MGA Thermal secures $17m to accelerate renewable electricity
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The news: Clean energy storage company MGA Thermal has secured $17 million in a funding round backed by IP Group Australia and Main Sequence, lifting the company’s valuation to more than $50 million.
The context: MGA said the funding will be used to transition from pilot deployments to a full commercial rollout of its Electro-Thermal Energy Storage system, which stores renewable electricity as heat and releases it as continuous industrial-grade steam. Shane Meaney from IP Group Australia will also join MGA Thermal’s Board.
The company said its storage blocks can deliver 200% more energy than conventional heat storage systems, with a footprint up to 24 times smaller than batteries.
What they 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”, MGA Thermal CEO Mark Croudace said.
“Partnering with IP Group, alongside continued support from Main Sequence, gives us the global reach and deep‑tech expertise we need,” he added.
The source: MGA Thermal press release
