Trafigura backs long-duration energy storage developer Malta

Batteries. CC0 Public Domain licensed on Pixabay

June 14 (Renewables Now) - Physical commodities trader Trafigura Group Pte Ltd has made an investment of an undisclosed amount in Malta Inc, the developer of grid-scale, long-duration energy storage.

Trafigura said in a statement on Monday that this move reflects its strategy to invest in emerging renewable and clean energy technologies. To date, it has invested more than USD 30 million (EUR 28.7m) in hydrogen and hydrogen-based fuels, medium-to-long-term electricity storage and emissions capture and utilisation.

Based in Cambridge, Massachusetts, Malta has developed a Pumped Heat Energy Storage (PHES) system that provides long-duration energy storage for large-scale applications. The system stores power as thermal energy and then re-generates the electricity on demand for up to 200 hours.

"We believe that the Malta system has the potential to unlock a wealth of inexpensive clean energy to address global energy demands,” said Julien Rolland, Head of Power and Renewables for Trafigura. “With a strong pipeline of projects across North America and Europe, our investment in Malta Inc. has the potential to deliver strong synergies with our growing power trading business in particular,” he added.

(USD 1.0 = EUR 0.956)

Join Renewables Now's free daily newsletter now!

More stories to explore
Share this story
Tags
 
About the author
Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription
\