Malta Inc, developer of a grid-scale electro-thermal energy storage technology, has closed a Series B funding round, raising US$50 million from investors that include Facebook co-founder Dustin Moskovitz.
The company claims its solution to the variable generation profile of renewable energy can provide storage of energy at large-scale for up to 200 hours, is scalable and relies on abundant materials, as well as combining processes from already-established and proven industries.
“Malta’s innovative application of well-established technologies and materials could accelerate the roll out of long-duration storage to support the transition to fully dispatchable renewable energy,” Dustin Moskovitz said.
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