- Press Releases
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)