Malta, the thermal energy storage company spun off from Google’s parent company Alphabet in 2018, has raised $50 million in the latest round of funding to commercialise its technology.
The Malta Pumped Heat Energy Storage (PHES) system converts electricity from any source, either directly from a generation facility or from the grid, to be stored as thermal energy.
It can provide a daily or weekly load cycle by efficiently storing up to 200 hours of energy storage, though early systems will focus on current market applications in need of 10 to 12-hour durations.
In addition to dispatchable renewable energy, Malta’s PHES system technology generates heat for industrial and district heat applications.
The financing was led by integrated energy group Promon, with participation from new investor Dustin Moskovitz and existing investors Alfa Laval and Breakthrough Energy Ventures.
Ramya Swaminathan, CEO of Malta said: “Our goal continues to be to create a scalable storage solution that will accelerate the expansion of renewable energy while improving grid stability and resilience. We are gratified by our investors’ recognition of our achievements and their confidence in our ability to execute on this exciting new phase.”