Malta CEO Ramya Swaminathan

There's a race going on to build the next generation of energy storage technologies using gravity, chemicals, or heat to store clean electricity for long periods of time.

And that's where our guest, Ramya Swaminathan, comes in.

Ramya is the CEO of a company called Malta. Malta is building an electro-chemical battery that converts renewable electricity into heat. It's like a giant version of the heat pump in your air conditioner, using commercially-available, off-the-shelf parts.

Malta's heat-pump battery could provide energy to the grid for half a day -- and potentially, multiple days.

In 2018, Malta was spun out of X, the moonshot factory established by Google's parent company. Since then, Malta has raised more than $76 million to commercialize its storage system. Investors include Breakthrough Energy Ventures, a firm started by Bill Gates; Dustin Moskowitz, a Facebook founder; and Alfa Laval, a Swedish company that makes heating and cooling equipment for heavy industry.

Malta aims to have power-plant sized facilities serving the grid by 2024. 

Emily Kirsch talked with Ramya about how her background in investment banking and hydropower development prepared her for scaling an energy storage business.

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