Malta Inc., a developer of grid-scale thermo-electric energy storage systems, has raised $60.0M in Series B funding. The capital will advance its technology, which stores thermal energy in molten salt to provide long-duration energy storage solutions, from 8 hours to multi-day.
The Series B round drew investment from Proman, Breakthrough Energy, Alfa Laval, Chevron Technology Ventures, Piva Capital, and Dustin Moskovitz. Malta’s Steam Energy Management and Storage (SEMS) system uses a high-performance heat pump and steam as a working fluid to reconvert stored thermal energy into power and heat on demand.
