from coal-fired power plants; however, it produced 54% of all the sector emissions.
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Top-notch technology by Malta for energy storage
In addition, the decommissioning of 50+ coal fired power plants expected in the U.S. by 2030; will need to be matched by renewables and other power generation sources. Consequently, an according to Malta’s expectations, there’s a $60 billion opportunity to replace coal fired power plants in the next nine years.
Moreover, the demand for such solutions doubles that figure by 2030; on top of that, demand for energy storage at grid scale will continue to rapidly grow over time to enable 100% renewable penetration, a crucial element to achieve net-zero by 2050.
Furthermore, Barbara Burger, Vice President, Innovation and President of Technology Ventures at Chevron, said. “Malta has the potential to be a key enabler of grid stability; as renewables have become a greater portion of the energy mix. Our investment in Malta is part of our recently launched $300 million Future Energy Fund II; which focuses on industrial decarbonization, emerging mobility; also, energy decentralization, and the growing circular carbon economy.”
Finally, Malta’s technology is top-notch; the company developed a Pumped Heat Energy Storage (PHES) system; which enables thermodynamic systems to provide long-duration, large-scale; also, cost-effective, and safe energy storage. It converts electricity from any source; either directly from a generation facility or from the grid, to be stored as thermal energy. Indeed, it provides up to 200 hours of energy.
