BBVA supports Malta Inc.''s long-duration thermal energy storage
It will be based on a technology that Malta Inc. claims can enable cost-effective energy storage for applications requiring anything from 8-hour to 200-hour (or about eight-day)
Q: Malta's solution lies in thermo-electric energy storage. Why is this system so innovative, and what are its main keys? A: It combines well-established thermodynamic principles with modern technological advancements to create a cost-effective, scalable, and efficient energy storage solution.
Christian Bruch, President and CEO of Siemens Energy, said, “ Malta's innovative thermoelectric energy storage system offers a flexible, cost-effective and scalable solution for the storage of energy over long periods of time. With our support, Malta is well positioned to be the first company to commercialize such a solution globally.
CAMBRIDGE, Mass.-- (BUSINESS WIRE)--Malta Inc., a leader in long-duration energy storage, today announced that it has closed on a round of financing provided by a group of investors including Siemens Energy Ventures and Alfa Laval as well as existing shareholders Breakthrough Energy Ventures, Proman, Chevron Technology Ventures, and Piva Capital.
Malta's system also achieves a power-to-power charge/discharge round-trip efficiency (RTE) of up to 60%, which is about 50% higher than other thermal storage systems without heat pump charging.
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