European Investment Bank executes an Innovation Fund Project Development Assistance Agreement with Malta Iberia to pursue Spanish 100 MW Sun2Store storage facility
Malta Iberia Pumped Heat Electricity Storage S.L.U. (Malta Iberia), a European affiliate of Malta Inc., has been granted a Innovation Fund Project Development Assistance Agreement by the European Commission and the European Investment Bank.
Almería, Spain – January 20, 2022 – Malta Iberia Pumped Heat Electricity Storage S.L.U. (Malta Iberia), a European affiliate of Malta Inc., has been granted a Innovation Fund Project Development Assistance Agreement by the European Commission and the European Investment Bank to pursue a 100 MW energy storage facility in Spain. Malta Iberia was selected among hundreds of applicants by the European Innovation Fund for its Sun2Store project.
The Sun2Store project in Spain will provide 100MW ten hour thermal energy storage with 100MW synchronous discharge generation power, providing one GWh of storage capacity for clean energy. The storage solution would be the first of its kind in Europe, combining pumped heat technology with molten salt thermal storage convert variable clean renewable power into dispatchable firm synchronous power for the energy transition. Malta is partnering with industry-leading manufacturer Alfa Laval on the heat exchangers and Siemens Energy on the project’s turbomachinery.
The Project Development Assistance Agreement will provide Malta Iberia with tailor-made development assistance by the European Investment Bank and will include an independent technology assessment to verify key technical parameters of the storage facility. Malta was selected as a viable breakthrough technology that is easily scaled and capable of providing timely, high-impact reductions in greenhouse gas emissions.
“We are thrilled that the Innovation Fund has selected Malta’s Sun2Store proposal as a high-quality project that has the potential to aid significantly in our global fight against climate change,” said Malta Iberia Managing Director Michael Geyer. “While Malta has created an innovative, breakthrough solution, EIB’s project development assistance will also verify that our product is viable from a financial and technological perspective.”
Out of over 300 applications, only 15 projects were selected by the Innovation Fund for Project Development Assistance granted by the European Union and executed by the European Investment Bank.
Malta’s progress in Europe comes as the company continues to make progress toward commercialization globally. Malta recently announced a global partnership with Bechtel, a world-leading engineering, construction, and project management company, to identify and seize opportunities to deploy long-duration energy storage plants. In October, Malta and NB Power announced plans to pursue the first long-duration energy storage facility in New Brunswick, Canada. While still in the planning and development stage, the facility is targeted to be in-service in 2024.
Malta represents the future of energy storage. With its grid-scale solutions that can store energy up to 50 times longer than typical battery technology, Malta is enabling renewable energy to be used more efficiently and effectively, enhancing grid reliability and resilience, and expediting the transition to a clean energy future. Incubated at X, the Moonshot Factory (formerly Google [X]), the company is backed by energy industry leaders Alfa Laval, Proman, and Chevron Technology Ventures, as well as investors Breakthrough Energy Ventures and Piva Capital.
Malta Iberia is supporting the clean energy transition in the Iberian Peninsula with an active project pipeline that continues to grow. For more information visit www.maltainc.com
About European Investment Bank
The European Investment Bank is the lending arm of the European Union. EIB is the biggest multilateral financial institution in the world and one of the largest providers of climate finance.
In 2019 the EIB Board of Directors approved a new set of ambitious targets for climate action and environmental sustainability. The EIB Group Climate Bank Roadmap 2021-2025 will guide our ambition. It is the result of various rounds of engagement with civil society and other stakeholders.
The Roadmap outlines our bold ambitions for climate finance to back the European Green Deal and make Europe carbon-neutral. It maps the next stages in the journey to sustainable investment and provides a framework to counter climate change and protect the environment during the critical decade ahead.