MGA Thermal secures $8.25m in investment drive

Two men in blue shirts hold thermal energy storage block (MGA Thermal)
MGA Thermal's Erich Kisi and Mark Croudace

Australian clean energy company MGA Thermal has secured $8.25 million in funding as it prepares to scale its long-duration energy storage (LDES) solution.

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

Related article: ARENA backing supercharges MGA Thermal storage

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

MGA Thermal also welcomes Pollination Group and Understorey Ventures as new investors whose involvement validates MGA Thermal’s 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,” MGA Thermal CEO Erich Kisi said.

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.

Related article: Main Sequence reaches $1 billion investment milestone

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 the demonstration unit about the size of a shipping container — stores enough energy to power more than 135 homes for 24 hours.

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