Oil and gas provider Chevron helped US-based energy storage provider Malta expand its series B round to $60m on Wednesday through subsidiary Chevron Technology Ventures.
Chevron was joined by fellow newcomer Piva Capital in the round, which already included $50m supplied by natural gas producer Proman, industrial product manufacturer Alfa Laval, Breakthrough Energy Ventures and Dustin Moskovitz in February this year.
Malta has developed grid-scale thermal energy storage technology and will use the new capital to advance its commercialisation strategy. The round follows a $26m series A in 2018 that featured Alfa Laval, renewable energy company Concord New Energy and which was led by Breakthrough Energy Ventures.
Chevron Technology Ventures made the investment from its $300m Future Energy Fund II, which it launched in February 2021.
Ramya Swaminathan, chief executive of Malta, said: “We are thrilled to have Chevron Technology Ventures and Piva Capital investing in Malta. Our mission is to make renewables dispatchable. The Malta system can achieve this by storing days of electricity that is available whenever needed.”
