Energy storage startup MGA Thermal has raised AU$17 million to support its renewable energy solution for industrial use.
The funding round was led by IP Group Australia, with participation from existing investor Main Sequence. As part of the investment, Shane Meaney from IP Group will join the company’s board.
Although the company did not specify the funding round stage, MGA Thermal has now raised a total of $50 million, including $14.15 million from a pre-Series B round in 2024.
Other investors in the company include Melt Ventures, JEKARA, Varley Holdings, Electrifi Ventures, Climate Salad, Australian Renewable Energy Agency (ARENA), New Zealand’s Climate Venture Capital Fund, Pollination Group, and Understorey Ventures.
MGA Thermal has developed a technology called Miscibility Gap Alloy (MGA) Blocks, which can store heat energy created from renewable power and release it later for industrial use.
“MGA Thermal is addressing one of the most critical challenges in the energy transition: delivering reliable, low‑cost, industrial‑scale storage for renewable heat,” said Mr Meaney.
“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.”
“We are entering a period of rapid scale‑up – expanding our commercial capability, growing manufacturing, and delivering projects that help industry decarbonise at speed,” Mr Croudace said.
“Partnering with IP Group, alongside continued support from Main Sequence, gives us the global reach and deep‑tech expertise we need.”
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