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Malta plans to deploy its energy storage system on an international scale after receiving funding from Siemens Energy, Alfa Laval, and additional shareholders.
Malta has announced the closing of a funding round provided by a group of investors, including Siemens Energy Ventures, Alfa Laval, Breakthrough Energy Ventures, Proman, Chevron Technology Ventures, and Piva Capital. The financing from this round will be dedicated to the accelerated deployment of Malta’s long-duration energy storage system on a global scale.
“We are thrilled to have Siemens Energy join our strategic investors, Alfa Laval and Proman, and our other shareholders, such as BEV, Piva, and Chevron,” said Ramya Swaminathan, President and CEO of Malta. “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 industry knowledge, technical expertise, and global commercial reach to help accelerate our commercial deployment.”
The technology is a grid-scale, long-duration energy storage system designed to help governments, utilities, and grid operators transition to low-cost renewable energy while bolstering energy security. This solution can store electricity for 8 hours to 8 days or longer, reducing CO2 emissions and the reliance on natural gas.
“Malta’s thermoelectric energy storage system offers a flexible, cost-effective, and scalable solution for the storage of energy over long periods of time,” said Christian Bruch, President and CEO of Siemens Energy. “With our support, Malta is 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."
Malta will utilize new technologies developed by Siemens Energy and Alfa Laval to establish a like-for-like plant that replaces natural gas-powered plants. The replacement will allow for solar and wind to replace the heat and power generated by traditional methods, reduce the dependence on natural gas, and maintain grid stability, power reliability, and system resilience.
“In the race towards net zero, there are many challenges, but also solutions. Alfa Laval is contributing with its heat exchanger technology that will enable commercially viable long-duration energy storage, fundamental for the decarbonization of the renewable energy sector,” said Tom Erixon, President and CEO of Alfa Laval. “Alfa Laval is proud to continue and further strengthen our collaboration with Malta and our partners to accelerate the energy solutions required to reach net zero.”