US-based grid-scale energy storage technology developer Malta has secured $26m in a series A round that included renewable energy producer Concord New Energy and industrial product maker Alfa Laval.
The round was led by Breakthrough Energy Ventures, a clean energy investment fund led by the group of executives and entrepreneurs from the energy industry that make up the Breakthrough Energy Coalition.
Malta provides electrothermal energy systems that store electricity generated from wind, sun or fossil fuels as heat in molten salt and antifreeze liquid. It then converts and heats that heat energy back to electricity that can be transmitted to the grid.
The company has been spun out of Moonshot Factory, the research laboratory run by internet and technology group Alphabet that was formerly known as Google X.
Ramya Swaminathan, chief executive of Malta, said: “Our investors share our vision to create a scalable storage solution that will facilitate further expansion of renewable energy while improving grid stability and resilience across the globe.
“Beyond capital investment, they are truly partnering with us to build a first-of-a-kind product. We appreciate their confidence in our strategy and in our team’s ability to execute on it.”