Malta Inc., a Cambridge, Mass.-based long-duration energy storage company, raised $50M in Series B funding.
The round was led by Proman with participation from new investor Dustin Moskovitz and existing investors Alfa Laval and Breakthrough Energy Ventures.
The company intends to use the funds to continue to expand its business reach.
Led by Ramya Swaminathan, CEO, David Cassidy, Malta provides a Pumped Heat Energy Storage (PHES) system that converts electricity from any source, either directly from a generation facility or from the grid, to be stored as thermal energy. The system is able to satisfy a daily or weekly load cycle by efficiently storing up to 200 hours of energy storage, though early systems will focus on current market applications in need of 10- to 12-hour durations. In addition to dispatchable renewable energy, the PHES technology generates heat for industrial and district heat applications.