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Malta's grid-scale, long-duration energy storage system helps governments, utilities, and grid operators transition to low-cost, carbon free renewable energy while enhancing energy security. Storing electricity for eight hours to eight days or longer, the solution reduces CO2 emissions and dependence on natural gas.
Ramya Swaminathan, President and CEO of Malta said that they are thrilled to have Siemens Energy join their world-class strategic investors and other shareholders. She added that their partners facilitate and enhance their ability to execute in this rapidly expanding growth market. Christian Bruch, President and CEO of Siemens Energy said that Malta's innovative thermoelectric energy storage system offers a flexible, cost-effective and scalable solution for the storage of energy over long periods of time. He further added that with their support Malta is well positioned to be the first company to commercialize such a solution globally.
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Tom Erixon, President and CEO of Alfa Laval commented that in the race towards Net Zero there are many challenges but also solutions. He said that Alfa Laval is contributing with its innovative heat exchanger technology which will be vital to enable commercially viable long-duration energy storage fundamental for the decarbonization of the renewable energy sector. He added that Alfa Laval is proud to continue and further strengthen their collaboration with Malta and their partners to accelerate the energy solutions required to reach net zero.
Malta Inc., through its grid-scale long duration energy storage system helps governments, utilities and grid operators transition towards low cost carbon free renewable energy while enhancing energy security. The new capital will help them deploy their systems globally which will reduce CO2 emissions as well as dependence on natural gas while maintaining grid stability power reliability and system resilience. With support from Siemens Energy Ventures, Alfa Laval as well as existing shareholders Breakthrough Energy Ventures Proman Chevron Technology Ventures Piva Capital they are well positioned to be the first company to commercialize such a solution globally.
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