Malta raises $26M in Series A funding to build scalable storage solution
The Malta energy storage system stores energy in the form of a thermal differential between hot and cold storage media.
Malta Inc, Boston, Mass., raised $26 million in a Series A round of funding led by Breakthrough Energy Ventures (BEV), Menlo Park, Calif., with participation from other investors, including Concord New Energy Group, Hong Kong, and Alfa Laval, Richmond, Va. Malta, which started as "Project Malta" at X, Alphabet's Moonshot Factory, Mountain View, Calif., is now an independent company outside of Alphabet.
"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," says Ramya Swaminathan, chief executive officer of Malta Inc.