# Malta

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/malta

- Industry: Energy Storage & Batteries
- Headquarters: Cambridge, US
- Website: www.maltainc.com
- Total disclosed funding: $109M
- Latest round: Series C (Nov 29, 2023)
- Investors on record: 7

## About

Based in the US, Malta Inc. specializes in the design and manufacture of innovative long-duration energy storage solutions, utilizing advanced steam-based technology for reliable energy delivery.Founded in 2018 in Cambridge, US, Malta Inc. focuses on energy storage solutions. The company was established by Anton Tabone and has completed 7 deals to date. With a total of USD 21.613 mn raised, the latest funding round was a Series C led by investors including Alfa Laval Corporate AB and Chevron Technology Ventures, increasing the company's valuation to USD 177.389 mn.Malta Inc. specializes in long-duration energy storage solutions through its proprietary Steam Energy Management and Storage (SEMS) system, which enables utility-scale energy storage. This technology utilizes steam-based heat pump technology, ensuring economical and clean energy delivery. The SEMS system employs a locally sourced supply chain and abundant materials like salt, providing flexible power and heat delivery options. The end users range from energy-intensive industries to large-scale generation assets across Europe, the Americas, the Middle East, and Africa, all focusing on decarbonization and energy reliability.Malta Inc. generates revenue primarily through B2B transactions in the energy sector, engaging with energy producers, industrial clients, and government organizations. They implement their SEMS technology through structured agreements, often involving upfront capital investment or ongoing service contracts. The Malta-D commercial demonstration project serves as a key example of their revenue model, paving the way for further deployments in relevant markets with pricing negotiated on a bespoke basis with each client.Malta Inc. aims to enhance its product line with new offerings currently under design, set to launch in the coming year. The company is also targeting expansion into additional markets across Asia and Australia by 2025. The latest funding of USD 21.613 mn will support these initiatives, driving the deployment of their SEMS technology in new geographical regions. Furthermore, the recent investment from Petronas Ventures will help facilitate this growth strategy.

## Funding rounds

- Series C, Nov 29, 2023, $22M — Chevron Technology Ventures, Alfa Laval Corporate AB, Proman Group, Breakthrough Energy Ventures, Piva, Siemens Energy Ventures
- Series B, Aug 25, 2021, $10M — Chevron Technology Ventures, Alfa Laval Corporate AB, Proman Group, Breakthrough Energy Ventures, Piva
- Series B, Feb 24, 2021, $51M — Alfa Laval Corporate AB, Proman Group, Breakthrough Energy Ventures
- Series A, Dec 19, 2018, $26M — Alfa Laval Corporate AB, Breakthrough Energy Ventures, Concord New Energy Group Limited

## Investors

- Alfa Laval Corporate AB — Series A, Series B, Series C
- Breakthrough Energy Ventures (https://capitalatlas.ai/funds/breakthrough-energy-ventures) — Series A, Series B, Series C
- Concord New Energy Group Limited — Series A
- Proman Group — Series B, Series C
- Chevron Technology Ventures (https://capitalatlas.ai/funds/chevron-technology-ventures) — Series B, Series C
- Piva (https://capitalatlas.ai/funds/piva) — Series B, Series C
- Siemens Energy Ventures (https://capitalatlas.ai/funds/siemens-energy-ventures) — Series C