Malta Inc. and BBVA Sign Agreement to Advance Collaboration on Energy Storage Project in Iberia
26 Junio 2024 - 5:54AM
Business Wire
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.
Energy storage is crucial for Europe’s transition to a
sustainable energy future, capturing excess energy from
intermittent renewable sources. This enhances grid resilience,
reduces reliance on fossil fuels, and mitigates climate change.
Malta provides flexible, cost-effective, long-duration
electricity storage solutions and essential grid reliability
services. However, deploying these solutions, especially for a FOAK
project, requires innovative financing beyond existing market
structures. This MOU represents a collaborative effort to bridge
this gap, promoting the deployment of Long-Duration Energy Storage
(LDES).
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.”
“This type of collaboration between Malta and BBVA is what we
are working towards with the Energy Resilience Leadership Group,”
noted Ann Mettler, Vice President Europe, Breakthrough Energy.
“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.”
The Malta-BBVA MOU is an example of the positive outcomes that
result when global corporations combine their strengths and
initiatives with innovative climate technology. This partnership
propels energy solutions to market and sets a precedent for future
collaborations addressing the urgent challenges of climate change
and energy resilience.
Over the coming months, Malta and BBVA will focus on detailed
planning and implementation of the initiatives outlined in the MOU.
The collaboration will prioritize creating effective financial
solutions and advancing the FOAK energy storage project in
Iberia.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240626336442/en/
MALTA Inc. Corporate Communications media@maltainc.com
Phone: +1 617-586-2786 For further information, visit
https://maltainc.com/
BBVA Corporate Communications Phone: +34 617 308 782
comunicacion.corporativa@bbva.com For more financial information
about BBVA visit: http://shareholdersandinvestors.bbva.com For more
BBVA news visit: https://www.bbva.com