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Chevron Technology Ventures, the oil giant’s venture capital arm, is investing in long-duration energy storage firm Malta Inc. as part of a Series B financing round.
Chevron is joined by Piva Capital, Bill Gates’ Breakthrough Energy Ventures, Proman, Alfa Laval and Facebook co-founder Dustin Moskovitz in the fundraising round, which topped $60 million. Malta spokesman Matt Burke said the funding will support construction of the company’s first 100 MW plant relying on thermal energy storage.
Separately, North Carolina-based storage firm FlexGen announced a $150 million equity commitment from Apollo Global Management, which FlexGen CEO Kelcy Pegler Jr. said would support hiring and training as the company expands its storage contracts. The company works on utility- and commercial-scale storage and developed the HybridOS management system, which supports automation of energy storage and dispatch.