Malta Closes Funding to Deploy Its Long-Duration Energy Storage
Nov 29, 2023 · With its portfolio of products, solutions and services, Siemens Energy covers almost the entire energy value chain – from power generation and transmission to storage.
Nov 29, 2023 · With its portfolio of products, solutions and services, Siemens Energy covers almost the entire energy value chain – from power generation and transmission to storage.
The BESS project is also intended to mitigate weather-related challenges posed by renewable energy sources, which are reliant on climatic conditions and can therefore lead to significant
Nov 29, 2023 · With its portfolio of products, solutions and services, Siemens Energy covers almost the entire energy value chain – from power
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Malta''s utility-scale, long-duration energy storage system uses steam-based heat pump technology to deliver dispatchable, cost-effective energy.
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Malta’s grid-scale, long-duration energy storage system helps governments, utilities, and grid operators transition to low-cost, carbon free renewable energy while enhancing energy security. Storing electricity for eight hours to eight days or longer, the solution reduces CO 2 emissions and dependence on natural gas.
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.
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.
The BESS project is also intended to mitigate weather-related challenges posed by renewable energy sources, which are reliant on climatic conditions and can therefore lead to significant dips in generation during moments of sudden cloud coverage severely affecting the PV generation in Malta.