Siemens Energy Ventures, Alfa Laval and existing shareholders help Malta accelerate the global transition to a secure and decarbonized energy future.
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.
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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.”
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