Malta

Overview
Alternative Energy?
Product stageSegments

Malta developed a utility-scale Pumped Heat Energy Storage (PHES) system for long-duration energy storage. Malta claims that its technology can store energy from any power generation source (fossils, solar, wind, etc.) in any location and can store over 100 MW of electricity from eight hours to eight days or longer. Malta was incubated at Google X from 2016-2018 before being spun out as an independent company.

Malta’s PHES system takes electricity, converts it, stores that electricity as heat, and then converts it back to electricity to be redistributed on the electric grid on demand demand. In the charge mode, the system operates as a heat pump, storing electricity as heat in molten salt. In discharge mode, the system operates as a heat engine, using the stored heat to produce electricity.

In August 2022, Southwest Research Institute (SwRI) assembled and commissioned the first thermal energy storage demonstration facility based on the utility-scale thermal energy storage system created by Malta. The pilot will be tested to demonstrate operation, verify system control strategies, and validate data.

Key customers and partnerships

In May 2021, Malta partnered with Duke Energy to study the feasibility of converting retiring coal units into long-duration, zero-emission energy storage systems. In July 2021, Malta partnered with Siemens Energy to co-develop the commercial design of turbomachinery components required for its energy storage systems. In December 2021, Malta partnered with Bechtel Corporation to explore opportunities to deploy long-duration energy storage plants that store electricity for days or weeks.

In January 2023, Malta partnered with the Orlando Utilities Commission to deploy its energy storage technology.

Funding and financials

Malta's most recent funding event was in November 2023, when the company raised USD 21.6 million in a financing round. The company intended to use the funds to expedite the global deployment of its energy storage systems. Prior to this, in February 2021 the company raised USD 50 million in a Series B round led by Proman. The funds were expected to help expand Malta's business reach.

HQ location:
210 Broadway Suite 201 Cambridge MA USA
Founded year:
2018
Employees:
11-50
IPO status:
Private
Total funding:
USD 108.5 mn
Last Funding:
USD 21.6 mn (Series Unknown; Nov 2023)
Key competitors
Filter by the segments to which the disruptor belongs
All Segmentsexpand
 
Loading...
Loading...
Loading...
Loading...
Product Overview
-
Loading...
Loading...
Loading...
Loading...
-
Loading...
Loading...
Loading...
Loading...
-
Loading...
Loading...
Loading...
Loading...
-
Loading...
Loading...
Loading...
Loading...
-
Loading...
Loading...
Loading...
Loading...
Product Metrics
-
Loading...
Loading...
Loading...
Loading...
-
Loading...
Loading...
Loading...
Loading...
-
Loading...
Loading...
Loading...
Loading...
-
Loading...
Loading...
Loading...
Loading...
-
Loading...
Loading...
Loading...
Loading...
Company profile
-
Loading...
Loading...
Loading...
Loading...
-
Loading...
Loading...
Loading...
Loading...
-
Loading...
Loading...
Loading...
Loading...
-
Loading...
Loading...
Loading...
Loading...
-
Loading...
Loading...
Loading...
Loading...

Recent Updates

Alternative Energy
Alternative Energy
Funding data are powered by Crunchbase
arrow
menuarrow
Click here to learn more
Get a demo

By using this site, you agree to allow SPEEDA Edge and our partners to use cookies for analytics and personalization. Visit our privacy policy for more information about our data collection practices.