MGA Thermal has secured an additional $2.48 million from the Australian Renewable Energy Agency (ARENA), tripling its project backing from the Federal Government.
This new funding underscores confidence in MGA Thermal’s steam-dispatch thermal energy storage technology, the company said in a news release.
With an initial investment of $1.27 million from ARENA, MGA Thermal is now set to leverage this renewed support to continue the commissioning of its demonstration unit.
This increased funding highlights ARENA’s commitment to MGA Thermal’s mission of providing zero-carbon renewable energy storage for grid and industrial applications.
“The world’s Industrials are at a critical juncture in their renewable energy, decarbonisation journey, and we believe MGA Thermal will play a key role in enabling renewable generation to meet their needs,” said Mark Croudace, CEO of MGA Thermal.
He continued, “A behind-the-meter energy storage solution that helps balance utility-scale renewables with distributed energy storage is vital for Australia to effectively manage the evolving supply-demand dynamics of a clean energy future. With support from ARENA, we’re getting closer to recommissioning our demonstration unit and starting to scale up for commercial deployment.”
Meanwhile, Darren Miller, CEO of ARENA, echoed this sentiment: “At ARENA, we are committed to supporting companies with solutions for our energy transition. We prioritise projects with enduring impact and see the value in MGA Thermal’s technology for assisting large industrial players in decarbonising their processes.”
“We are proud to continue supporting MGA Thermal’s technology development, which we believe could have a significant impact on Australia’s renewable energy transition,” he added,
By storing and dispatching heat energy in the form of clean steam, MGA Thermal said it aims to offer sustainable alternatives to fossil fuel-dependent processes.
