Malta Partners with Cox to Accelerate Deployment of Pumped Heat Thermal Storage Solution
Cox and existing shareholders support Malta’s mission to accelerate the global transition to a secure and decarbonized energy future.
October 1st, 2024 – Cambridge, Massachusetts – Malta Inc. (“Malta”), a pioneering company in electro-thermal long-duration energy storage solutions, and CA Infraestructuras Energía 2023, S.L.U (“Cox”) a global leader in the development and implementation of innovative sustainable technological solutions in the energy space, today announced a strategic partnership aimed at propelling the deployment of Malta’s full-scale Pumped Heat Energy Storage (PHES) solutions. As part of this partnership, Cox joined other leading firms as an investor in Malta, marking a significant stride in their shared mission to innovate within the energy storage sector.
“This partnership with Cox is transformative for Malta,” said Alexandra Pruner, Chair of the Board of Directors of Malta. “Their involvement and expertise across the full energy value chain will be invaluable as we continue to grow and push the boundaries of our PHES technology. We are thrilled to have Cox join our world-class investors, including Siemens Energy Ventures, Alfa Laval, Proman, Breakthrough Energy Ventures, X, the moonshot factory, Piva Capital, Chevron Technology Ventures, Dustin Moskovitz and Trafigura. Our partners facilitate and enhance our ability to execute in this rapidly expanding growth market. As global leaders in the power sector, our partners bring unparalleled industry knowledge, technical expertise, and global commercial reach to help accelerate our commercial deployment.”
“Partnering with Malta is a strategic decision that enhances our renewable energy portfolio and reinforces our commitment to the global transition towards sustainable energy, where long-duration energy storage (LDES) is pivotal,” said Enrique Riquelme, Executive Chairman of Cox. “We are eager to apply our extensive expertise in molten salt storage systems and top-tier engineering capabilities to support and advance the innovative developments of Malta’s PHES solution.”
Both companies are enthusiastic about exploring the synergies of this collaboration, which promises to strengthen Malta’s position in the LDES space and accelerate the deployment of its PHES solution. This partnership offers Cox an opportunity to expand its portfolio of innovative energy storage technologies and solidify its position as a leader in the renewable energy sector. Together, Malta and Cox are well-positioned to make significant contributions to the global shift towards sustainable energy solutions, driving growth and innovation in the industry.
About Malta Inc.
Malta Inc. is a leader in long-life energy storage solutions. Committed to sustainability, Malta’s technology ensures a stable energy supply, providing long-term flexible and cost-effective electricity storage as well as essential network services. A large-scale 100 MWp plant in Malta stores up to 1 GWh of solar and wind electricity, converting variable renewable energy into constant on-demand power, allowing for the deployment of much more generation. (www.maltainc.com)
MALTA Inc. Corporate Communications
media@maltainc.com
Phone: +1 919-670-0950
About Cox Group
Cox Group is a globally integrated water and energy utility, which applies innovative technological solutions for sustainable development. The company is a world leader in the conservation and efficient management of water resources, specializing in desalination, reuse and treatment technologies, as well as a major player in green energy generation and transmission, focused on fast-growing solar technology predominantly in Latin America, Spain, South Africa and North Africa. (www.coxabengoa.com)
Javier Solís | Jefe de Prensa
Telf. (+34) 608 52 85 68
javier.solis@coxabengoa.com
Calle Eucalipto 25 Madrid 28016