MGA Thermal Secures A$8.25 Million Funding For its Unique Energy Storage Solution

Australian headquartered innovative energy storage firm MGA Thermal has secured A$8.25 million in funding from existing and new investors, backing the firm as it prepares to reach commercial scale.

The firm said the investment provides a foundation for the next phase of the company’s growth, facilitating the commissioning of its on-site production line and accelerating operations well into 2024.

The fundraising attracted strong support from existing investors, including Main Sequence, Varley Holdings, Melt Ventures, and New Zealand’s Climate Venture Capital Fund.

MGA Thermal also welcomed Pollination Group and Understorey Ventures as new investors whose involvement MGA said validates its role in unlocking zero-carbon renewable energy storage for grid and industrial applications.

“It’s a combination of our purpose-built MGA Thermal Blocks and Thermal Energy Storage (TES) systems that unlocks the transition to clean energy by making it reliable, cost-effective, and scalable. With the imminent completion of our production line, we’re on track to produce 1,000 blocks per day which can then be assembled into 24/7 renewable energy storage,” says Erich Kisi, CEO of MGA Thermal.

With the latest round of investment, MGA Thermal is gearing up for commercial scale as it nears the final stages of commissioning its Demonstration Unit — the world’s first of its kind which will provide a tangible example of the TES system in action and substantiate the scalability of the solution for potential customers and partners.

The modular blocks will be stacked into large assemblies within MGA-designed TES systems. These TES systems are able to store millions of kilowatt hours of energy in a cheaper, safer, and longer-lasting way compared to other dispatchable solutions. A stack of 3,700 blocks in MGA’s demonstration unit about the size of a shipping container — stores enough energy to power more than 135 homes for 24 hours.

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

The company’s purpose-designed Miscibility Gaps Alloy (MGA) Blocks work by absorbing and storing thermal energy made from renewably generated electricity, surplus energy from the grid, or behind-the-meter solar farms. This enables long-term energy storage across solar and wind, generating 24/7 clean steam for hard-to-abate industries and retrofitted power plants.