• The Spanish multinational also becomes a technology partner of Malta Inc. in long-term energy storage.
• The U.S. company counts among its investors Breakthrough Energy Ventures, Siemens Energy Ventures, Alfa Laval, Proman, X, the moonshot factory, Piva Capital and Chevron Technology Ventures, among other prominent global leaders.
• Cox will contribute with its experience and positioning in the sector, to the implementation of technologies for large-scale energy storage in Malta.
• The agreement allows the Spanish company to remain at the forefront of the industry in terms of innovation and technological development.

Madrid, 01 de octubre de 2024. Cox, a vertically integrated global water and energy utility, becomes a shareholder of Malta, the spin-off of X, the moonshot factory, to accelerate the development of innovative and pioneering long term storage solutions. The Spanish multinational also becomes a technology partner of Malta Inc.

Malta is a US company, born in 2018 through Alphabet’s moonshot factory that works on the development of innovative long-duration energy storage solutions. Malta’s technology ensures a stable power supply, providing flexible and stable electricity storage as well as essential grid services.

Its investors, now joined by Cox, include X, the moonshot factory, Breakthrough Energy Ventures, Alfa Laval (a world leader in heat exchanger technology and Malta’s technology partner), Proman (a leading global methanol producer), Piva Capital, Dustin Moskovitz, Chevron Technology Ventures, Trafigura and Siemens Energy Ventures (the venture capital division of Siemens Energy, which in turn is Malta’s turbomachinery technology partner).

“We are very pleased that this partnership recognizes Cox’s technology and know-how and reinforces our commitment to the transition to sustainable energy, where we believe long-life energy storage is critical,” said Enrique Riquelme, CEO of Cox. “We are convinced that our experience and expertise in molten salt storage systems and our world-class engineering will contribute to accelerate the innovative developments of Malta’s solution,” said Enrique Riquelme.

“This partnership with Cox is transformational for Malta,” said Alexandra Pruner, Chairman of the Board of Directors of the U.S.-based company. “Their involvement and expertise across the energy value chain will be key as we continue to grow and push the boundaries of our technology. We are delighted to have Cox join our globally significant investors by bringing unparalleled industry knowledge, deep technical expertise and global commercial positioning to help accelerate our development,” she emphasized.

Through this agreement, Malta and Cox will contribute significantly to the development of sustainable energy solutions, driving growth and innovation in the industry.

Both companies have designed a plan to leverage the complementarities generated by the agreement over the coming years, which will strengthen Malta’s position in the long-term storage (LDES) business and accelerate the deployment of its solution. The two companies share the vision that energy storage is crucial to the transition to a sustainable energy future, capturing excess energy from intermittent renewable sources. “A technology that improves grid resilience, reduces dependence on fossil fuels and mitigates climate change,” stated Pruner.