Strategic Step to Catalyze Long-Duration Energy Storage Sector

Malta Inc., a leading innovator of grid-scale, long-duration energy storage (LDES), announced today the appointment of energy and finance veteran Alexandra (“Alie”) Pruner to the position of Board Chair. This appointment makes Malta Inc. the only LDES company with women serving at the highest leadership levels of CEO and Board Chair.

Pruner joins Malta with a wealth of experience in both the energy and finance fields. She currently serves as an independent director on the boards of NRG Energy, Inc. (NYSE: NRG) and Plains All American (NASDAQ: PAA & PAGP) and as the Board Chair of Encino Acquisition Partners. A founding partner of the energy investment bank Tudor, Pickering, Holt & Co., Ms. Pruner also serves as a Senior Advisor to that investment bank and its parent, Perella Weinberg Partners. Ms. Pruner was the founder of the Women's Global Leadership Conference in Energy, now in its 17th year, and is a frequent speaker on ESG-related topics, including the energy transformation and inclusiveness.

“Alie’s addition to the board will catalyze our plans to accelerate commercial deployments and help to make Malta the premiere global energy storage provider,” said Malta Inc. CEO Ramya Swaminathan. “It reinforces Malta’s unwavering commitment to diversity, equity, and inclusion.”

Pruner’s addition to the board also makes Malta the first LDES company in the world with women representing a majority of voting Board members. She joins Swaminathan, Jeannine Sargent of Breakthrough Energy Ventures, Alex Syed of Alfa Laval, and Steve Hirsh of Proman.

“Storage and renewables are the fastest growing sector of the energy industry. Effective long-duration storage is a necessary component to bridge the gap between the capacity and deliverability of solar and wind,” said Board Chair Pruner. “Malta’s proven technology and blue-chip backers make it a recognized leader in this space. I am excited to work with this top-flight team and in my new role as board chair, I am committed to putting all the pieces in place to capitalize on this opportunity.”

Malta signaled that 2022 will be a transformational year for the company as it implements its strategic plan with the addition of key industry professionals and a sharp focus on commercial projects, as worldwide energy storage demand—particularly long duration—grows at a rapid pace.

About Malta, Inc.

Based in Cambridge, Massachusetts, Malta, Inc. has developed a Pumped Heat Energy Storage (PHES) system to provide long-duration, large-scale, cost-effective and safe energy storage. Malta’s system stores electricity as thermal energy and then re-generates the electricity on demand for up to 200 hours, meeting daily and weekly needs. Malta’s PHES technology can also provide clean heat for industrial and district heating applications. Originally incubated at Google’s Moonshot Factory, X, the company is backed by energy industry leaders Alfal Laval, Proman, Chevron Technology Ventures, as well as investors Breakthrough Energy Ventures and Piva Capital.

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