MGA Thermal raises $8.25 million

Energy storage company MGA Thermal has announced the raise of a further $8.25 million, including from existing investors Main Sequence, Varley Holdings and Melt Ventures, as it prepares to commission a demonstration unit for its thermal energy storage system.

“We’re proud of our work and support received to date from the Australian Renewable Energy Agency (ARENA) and energy powerhouse Shell,” said Mark Croudace, Deputy CEO and CCO at MGA Thermal, in a statement on Thursday morning. 

“We’re honoured to welcome new supporters, Pollination Group and Understorey Ventures, whose backing is instrumental in propelling our groundbreaking solution and driving us closer to our goal of revolutionising the renewable energy storage landscape.

MGA had previously raised $8 million in 2021.

The company is commercialising a “miscibility gaps alloy” approach to thermal energy storage developed by a team at University of Newcastle, storing and dispatching heat to generate electricity.

The demo unit at the company’s Tomago site has received funding of $1.27 million from ARENA and $560,000 from Shell, and will be launched later this year.

The company said the new funding would allow it to make hires in commercial and engineering roles.

MGA was a Gold Award winner at @AuManufacturing’s Australia’s 50 most innovative manufacturers awards last month.

Picture: Co-founders Alex Post and Erich Kisi

Further reading

MGA Thermal awarded $1.27 million by ARENA to build demonstrator facility

MGA Thermal unveils new Newcastle manufacturing facility

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