Malta, Inc., a Cambridge, Massachusetts-based developer of electro-thermal energy storage system, raised $26M in Series A funding.
The round was led by Breakthrough Energy Ventures with participation from other Concord New Energy Group and Alfa Laval.
Malta, which started at X, Alphabet’s Moonshot Factory, is now an independent company outside of Alphabet called Malta Inc.
Led by Ramya Swaminathan, CEO, Malta Inc. is advancing system that 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. The 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.
The company 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.
FinSMEs
20/12/2018