Alphabet spins off renewable energy storage facility startup Malta with Gates’s BEV fund backing

The renewable energy storage project, Malta, which started in Alphabet’s experimental X lab, is now on its own and now called Malta Inc. Launched in 2017 as Project Malta, the venture aims to revolutionize energy storage facilities using a novel grid-scale architecture which generates energy from a mixture of molten salt and antifreeze.

Google’s parent company, Alphabet recognized the move, which it announced last week, as a milestone towards commercialization. While the new company continues to establish ways of deploying its technology in future products by engaging with experts in the power industries, Malta will in the coming months build a megawatt-scale pilot plant.

Malta Inc has designed an electro-thermal storage system that can reserve power generated from fossil fuels or renewable energy far longer than lithium-ion batteries. The system first stores energy generated from fossil, solar or wind generators on the grid by using the electrical energy to drive a heat pump. The process converts the energy into thermal energy or heat which is stored in molten salt, while the antifreeze liquid stores the cold. When the grid needs electricity, the heat is converted back to electricity using a heat engine.

Alphabet-renewable-energy-Malta

The electro-thermal storage system can store electricity for as long as weeks, Malta says.

The company has in April received a key patent for the energy storage technology, according to Stanford physicist and Nobel Prize winner Robert Laughlin, who designed the system and in May revealed the project details during a talk at Stanford.

Earlier this year, MIT technology review reported that Alphabet was in talks with Gates’s Breakthrough Energy Ventures (BEV) to spin out its molten-salt storage project Malta. The $1 billion fund led the renewable energy storage facility startup’s $26 million Series A. Investors led by Breakthrough Energy Ventures include Jeff Bezos, John Doerr, Michael Bloomberg, Ray Dalio, Salesforce CEO Marc Benioff, and Alibaba’s Jack Ma. Other investors include industrial company Alfa Laval of Sweden and solar and wind power developer Concord New Energy Group of Hong Kong.

Malta investors share the same vision with the company to promote the expansion of renewable energy by creating a “scalable storage solution,” said Ramya Swaminathan, Malta CEO. They are “truly partnering with us” in building a product of its first kind aside from the capital investment. “We appreciate their confidence in our strategy and in our team’s ability to execute on it.”

Malta’s goal is to produce the cheapest large-scale energy storage facilities better than lithium-ion batteries. Alphabet’s moonshot factory has produced a series of projects aside Project Malta, which is currently its latest. Alphabet’s X lab recently graduated two startups: balloon network, Loon that beams internet services to remote areas and drone delivery service Project Wing which is designed to improve access to goods. Waymo, a robotaxi company, which launched its commercial service in Arizona; Dandelion, geothermal energy division; life sciences startup Verily; and Chronicle cybersecurity Intelligence Company all graduated from Alphabet’s moonshot factory.

Anna Domanska
Anna Domanska is an Industry Leaders Magazine author possessing wide-range of knowledge for Business News. She is an avid reader and writer of Business and CEO Magazines and a rigorous follower of Business Leaders.

Recent Posts

What makes Netflix the first streaming success story?

What makes Netflix the first streaming success story?

Netflix has become synonymous with streaming movies and television. Not only that, Netflix reigns supreme in the world of streaming with mind-boggling 209 million subscribers. Here
13 hours ago
Tesla’s Q3 results deliver high growth and revenue

Tesla’s Q3 results deliver high growth and revenue

Tesla’s total revenue grew 57% YoY at $13.76 billion, as it delivered more cars and witnessed a steady growth in other parts of the business.
2 days ago
Should you sit out on the Rivian IPO?

Should you sit out on the Rivian IPO?

Amazon-backed EV maker Rivian has filed for its initial public offering. We find out if the Rivian IPO is worth the price or simply the next internet bubble.
3 days ago
Bitcoin vs Gold: Here’s what experts have to say

Bitcoin vs Gold: Here’s what experts have to say

Many say that Bitcoin is the digital version of gold. While gold, like the dollar, is an outdated investment vehicle. We turned to experts to settle the bitcoin vs gold debate.
4 days ago
Best Pharma Stocks to Buy Right Now

Best Pharma Stocks to Buy Right Now

Industry Leaders has curated a brief list of the best pharmaceutical stocks you can buy right now, along with a list of pharma penny stocks that have the best potential to grow in
5 days ago
Why Is Squid Game So Popular?

Why Is Squid Game So Popular?

The Squid Game segments were watched by at least 132 million people in the first 23 days of the show on Netflix. Know what excited the viewers.
6 days ago