US-based energy storage technology developer Malta received $50m yesterday in a series B round led by natural gas product producer Proman that also featured industrial product manufacturer Alfa Laval.
Cleantech investment fund Breakthrough Energy Ventures and private investor Dustin Moskovitz also took part in the round. The company had raised $26m in a 2018 series A round led by Breakthrough Energy Ventures that included Alfa Laval and renewable energy producer Concord New Energy.
Malta’s pumped heat energy storage technology converts electricity derived from any power generation source and stores it as thermal energy, allowing energy to be stored for long periods of time.
Alongside the funding, Proman said it would provide Malta with expertise on complementary design, engineering and construction activities, and will also work with the company on development of a commercial-scale plant.
Malta was incubated within Moonshot Factory, a research lab then known as Google X which was established by internet and technology group Alphabet.