Malta Closes Funding Round

Malta, a Cambridge, MA-based company which specializes in long-duration energy storage, raised an undisclosed amount in funding.

The round saw participation from Siemens Energy Ventures and Alfa Laval, as well as existing shareholders Breakthrough Energy Ventures, Proman, Chevron Technology Ventures, and Piva Capital.

The company intends to use the funds to accelerate deployment of its storage systems globally.

Led by Ramya Swaminathan, President and CEO, Malta has developed a like-for-like replacement for today’s fossil fuel-fired plants that delivers on-demand clean energy. Its long-duration energy storage technology stores electricity as thermal energy from eight hours to eight days or longer, later returning it to the grid to meet hourly, daily, and weekly needs. The Malta system also provides clean heat for industrial and district heating applications, further reducing CO₂ emissions in hard to abate sectors.

Commenting on the news Ramya Swaminathan said: “We are thrilled to have Siemens Energy join our world-class strategic investors, Alfa Laval and Proman, and our other shareholders, such as BEV, Piva, and Chevron. Our partners facilitate and enhance our ability to execute in this rapidly expanding growth market. As a global leader in the power sector, our partners bring unparalleled industry knowledge, technical expertise, and global commercial reach to help accelerate our commercial deployment.”

FinSMEs

30/11/2023