Pioneering cleantech collaboration announced at Breakthrough Energy Summit in London
Malta Inc. (“Malta”), a pioneering company in electro-thermal long-duration energy storage solutions, and BBVA, a leading global financial institution, whose corporate goals align with the advancement of decarbonization using innovative cleantech, have signed a Memorandum of Understanding (MOU). This agreement lays the groundwork for a strategic partnership aimed at developing innovative financial solutions to support the deployment in the Iberian Peninsula of Malta’s first-of-a-kind (FOAK) energy storage project.
The MOU establishes a comprehensive framework for Malta and BBVA to collaborate on joint activities that leverage Malta’s advanced energy storage technology and BBVA’s financial expertise. The primary focus is to develop a discharge power offtake Power Purchase Agreement (PPA) supporting the deployment of Malta’s energy storage technology. Additionally, the MOU aims to strengthen and enhance the existing relationship between Malta and BBVA, advancing it towards a fully collaborative partnership.
The collaboration between the two organizations stemmed from the Energy Resilience Leadership Group, which focuses on enhancing Europe’s energy resilience. Led by Breakthrough Energy and Siemens Energy, ERLG brings together corporate CEOs, political leaders, financial institutions, and startups to bring emerging climate technologies to scale and deploy commercially viable projects.
Ramya Swaminathan, CEO of Malta, commented:
This MOU with BBVA represents a significant milestone in our efforts to deploy our first-of-a-kind energy storage technology. By integrating BBVA’s financial innovation with our advanced storage solutions, we aim to establish a viable model for future energy storage projects.
Javier Rodríguez Soler, Global Head of Sustainability and CIB at BBVA, added:
Our partnership with Malta is a groundbreaking step towards developing financing products that support pioneering energy storage projects. We are excited to collaborate with Malta and Breakthrough Energy to bring innovative energy solutions to the market. Sustainability is a story of innovation and for us, it is very important to identify and support the cleantech ecosystem, which is absolutely key to the decarbonization of the economy.
Ann Mettler, Vice President Europe of Breakthrough Energy, noted:
This type of collaboration between Malta and BBVA is what we are working towards with the Energy Resilience Leadership Group. BBVA is opening the gates for deployment of Malta’s long-duration energy storage – technology that is crucial to build energy resilience in Iberia and Europe at large.
About Malta Inc.
Malta Inc. is a leader in long-duration energy storage solutions. Committed to sustainability, Malta’s technology ensures a stable and reliable power supply, providing both (a) flexible and cost-effective long-duration electricity storage, as well as (b) essential grid reliability services (such as synchronous inertia, short circuit current, reactive power, black start ability & frequency support). Malta’s product lines of highly efficient thermal storage plants provide these services at grid scale (hundreds of megawatts each), offering solutions for the wide range of replacement needs of utility scale fossil gas and coal plants. A like-for-like replacement for natural gas-fired power plants, a utility-scale 100 MWe Malta plant stores up to 1 GWhe of solar and wind electricity, converting variable renewable energy into on-demand, around-the-clock, reliable power and enabling the deployment of vastly more renewable generation.
About BBVA
BBVA is a global financial services group with a customer-centric vision, which currently has more than 71 million active clients and more than 121,000 employees. The bank is present in more than 25 countries, has a strong leadership position in the Spanish market, it is the largest financial institution in Mexico and it has leading franchises in South America and Turkey. In addition, it has an important investment, transactional and capital markets banking business in the USA.
June 26th, 2024 – Cambridge, Massachusetts
