#1MALTA MALTA MALTA Malta Inc. Company Presentation September 2023#2Partnership Approach - Key Investors and strategics bolster Malta Blue-Chip Financial Investors Technology Partners Independent Validation Deployment Partners Google Breakthrough Energy VENTURES Chevron ALFA VAL Investor in Malta 閒 European Investment Bank BECHTEL Investor in Malta RAMBOLL BECHTEL Magtel des grados CAPITAL PIVA SIEMENS energy SwRI SOUTHWEST RESEARCH INSTITUTE ingenostrum. Executing your renewable vision A robust ecosystem of blue-chip investors, technology and deployment partners provides strong validation and execution capability European Affiliates: Germany: Malta Hochtemperatur Wärmepumpen Stromspeicher GmbH | Spain: Malta Iberia Pumped Heat Electricity Storage SLU MALTA PROPRIETARY AND CONFIDENTIAL 2#3Malta Technology Development Timeline 1956 Air Loop Validated Escher-Wyss Ravensburg power plant commissioned. Closed-loop Brayton cycle power plant, using air as working fluid. Operated for over 120,000 hours. 2011-System Design Begins Robert B. Laughlin files for first adiabatic salt energy storage patent. Later, Google acquires rights, and Project Malta begins. 2020 EPC Validation Malta system validated by 5 global EPCs, confirming that project development and construction are viable. 2022-2023 Integrated System Pilot with SwRI in San Antonio, Texas. ALFA SIEMENS energy ~1900 Coolant Validated Methanol begins widespread use as automotive antifreeze. ― 2018 Heat Exchanger Partnership Alfa Laval announced as Malta's official heat exchange partner. 2011 Molten Salt Heat Storage Validated Gemasolar, first commercial CSP plant to use molten salt at 565°C for thermal energy storage, comes online. 2026 First Project COD - 2021 Turbomachinery Partnership Siemens partners with Malta as official turbomachinery partner. Announced July 2021. MALTA PROPRIETARY AND CONFIDENTIAL 3#4Overview of Malta Pumped Heat Energy Storage (PHES) Electricity-in, electricity-out PHES Grid scale (100+ MW) Molten Salt Duration: 8 hours to 8 days Optional industrial process heat output (at 120°C) MALTA Power in Charge Heat Pump Molten Salt Tanks MALTA MALTA Coolant Tanks Process Heat Out Discharge Heat Engine PROPRIETARY AND CONFIDENTIAL Synchronous Power 4#5Critical Enabling Infrastructure - The Energy Transition Enables 24/7 firming of renewables MALTA ☐ Ready to deploy MALTA MALIA Low tech risk Ensures grid reliability: Rotational Inertia, reactive power Supply chain already at scale: Mainly requires steel, concrete, salt and air Socio-economic benefits ensures political support: Preserve jobs from existing power plants; large share of supply chain sourced domestically "Z, Significant project pipeline MALTA PROPRIETARY AND CONFIDENTIAL 5#6Market Need - Malta fills a critical gap to meet system needs Diurnal, multi-day and weekly applications ■ Meets system needs ◉ unaddressed by short-duration Li-ion alone Complements seasonal storage Complements existing hydro assets as well as new, advanced fuel production (e.g., hydrogen) 1 Adapted from U.S. DOE / EPRI, 2015. MALTA Hrs Duration Sec Min. Storage Applications by Power Rating and Discharge Time1 Power Supply Reliability/ Power Quality Transmission & Distribution Support / Load Shifting Li-Ion Battery Flywheel 1kW 100kW 1 MW PROPRIETARY AND CONFIDENTIAL 10MW Bulk Power Management Pumped Hydro MALTA 100MW System Power Rating (Module Size) 1GW 6#7Technology Overview MALTA PROPRIETARY AND CONFIDENTIAL ས 7#8The charge cycle 1 Renewable energy drives a compressor, heating air to 575°C and generating airflow in the closed system 565°C Molten Salt 2 270°C 2 Hot air heats the molten salt to 565°C (storing energy), cooling the air in the process CAPTURE CHARGE 1 菜 Fluctuating renewable energy 4 Cold air cools the methanol-water mix to -60°C, while air is warmed up to 20°C Note: Illustrative diagram with key Malta system components. MALTA Salt Heat Exchanger Additional Turbine- Driven 3 Compressor Energy Flow 4 Turbine 3 The air expands Coolant Heat Exchanger Methanol 25°C -60°C PROPRIETARY AND CONFIDENTIAL through a turbine, thereby being cooled to -65°C 8#9The discharge cycle 5 The compressor, powered by the turbine, compresses and slightly heats the air ahead of exposure to the hot molten salt tank 565°C Molten Salt 1 5 4 The air is cooled by the cold methanol-water mix to -55°C, warming the coolant to 25°C Salt Heat Exchanger Turbine drives compressor 270°C 1 The hot salt heats the high-pressure air to 555°C 2 # Turbine DISCHARGE 君君 Dispatchable renewable energy Compressor 4 3 Heat Recovery 'Heat Exchanger 2 Coolant Heat Exchanger 3 Methanol 25°C -60°C Note: Illustrative diagram with key Malta system components. MALTA Heat is extracted at 120°C, useful for district heating or industrial use Air expands through a turbine, generating electricity and cooling the air to 270°C PROPRIETARY AND CONFIDENTIAL 9#10Malta M100 Standard Site Layout - 100 MW, 10 hours • ~5 hectares total footprint • System design can accommodate • • irregular land sizes (tanks, ICS, power island can be arranged independently) Thanks to modular design, charge power, discharge power and storage duration can be varied independently No geographic limitations 2X duration increase (10 h →⇒ 20 h) adds 4 additional tanks, ~15% land increase) Standard layout is readily scaled to meet increased capacity and storage duration needs! -220 m MALTA 3 9 MALTA 2 Power Island 5 8 MALTA 1 Salt tanks 3 High Temp HX 5 Turbo- machinery 2 Coolant tanks 4 Low Temp HX 6 Fire Control - 250 m Control Rooms 8 Switchyard MALTA PROPRIETARY AND CONFIDENTIAL !! Air Storage 9 System 10 6#11Malta product specifications and capabilities ■ Long Useful Life: Over 30 years without capacity degradation ■ Wide power range at high efficiency - System can operate from <35% to 100% power at near constant efficiency Environmentally friendly - all raw materials are fully recyclable and abundantly available. ■ Rotating Inertia: Malta Turbomachinery derived from heavy-duty GT and ST systems, significant rotational inertia in charge and discharge modes: ■ Malta's charge powertrain Rotational Inertia: 799 MW s ■ Malta's generation powertrain Rotational Inertia: 684 MW s ■ Start time from "Ready to Start": <7 min to 25% load (charge and discharge); ☐ Ramp rate: >15% per min (power ramp up or down) Key Characteristics Roundtrip Efficiency (at POI) Roundtrip Efficiency (incl thermal) Economies of Scale Expected Useful Life Annual Degradation Standby Heat Loss Standby Load Duration Expansion post-COD Freq Response (Droop Control) Reactive Power Voltage Management Inertia Blackstart Capability Malta PHES 52-60% 90%+ Significant 30+ yr, 10,000+ cycles <0.15% <0.5%/day 1200-1500 kW × (tbd) District Heat Applications Commodity Risk None Charge time = discharge time Yes MALTA PROPRIETARY AND CONFIDENTIAL 11#12Malta/SwRI Small-Scale PHES Pilot Plant U.S. DEPARTMENT OF ENERGY SwRI MALTA EPRI Parameters: 5 kW ■ Hot thermal storage: 350°C ■ Cold thermal storage: 10°C ◉ Testing carried out from Sep 2022 to Feb 2023 ■ Same architecture as full-scale system: charge heat pump powertrain; discharge heat engine powertrain; shared hot, cold, and recuperator heat exchangers; liquid hot thermal storage; and liquid cold thermal storage Pilot Goals: Demonstrate control & operability aspects of the integrated system ■ Identify deviations from expectations that can be incorporated as learnings into the full-scale system design MALTA PROPRIETARY AND CONFIDENTIAL 12#13Applications MALTA PROPRIETARY AND CONFIDENTIAL 13#14Green Heat: Malta can provide cost-effective green power and heat - if desired also at high temp and very low temp Intermittent renewables + Renewable power (when available) Renewable power (24/7) MALTA Electrical Discharge Mode Green process heat (med temp, 120 °C) Dispatchable power + residential district heating MALTA High heat discharge mode High cold discharge mode Green process heat (high temp, 565°C) Dispatchable power + industrial heat Green process cold (very low temp, -60°C) --- III Net efficiency: 90+% Low cost charge high value/flexible discharge PROPRIETARY AND CONFIDENTIAL 14#15Malta M100 Storage Interconnection Options Option 1: Behind the meter Option 2: Charge via grid MALTA Malta M100 Thermal Storage 10 24+ Hours 100 MWe (AC) MALTA 100 MWe (AC) Malta Discharging 15.75 kV AC (50 Hz) Busbar TSO Substation/ Terminal Busbar 200 MWe (AC) Malta Charging AC-AC Transformer Connection Line Transmission Line  PV or Wind Plants behind the meter (For PV: Inverter DC to AC) E PV Plant Inverter DC to AC +++ Wind Farm AC-AC Transformer Connection Line AC-AC Transformer Connection Line PROPRIETARY AND CONFIDENTIAL 15#16MALTA MALTA Contact data: Eren Engur VP Business Development for the Middle East & Africa +46 (0)70 201 90 16 [email protected] www.maltainc.com MALTA MALTA PROPRIETARY AND CONFIDENTIAL 16