CAMBRIDGE, Mass.--(BUSINESS WIRE)--Malta Inc., a leader in long-duration energy storage, today announced that it has closed on a round of financing provided by a group of investors including Siemens Energy Ventures and Alfa Laval as well as 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.
Malta’s 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, the solution reduces CO2 emissions and dependence on natural gas. Using new technologies developed by Siemens Energy and Alfa Laval, the Malta 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.
Ramya Swaminathan, President and CEO of Malta, added, “We are thrilled to have Siemens Energy join our world-class strategic investors, Alfa Laval and Proman, and our other shareholders, such as BEV, Piva, and Chevron. 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.”
Christian Bruch, President and CEO of Siemens Energy, 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."
Tom Erixon, President and CEO of Alfa Laval comments, “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. 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.”
Malta, Inc. has developed a like-for-like replacement for today’s fossil fuel-fired plants that delivers affordable, reliable, on-demand clean energy. Malta’s innovative long-duration energy storage technology stores electricity as thermal energy from eight hours to eight days or longer, later returning it to the grid to meet hourly, daily, and weekly needs. The Malta system also provides clean heat for industrial and district heating applications, further reducing CO2 emissions in hard to abate sectors.
About Siemens Energy
Siemens Energy is one of the world’s leading energy technology companies. The company works with its customers and partners on energy systems for the future, thus supporting the transition to a more sustainable world. With its portfolio of products, solutions and services, Siemens Energy covers almost the entire energy value chain – from power generation and transmission to storage. The portfolio includes conventional and renewable energy technology, such as gas and steam turbines, hybrid power plants operated with hydrogen, and power generators and transformers. Its wind business makes Siemens Energy a global market leader for renewable energies. An estimated one-sixth of the electricity generated worldwide is based on technologies from Siemens Energy. Siemens Energy employs around 96,000 people worldwide in more than 90 countries and generated revenue of €31 billion in fiscal year 2023. Siemens Energy Ventures is the corporate venturing arm of Siemens Energy focused on building, piloting with and investing in start-ups that can help provide sustainable, affordable, and reliable energy systems.
About Alfa Laval
Alfa Laval is a world leader in heat transfer, centrifugal separation and fluid handling, and is active in the areas of Energy, Marine, and Food & Water, offering its expertise, products, and service to a wide range of industries in some 100 countries. The company is committed to optimizing processes, creating responsible growth, and driving progress to support customers in achieving their business goals and sustainability targets. Together, we are pioneering positive impact. Alfa Laval has 20,300 employees. Annual sales in 2022 were SEK 52.1 billion (approx. EUR 4.9 billion). The company is listed on Nasdaq Stockholm.