Thursday, July 25, 2024
HomeFunding Cambridge-based Malta Secures an Undisclosed Amount in Funding

[Funding alert] Cambridge-based Malta Secures an Undisclosed Amount in Funding

Cambridge-based Malta Secures an Undisclosed Amount in Funding. Along with current shareholders Breakthrough Energy Ventures, Proman, Chevron Technology Ventures, and Piva Capital, Siemens Energy Ventures and Alfa Laval participated in the round.

Cambridge-based Malta Secures an Undisclosed Amount in Funding. Along with current shareholders Breakthrough Energy Ventures, Proman, Chevron Technology Ventures, and Piva Capital, Siemens Energy Ventures and Alfa Laval participated in the round.

The funds will be utilised by the company to expedite the global deployment of its storage solutions. Malta has developed a like-for-like substitute for today’s fossil fuel-fired facilities that produces renewable energy on demand, under the leadership of President & CEO Ramya Swaminathan.

Read also – San Francisco-based Every.io Secures $9.5M in Seed Funding

Using its long-duration energy storage technology, power may be kept as thermal energy for up to eight days or more, and then it can be sent back to the grid to satisfy daily, weekly, and hourly needs.

Additionally supplying clean heat for district heating and industrial uses, the Malta system lowers CO2 emissions in industries that are hard to mitigate.

Ramya Swaminathan said: “We are thrilled to have Siemens Energy join our world-class strategic investors, Alfa Laval and Proman, and our other shareholders, such as BEV, Piva, and Chevron. Our partners facilitate and enhance our ability to execute in this rapidly expanding growth market. As a global leader in the power sector, our partners bring unparalleled industry knowledge, technical expertise, and global commercial reach to help accelerate our commercial deployment.”

About Malta

Malta has created a thermal energy storage system that is capable of collecting and storing energy for extended periods of time from any source (solar, wind, etc.), anywhere, and for any purpose. It can then be used to generate power on demand for up to eight days or more.

Read also-  NYC-based Hang Secures $9.2M in Series A Round Funding

- Advertisement -
RELATED ARTICLES
- Advertisment -

Most Popular