Long-duration ‘pumped heat energy storage’ startup Malta raises US$50 million in Series B round

Malta’s senior technical advisor Michael Geyer (left) and CEO Ramya Swaminathan (right), presenting the technology at an event a couple of years ago. Image: Malta Inc official YouTube channel screenshot.

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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