Malta and NB Power Announce Collaboration Towards Development of the Province’s First Long-Term Energy Storage Project
The storage facility would be one of the largest of its kind worldwide, paving the way for more zero-emission and more stable and resilient grid power generation.
FREDERICTON, New Brunswick & CAMBRIDGE, Mass., October 28, 2021– (WIRE BUSINESS) – Malta Inc., a leading developer of innovative pumped heat energy storage technology, and NB Power, the largest utility in the Maritime, are pleased to announce that they have signed a term sheet and are working to establish an Agreement on Energy Storage Benefits to advance the first long-term energy storage facility in the province’s history. While still in the planning and development stage, the facility is targeted to be in service in 2024.
This initiative demonstrates NB Power’s leadership role in helping New Brunswick’s transition to a low-carbon economy. A sustainable energy solution, Malta’s energy storage facility will help achieve emission reductions, improve grid stabilization, increase grid capacity for the integration of renewable energies, and bring good jobs in the province. Upon its completion, the 1,000 MWh facility will be one of the largest energy storage systems of its kind in the world, leading to the creation of around 225 new jobs during construction, and up to 15 during operation.
“This is a very exciting initiative for NB Power as we take bigger steps toward decarbonization and add more flexibility to our generation assets,” said Keith Cronkhite, President and CEO of NB Power. “This innovative new technology aligns well with our goal of transforming the electrical system in New Brunswick to bring customers greater value and services. It will be an important addition to our grid as we find solutions to grow beyond than our current 80 percent carbon-free. electricity for New Brunswickers. “
The Malta system is an innovative long-term energy storage system that can store energy when it is generated and release energy when needed. This prepares New Brunswick for a future with a diverse resource mix that includes more renewable generation, electric vehicles, and greater electrification of homes and businesses, which will make the communities served by NB Power stronger and more resilient.
“We are proud to be partnering with NB Power to provide sustainable and affordable energy while supporting Canada’s fair transition to a future and a carbon-free economy,” said Ramya Swaminathan, CEO, Malta Inc. “It’s a victory for sustainable technologies, a victory for the transition to a zero-net future, and a victory for New Brunswick’s customers.”
An additional benefit of the plant is that it will produce a large quantity of high quality heat as a by-product that can be used in a number of commercial, industrial and district energy operations, with the potential to reduce greenhouse gas emissions. greenhouse gases and run more. economic growth.
The companies will be consulting and engaging with various partners and stakeholder groups across the province. The construction and long-term operation of the Malta system will depend on business people and contractors coming directly from New Brunswick and Atlantic Canada, who will create economic benefits in the region and train workers to participate in a new, innovative and growing part of the industry.
“I am proud to see New Brunswick become a center for energy storage as we move towards a more stable, resilient and flexible energy grid,” said Arlene Dunn, minister responsible for NB Opportunities. “I’m happy to see the hard work and collaboration pay off for our province.”
About Malta Inc.
Malta represents the future of energy storage. With its grid-scale solutions that can store energy up to 50 times longer than typical battery technology, Malta is enabling renewable energy to be used more efficiently and effectively, improving reliability and efficiency. grid resilience, and speed up the transition to a clean energy future. Incubated in X, the Moonshot Factory (formerly Google [X]), the company is backed by energy industry leaders Alfal Laval, Proman, and Chevron Technology Ventures, as well as investors Breakthrough Energy Ventures and Piva Capital. Malta is based in Cambridge, Massachusetts. For more information visit www.maltainc.com.
About NB Power
For over 100 years, NB Power has been part of the fabric of New Brunswick, Canada. The provincial electric utility has one of the most diverse generation fleets in North America, with about 80 percent of generation not throwing away. More than 2,600 energy experts provide reliable, secure and sustainable energy to more than 400,000 direct and indirect customers every day. Using a customer-centric approach, NB Power is committed to developing sustainable energy for future generations of New Brunswickers. Part of this commitment includes investments in energy efficiency programs, energy solutions, renewable energy sources and smart grid technology.
About Opportunities NB
As a Crown corporation, Opportunities New Brunswick (ONB) is the focal point for all of New Brunswick’s economic development activities. Customer-focused, proactive, professional and responsible, ONB is the single point of contact for local and foreign businesses looking to grow, expand or locate.
ONB is accelerating growth by attracting global business, boosting exports, and empowering local companies and entrepreneurs. With provincial, federal and community partners, ONB is transforming New Brunswick into an entrepreneurial hub and a global destination for growth-focused enterprises.
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Contacts
Media:
Malta Inc.
Matt Burke
[email protected]
Power NB
Marc Belliveau
[email protected]
New Brunswick Opportunities
Abigail McCarthy
[email protected]