October 24, 2019

Ep 48: Ramya Swaminathan, CEO of Malta, Inc.

59 minutes

Today’s guest is Ramya Swaminathan, CEO of Malta, Inc.

Malta’s electro-thermal energy storage system is a new grid-scale technology that collects and stores energy for long durations. Energy can be stored from any power generation source in any location – be it wind, solar, or fossil fuels – enabling reliable and predictable operation of the grid.

Ramya joined Malta from Rye Development, where she was CEO, co-founder, and Member of the Board of FFP New Hydro. Under her leadership, Rye Development grew to be the leading developer of new hydropower projects in the United States and its portfolio of development projects, held at its holdco affiliate, FFP New Hydro, advanced from concept through FERC licensing and late stage development financing. She was also responsible for the expansion of Rye’s platform into energy storage, with the addition of two sizable pumped hydro storage development projects in the Pacific Northwest. At Rye Development, Ms. Swaminathan led a multi-disciplinary team, with specialists in engineering and construction, regulatory and environmental aspects, and power marketing. She also led the company through several financing rounds, both at the platform and the project levels.

Prior to her work in the hydropower space, Ms. Swaminathan was a public finance banker, most recently as a Director at UBS, where she focused on public power clients and senior managed more than $10 billion in financings. Ms. Swaminathan holds a Master’s in Public Policy from the John F. Kennedy School of Government and a BA in Anthropology from Amherst College.

In today’s episode, we cover:

Ramya’s background and what led her to Malta

Overview of the grid, storage, long duration storage, and why it matters

A look at hydro, lithium ion, and other companies and approaches gunning for long duration storage market

Malta’s approach, long vision, progress to date, and what’s coming next

How it works, which aspects are proven and which are the riskiest assumptions

Business models for storage

Regulatory risks

Importance of transmission and distribution

Unique opportunities in developing countries

The right capital sources for this type of tough tech innovation

Role of strategics as investors, partners, acquirers, etc.

Role of insurance to decrease tough tech risk to make these projects more viable to finance

One change that would bring highest impact for accelerating Malta’s progress

Ramya’s advice to others looking to find their lane in the climate fight

Links to topics discussed in this episode:

Malta, Inc.: https://www.maltainc.com/

Long duration energy storage: https://energy.stanford.edu/storagex-initiative/projects/grand-challenges-energy-storage/long-duration-energy-storage

Hydropower: https://www.eia.gov/energyexplained/hydropower/

Breakthrough Energy Ventures: http://www.b-t.energy/ventures/

Cobalt mining: https://www.raconteur.net/business-innovation/cobalt-mining-human-rights

Distribution grid: https://energyeducation.ca/encyclopedia/Distribution_grid

Electric power transmission: https://en.wikipedia.org/wiki/Electric_power_transmission

Electrothermal storage: https://www.greentechmedia.com/articles/read/alphabet-spins-off-malta-a-long-duration-electro-thermal-storage-startup-wi#gs.1wa84f

You can find me on twitter @jjacobs22 or @mcjpod and email at [email protected], where I encourage you to share your feedback on episodes and suggestions for future topics or guests.

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*Editing and post-production work for this episode was provided by The Podcast Consultant

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