For more details, see Introducing Malta | X blog and the Malta site
"Alphabet Inc.’s secretive X moonshot lab is spinning off an energy-storage project with backing from billionaires including Jeff Bezos and Bill Gates.Gates Among Billionaires Backing Alphabet Energy Spinoff | Bloomberg
Malta Inc., the newly independent company, raised $26 million led by Breakthrough Energy Ventures LLC, a fund that counts Bezos, Masayoshi Son and Ray Dalio among its investors. Michael Bloomberg, majority owner of Bloomberg LP, the parent company of Bloomberg News, is also a Breakthrough investor and Gates is chairman.
The money will help Malta further develop a system that uses large vats of molten salt and cooler liquid to store electricity generated from variable sources such as solar and wind. The startup likely will need additional funds to build a full facility, according to Chief Executive Officer Ramya Swaminathan."