On December 20, 2018, CNE is pleased to announce that CNE entered into an agreement with several investors, including Alfa Laval Group (“Alfa Laval”) and Breakthrough Energy Ventures (“BEV”), to invest in the molten salt energy storage company Malta Inc. (the “Malta Investment”) based on technology incubated by the Moonshot Factory (formerly known as Google [x]), a subsidiary of Alphabet Inc. CNE will appoint the general manager of the CNE’s US branch office, Mr. Mike Luo to Malta Inc.’s board of directors.
Breakthrough Energy Ventures is a for-profit, investor-led fund created to accelerate the world’s transition to clean energy, and is backed by an investor group that includes many of the world’s top business leaders. Alfa Laval is a world leader in heat transfer, separation and fluid handling technologies.
The Malta Investment is a new generation of energy storage technology based on thermal-to-electric conversion, using molten-salt. Compared with traditional lithium batteries, Malta’s energy storage technology will allow for inexpensive, high energy density, no degradation, and long-lasting energy storage.
Mr. Liu Shunxing, the Chairman of CNE, commented: “With the rise in electricity being generated from renewable resources, the demand for energy storage has become higher, and innovation in energy storage technology will become critical for using clean energy effectively. Malta’s energy storage technology can be widely applied to various energy storage markets such as grid peak load shifting, auxiliary services, distributed energy resources, business and industrial parks, and more, with considerable development potential. Our investment in Malta Inc. has strategic significance for the further development of our energy project investment operations and technical services business line and benefits the interests of our company and shareholders as a whole.”