Provincial government-owned utility NB Power and pumped heat energy storage developer Malta Inc. signed a term sheet that will lead them toward an energy storage benefits agreement to develop a 1,000-MWh energy storage facility in New Brunswick.

Cambridge, Mass.-based Malta's energy storage facility would not only help reduce emissions but would also improve grid stabilization, increase the grid's capacity to integrate renewables and bring jobs to the province, the two companies said in a joint Oct. 28 news release. Upon completion, the facility would also be "one of the largest energy storage systems of its kind in the world," the release adds.

As well, the Malta system can produce heat as a byproduct that can be used in commercial, industrial and district energy systems, the companies said.

"This innovative new technology aligns well with our goal to transform the electricity system in New Brunswick to bring customers greater value and services. It will be an important addition to our grid as we find solutions to increase beyond our current [80%] carbon-free electricity for New Brunswickers," NB Power President and CEO Keith Cronkhite said in the news release.

Malta and NB Power expect the energy storage facility to be in service in 2024.