FREDERICTON, New Brunswick & CAMBRIDGE, Mass.--(BUSINESS WIRE)--Malta Inc., a leading developer of innovative pumped heat energy storage technology, and NB Power, the largest utility in the Maritimes, are pleased to announce that they signed a term sheet and are working toward establishing an Energy Storage Benefits Agreement to advance the first long-duration energy storage facility in the province’s history. While still in the planning and development stage, the facility is targeted to be in-service in 2024.
This initiative demonstrates NB Power’s leadership role in helping New Brunswick transition to a low-carbon economy. A sustainable energy solution, Malta’s energy storage facility will help achieve emissions reductions, improve grid stabilization, increase the grid’s capacity for the integration of renewables, and bring good jobs to the province. Upon its completion, the 1,000MWh facility would be one of the largest energy storage systems of its kind in the world, and lead to the creation of an estimated 225 new jobs during construction, and up to 15 during operation.
“This is a very exciting initiative for NB Power as we make greater strides towards decarbonization and adding more flexibility to our generation assets,” said Keith Cronkhite, President and CEO of NB Power. “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 per cent carbon-free electricity for New Brunswickers.”
The Malta system is an innovative long-duration energy storage system that can store power when it is generated and discharge the power when it is needed. This prepares New Brunswick for a future with a diverse resource mix inclusive of more renewable generation, electric vehicles, and greater electrification of homes and businesses, which will make the communities served by NB Power healthier and more resilient.
“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,” said Ramya Swaminathan, CEO, Malta Inc. “It is a win for sustainable technologies, a win for the transition to a net-zero future, and a win for New Brunswick customers.”
An additional benefit of the plant is that it will produce a large quantity of high-quality heat as a byproduct that can be used in a number of commercial, industrial, and district energy operations, with the potential to reduce greenhouse gas emissions and drive further economic growth.
The companies will be consulting and engaging with several partners and stakeholder groups throughout the province. Construction and long-term operation of the Malta system would rely on tradespeople and contractors sourced directly from New Brunswick and Atlantic Canada, creating economic benefits in the region and training workers to participate in a new, innovative, and growing part of the industry.
“I am proud to see New Brunswick become a hub for energy storage as we move towards a more stable, resilient and flexible power grid,” said Arlene Dunn, minister responsible for Opportunities NB. “I am pleased to see the hard work and collaboration pay off for our province."
About Malta Inc.
Malta represents the future of energy storage. With its grid-scale solutions that can store energy up to 50x longer than typical battery technology, Malta is enabling renewable energy to be used more efficiently and effectively, enhancing grid reliability and resilience, and expediting the transition to a clean energy future. Incubated at X, the Moonshot Factory (formerly Google [X]), the company is backed by energy industry leaders Alfal Laval, Proman, and Chevron Technology Ventures, as well as investors Breakthrough Energy Ventures and Piva Capital. Malta is based in Cambridge, Massachusetts. For more information visit www.maltainc.com.
About NB Power
For over 100 years, NB Power has been a part of the fabric of New Brunswick, Canada. The provincial electric utility has one of the most diverse generation fleets in North America, with approximately 80 per cent non-emitting generation. Over 2,600 energy experts provide reliable, safe and sustainable energy for over 400,000 direct and indirect customers every day. Using a customer-centric approach, NB Power is committed to developing sustainable energy for future generations of New Brunswickers. Part of this commitment includes investments in energy efficiency programs, energy solutions, renewable energy sources and smart grid technology.
About Opportunities NB
As a Crown corporation, Opportunities New Brunswick (ONB) is the focal point for all of New Brunswick’s economic development activities. Client-focused, proactive, professional and accountable, ONB is the single point of contact for local and foreign businesses looking to grow, expand or locate.
ONB is accelerating growth by attracting global business, strengthening exports, and empowering local companies and entrepreneurs. With provincial, federal, and community partners, ONB is transforming New Brunswick into an entrepreneurial hub and a global destination for growth-focused enterprises.