Malta Energy Storage: $50M to Stabilize Renewable Grids

The Growing Need for Long-Duration Energy Storage

As power grids shift from fossil fuels to renewable sources like solar and wind, the ability to store energy becomes increasingly vital. These renewable sources generate power intermittently, necessitating robust storage solutions for consistent energy delivery.

Consequently, companies pioneering energy storage technologies, such as Malta – a developer that recently secured $50 million in funding – are garnering significant attention and investment.

Malta’s Innovative Approach

Originating from Alphabet’s special projects division, Malta leverages established technologies in a unique configuration to provide long-duration energy storage. This capability is crucial for meeting peak demand, as demonstrated by recent challenges faced by Texas’ power grid.

The latest funding round was spearheaded by Proman, a Swiss conglomerate specializing in natural gas, methanol, and agriculture. Participation also came from Breakthrough Energy Ventures, a frequent investor in renewable energy ventures, and Alfa Laval, a manufacturer of industrial filters and heat exchangers. Dustin Moskovitz, co-founder of Facebook and Asana, also contributed to this investment.

Heat exchangers are fundamental to Malta’s technology, which is rooted in the research of Nobel laureate Robert Laughlin from Stanford University.

In a 2017 publication, Laughlin proposed a system utilizing a thermal heat-pump, employing both extremely cold cryogenic fluids and superheated molten salt for energy storage.

Engineers at Alphabet’s X, the moonshot factory, further refined this initial concept.

This evolved design is now being advanced by Malta, which was established as an independent entity in 2018.

Efficiency and Economic Considerations

Ramya Swaminathan, Malta’s CEO, previously with Rye Development, notes that the current system achieves energy storage and dispatch efficiency rates of approximately 60%.

While not optimal, Swaminathan emphasizes that the decreasing costs of renewable energy mitigate the importance of peak efficiency. She predicts a future where electricity prices approach zero.

Indeed, with some grids implementing negative pricing during periods of excess wind and solar generation, Malta’s technology becomes increasingly attractive.

A Competitive Landscape

Malta isn’t alone in addressing the challenge of variable renewable energy production. Numerous companies are actively developing long-duration storage solutions.

For example, Energy Vault and Advanced Rail Energy Storage North America are exploring mechanical energy storage methods. Energy Vault utilizes renewable power to lift and drop massive concrete blocks, while ARES North America employs trains for energy storage and release.

Form Energy, based near Malta in Cambridge, Massachusetts, is also developing a competing energy storage system, founded by experts from Tesla, Aquion, and A123 Systems.

Malta’s Capabilities and Future Plans

Malta’s system can discharge 100 megawatts for 10 hours, equating to one gigawatt-hour of energy, at a cost comparable to lithium-ion batteries, according to Swaminathan.

The company is currently constructing its first commercial-scale plant, anticipated to be operational in 2024 or 2025.

Meanwhile, competitors are already delivering power from substantial storage projects. Energy Vault, for instance, has a demonstration unit connected to the Swiss grid capable of discharging approximately 35 megawatt-hours.

Strategic Investment and Synergies

Proman’s investment in Malta is driven by the potential for a direct customer for its chemical and natural gas products.

David Cassidy, Proman’s CEO, stated, “There is an exponential global need for long-duration, low-cost energy storage solutions, and we are excited to work with the Malta team and our new partners to progress Malta’s highly scalable and technically robust solution.”

He further added that Proman will contribute its expertise in design, engineering, and construction to the development of a commercial-scale Malta plant.