Trafigura backs energy storage developer Malta

Commodities trader joins growing list of investors in Malta’s pumped-heat energy storage technology

US-based long-duration energy storage technology developer Malta has secured an investment from commodities trader Trafigura, adding to its existing list of backers, which includes the technology arm of US oil major Chevron. Malta has developed a pumped-heat energy storage technology that can convert electricity and store it as thermal energy. It can then regenerate the electricity on demand for up to 200 hours, helping to smooth out supply-demand imbalances caused by intermittent renewables. "We believe that the Malta system has the potential to unlock a wealth of inexpensive clean energy to address global energy demands,” says Julien Rolland, head of power and renewables for Trafigura. “Wi