EU selects Malta’s thermal storage for Sun2Store initiative in Spain
The European Union (EU) and the European Investment Bank (EIB) have granted grid-scale thermal energy storage technology firm Malta with a Project Development Assistance Agreement for a 100MW storage facility in Spain.
Malta’s pumped heat electricity storage solution will participate in the European Innovation Fund’s Sun2Store project in which a 1,000MWh/ten-hour duration energy storage system will be developed in Spain.
The system will be the first of its kind energy storage plant in Europe that combines pumped heat technology with molten salt. The combination will allow long-duration storage of renewable energy for grid reliability and efficiency, according to a statement.
The project will be deployed in partnership with Alfa Laval, a manufacturer of heat exchangers, and Siemens Energy which will provide its turbomachinery.
The EIB will provide Malta with technical assistance and technology assessment for a successful rollout of the project.
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The EIB and the EU have selected Malta’s technology as a solution of interest, capable of scaling up the energy transition because the solution is “easily scalable and capable of providing timely, high-impact reductions in greenhouse gas emissions.”
The company is part of the 15 shortlisted out of the 300 applications that the EIB and the European Union received.
Malta has received backing from Bill Gates’ Breakthrough Energy, Chevron Technology, Proman, Alfa Laval, X and Piva Capital to develop and scale up its technology.
The company has so far partnered with NB Power to deploy New Brunswick’s first utility-scale long-duration storage facility.
Michael Geyer, managing director at Malta Iberia, said: “We are thrilled that the Innovation Fund has selected Malta’s Sun2Store proposal as a high-quality project that has the potential to aid significantly in our global fight against climate change.
“While Malta has created an innovative, breakthrough solution, the award of project development assistance also demonstrates that our product is viable from a financial and technological perspective.”
