MGA Thermal, a prominent innovator in clean energy storage, has secured a strategic investment from Electrifi Ventures, a climate tech angel syndicate, in partnership with Climate Salad.
The investment joins a $2.5 million funding boost recently announced by the Australian Renewable Energy Agency (ARENA) and was finalised in a rapid Pre-Series B round closure.
The milestone comes as new data from the Angel Investment Network highlights optimism in Australia’s startup ecosystem, with 80 per cent of founders expressing positive growth outlooks for 2025.
However, 71 per cent of startups cite access to investment as a significant challenge, the company reported in a news release.
“In a landscape where funding accessibility remains the biggest hurdle for founders, the combined support of Electrifi Ventures and Climate Salad demonstrates the power of ecosystem collaboration in advancing climate innovation,” said Mark Croudace, CEO of MGA Thermal.
“This investment, alongside ARENA’s support, will accelerate the completion of our Demonstration Unit, advancing our mission to revolutionise industrial energy storage.”
MGA Thermal said its technology focuses on renewable electricity storage through modular thermal blocks, a pivotal innovation aimed at facilitating industrial electrification.
The funding will fast-track the company’s efforts to bring its solutions to market amid increasing demand for efficient energy storage systems.
Danin Kahn, partner at Electrifi Ventures, emphasized the significance of angel investments in nurturing climate tech startups.
“With many Australian climate tech deals still in pre-seed and seed stages, angel investment remains one of the largest and most impactful funding sources.”
“Our network of over 350 climate tech-focused angel investors is committed to bridging critical funding gaps with the speed and certainty that emerging clean technology companies need,” Kahn said.
