Clean energy company MGA Thermal has secured $17 million in new investment for its breakthrough long-duration thermal energy storage technology.
MGA Thermal has developed an Electro-Thermal Energy Storage (ETES) system of thermal blocks that stores renewable electricity as heat and releases it as continuous industrial-grade steam that is available 24/7.
The funding round introduces IP Group Australia as a new investor, alongside existing investor Main Sequence. It brings total capital raised to more than $50 million and positions MGA Thermal for rapid expansion.
MGA Thermal’s blocks deliver 200% more energy than conventional heat storage systems, with a footprint up to 24-times smaller than batteries, unlocking the potential of variable solar and wind as a dependable industrial energy source.
As part of the investment, Shane Meaney of IP Group Australia will join MGA Thermal’s Board, bringing extensive experience in scaling climate tech ventures across global markets.
“MGA Thermal is addressing one of the most critical challenges in the energy transition: delivering reliable, low cost, industrial scale storage for renewable heat,” Meaney said.
“Industrial heat is the next frontier of decarbonisation—MGA’s technology delivers it 24/7 for less.
“We’re excited to support the team moving into full commercial deployment and look forward to partnering closely with MGA Thermal through this next phase of growth.”
The funding accelerates MGA Thermal’s transition from pilot deployments to full commercial rollout, enabling the company to expand its workforce, fast track customer projects, and scale manufacturing capacity over the next two years.
MGA Thermal CEO Mark Croudace said, “We are entering a period of rapid scale up – expanding our commercial capability, growing manufacturing, and delivering projects that help industry decarbonise at speed.
“Partnering with IP Group, alongside continued support from Main Sequence, gives us the global reach and deep tech expertise we need.”
