Malta Inc., a leading provider of energy storage technology, and NB Power, the largest utility in the Maritimes, have partnered for an energy storage project in New Brunswick, the province’s first-ever. The project is still in the development stage but might be in service in 2024.
Firstly, the companies signed the terms sheet this Thursday, and they are working towards establishing an Energy Storage Benefits Agreement. The aim of that would be to launch the mentioned project; a long-duration energy storage facility.
Moreover, the project truly aspires to be an industry milestone; it will help achieve emissions reductions, improve grid stabilization, integrate renewables, and create jobs for the province. Particularly, the partners expect 225 new jobs during construction and up to 15 during operation.
In addition, the project will have around 1,000MWh capacity, indeed of the largest energy storage systems in the world. According to the statement, Malta will bring its innovative technology to the partnership. A leading energy storage system able to store and dispatch energy at need.
Furthermore, the facility will produce a large quantity of high-quality heat as a byproduct. As a result, the facility will recover and pump that heat into a number of commercial, industrial, and district energy operations. This feature will further increase the potential to reduce greenhouse gas emissions and drive economic growth.
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Malta Inc’s and NB Power’s project to change NB’s energy landscape
About the project, Ramya Swaminathan, CEO, Malta Inc, said. “It is a win for sustainable technologies, a win for the transition to a net-zero future, and a win for New Brunswick customers.”
He also remarked. “We are proud to be partnering with NB Power to provide sustainable and affordable energy while supporting Canada’s equitable transition to a carbon-free future and economy.”
On the other hand, Keith Cronkhite, President, and CEO of NB Power, commented. “This innovative new technology aligns well with our goal to transform the electricity system in New Brunswick to bring customers greater value and services. It will be an important addition to our grid as we find solutions to increase beyond our current 80 percent carbon-free electricity for New Brunswickers.”
Finally, the companies will be seeking synergies for the project’s construction and long-term operations. According to the statement, those activities will rely on tradespeople and contractors sourced directly from New Brunswick and Atlantic Canada.
