Trafigura Group Pte Ltd. invests in long duration energy storage innovator Malta Inc.
Cambridge, Massachusetts and Geneva, 13 June 2022 – Trafigura Group Pte Ltd. (“Trafigura” or the “Company”), a market leader in the global commodities industry, has invested in Malta Inc., a leading innovator of grid-scale, long-duration energy storage. Malta’s new technology collects and stores energy from any power generation source in any location, enabling reliable and predictable operation of the grid.
Trafigura has completed the transaction as part of the Company’s strategy to invest in emerging renewable and clean energy technologies, contributing capital and market expertise to accelerate commercial availability. To date, the Company has made eight investments in three technology areas, investing over USD30 million in hydrogen and hydrogen-based fuels, medium-to-long term electricity storage and emissions capture and utilisation.
“Trafigura’s investment in Malta is another demonstration of its business evolving in response to the ongoing energy transition,” said Al Morales, Chief Financial Officer of Malta Inc. “Malta is working to speed the transition to a low-carbon economy, and our technology is uniquely suited to help the industry rapidly adapt to the changing needs of the market. We’re excited to add Trafigura to our list of industry-leading partners on this journey.”
“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.”
Based in Cambridge Massachusetts, Malta, Inc. has developed a Pumped Heat Energy Storage (PHES) system to provide long-duration, large-scale, cost-effective, and safe energy storage. Malta’s system stores electricity as thermal energy and then re-generates the electricity on demand for up to 200 hours, meeting daily and weekly needs. Malta’s PHES system also generates clean heat for industrial and district heating applications.
ENDS
For further information please contact:
Malta Inc. Press Office: Steve Sullivan, Tel: +1 518.441.7272 or Email:
sullivan@powerny.com
Trafigura Press Office: Tel: +41 (0) 22 592 4528 or Email:
media@trafigura.com
Notes to editors
About Malta Inc.
Based in Cambridge Massachusetts, Malta, Inc. has developed a Pumped Heat Energy Storage (PHES) system to provide long-duration, large-scale, cost-effective, and safe energy storage. Malta’s system stores electricity as thermal energy and then re-generates the electricity on demand for up to 200 hours, meeting daily and weekly needs. Malta’s PHES system also generates clean heat for industrial and district heating applications. Visit: www.maltainc.com
About Trafigura
Founded in 1993, Trafigura is one of the largest physical commodities trading groups in the world. At the heart of global supply, Trafigura connects the world with the vital resources it needs. Through our Oil & Petroleum Products, Metals & Minerals, and Power & Renewables divisions, we deploy infrastructure, skills and a global network to move commodities from where they are plentiful to where they are needed most, forming strong relationships that make supply chains more efficient, secure and sustainable.
Trafigura also owns and operates a number of industrial assets including a majority share of global multi-metals producer Nyrstar and fuel storage and distribution company Puma Energy; and joint ventures Impala Terminals, a port and logistics provider, and Nala Renewables, a power and renewable energy investment and development platform. With over 1,000 shareholders, Trafigura is owned by its employees and employs over 13,000 people working in 48 countries. Visit: www.trafigura.com