Long-duration thermal energy storage developer Malta raised $60 million in its oversubscribed Series B financing round with added support from Chevron Energy Ventures and Piva Capital.
The capital will be used to advance the company’s commercialization strategy, according to a press release.
“Our mission is to make renewables dispatchable,” said Ramya Swaminathan, CEO at Malta Inc. “The Malta system can achieve this by storing days of electricity that is available whenever needed.”
Malta aims to provide grid-scale, long-duration thermal energy storage for renewable energy sources in place of decommissioned coal-fired power plants and nuclear sites.
The company already had the backing of Proman, Alfa Laval, Breakthrough Energy Ventures, and Dustin Moskovitz.
“There are many solutions working to meet the rapidly growing demand for long-duration energy, however, Malta has developed the most reliable solution to sustainably power the world’s growing energy needs,” said Ricardo Angel, Managing Partner of Piva Capital.
Malta developed a Pumped Heat Energy Storage system that leverages thermodynamic systems to provide long-duration, large-scale energy storage by converting electricity from any source to be stored as thermal energy.
The company said its technology is able to efficiently store up to 200 hours of energy.