Malta Inc, a pioneer in electro-thermal energy storage, has announced it has raised $26M in a Series A round of funding led by Breakthrough Energy Ventures with participation from other investors including Concord New Energy Group and Alfa Laval. Malta, which started as “Project Malta” at X, Alphabet’s Moonshot Factory, is now an independent company outside of Alphabet called “Malta Inc”.
“Our investors share our vision to create a scalable storage solution that will facilitate further expansion of renewable energy while improving grid stability and resilience across the globe,” said Ramya Swaminathan, CEO of Malta Inc. “Beyond capital investment, they are truly partnering with us to build a first-of-a-kind product. We appreciate their confidence in our strategy and in our team’s ability to execute on it.”
The Malta energy storage system stores energy in the form of a thermal differential between hot and cold storage media. It is based on well-established principles in thermodynamics for a system that stores electricity as heat in high-temperature molten salt and cold in a low-temperature antifreeze liquid.
While incubated at X, Alphabet’s Moonshot Factory, the project underwent a rigorous evaluation and de-risking process.
“A lack of affordable, reliable grid-scale energy storage is currently limiting the shift to renewable energy. Malta’s technology gives us a shot at storing all the renewable energy we create cheaply and reliably. With X having done our part to bring Malta’s technology as far as we can take it, we’re excited to hand the baton to the Malta team for the next phase of product development and deployment,” said Raj Apte, PhD, Science Adviser at X, the Moonshot Factory.
Malta Inc will work in collaboration with industry partners to turn the detailed designs developed and refined at X into industrial-grade machinery for its first pilot system. Malta’s system can store electricity for days or even weeks until it’s needed. The electricity can come from any source (i.e. wind, sun, or fossil fuels) in any location. Malta has the potential to make existing capital investments in both fossil and renewable generation more productive while dramatically improving power grid stability and resilience.