Australian clean energy innovator MGA Thermal has raised an additional $5.7 million to further develop its thermal energy storage systems.
With this latest investment, totalling approximately $14 million in the recent round and $28.8 million overall, MGA Thermal is poised to scale its industrial capabilities, the company said in a media release.
The funding round saw continued support from existing investors such as Main Sequence and Melt Ventures, along with a new investor, JEKARA, underscoring confidence in MGA Thermal’s cutting-edge Miscibility Gaps Alloy (MGA) Thermal Blocks and Thermal Energy Storage (TES) system tailored for industrial applications.
Mark Croudace, CEO of MGA Thermal, reflected on the company’s recent progress, noting the valuable insights gained during the commissioning process of its demonstration unit towards the end of 2023.
Temporary operations pause allowed MGA Thermal to address identified areas for improvement, strengthening the development of their TES system.
“This was a valuable learning opportunity that will ultimately strengthen our TES system development. We’ve gained insights that will help accelerate our progress as we prepare to resume commissioning of our demonstration unit,” said Croudace.
The latest investment will fuel MGA Thermal’s next phase of testing to reinstate and validate the scale of its TES system, catering to rising industrial demand for high-pressure, high-temperature clean steam production.
The forthcoming demonstration unit will also serve as a showcase of MGA Thermal’s TES technology in action, illustrating the future of renewable thermal energy production.
Working closely with industrial partners, MGA Thermal said it aims to deploy on-site TES systems to meet ongoing clean steam and energy storage needs, aligning with ambitious decarbonization goals.
“We’re excited to realise the next phase of our partnerships through the implementation of an on-site MGA Thermal TES system to supply ongoing clean-steam and energy storage capabilities,” remarked Croudace.
