Malta Inc, a provider of electro-thermal long-duration energy storage solutions, has signed a memorandum of understanding (MoU) with Spanish banking group BBVA to collaborate on an energy storage project in Iberia.

The agreement sets the foundation for a strategic partnership that will focus on creating financial solutions to support the implementation of Malta's energy storage project in the Iberian Peninsula.

The collaboration will leverage Malta's advanced energy storage technology alongside BBVA's expertise in finance.

Malta Inc CEO Ramya Swaminathan stated: “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.”

Malta Inc’s energy storage solutions provide flexible, long-duration electricity storage and ensure grid reliability. However, deploying these solutions for a first-of-a-kind project requires non-traditional financing.

The partnership will focus on addressing this challenge and promote the deployment of long-duration energy storage.

Malta Inc said that the primary objective is to develop a discharge power offtake power purchase agreement that supports the introduction of its energy storage technology.

The origins of the companies' collaboration lie in the Energy Resilience Leadership Group, which concentrates on bolstering Europe's energy resilience.

BBVA Sustainability and CIB global head Javier Rodríguez Soler stated: “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 decarbonisation of the economy.”