Australian clean energy company MGA Thermal received $8.25 M funding to expand operations
As it gets ready to scale up its long-duration energy storage (LDES) solution, Australian clean energy company MGA Thermal has raised $8.25 million in funding.
According to a statement released by MGA Thermal on Thursday, the fundraising effort received strong support from current investors, including Main Sequence, Varley Holdings, Melt Ventures, and New Zealand’s Climate Venture Capital Fund.
Pollination Group and Understorey Ventures are also welcomed as new investors by MGA Thermal, whose participation confirms MGA Thermal’s role in enabling zero-carbon renewable energy storage for grid and industrial applications.
The statement claims that the investment lays the groundwork for the company’s upcoming phase of growth, facilitating the commissioning of its on-site production line and accelerating operations well into 2024.
As the business looks to the future, it is still committed to bolstering its team with exceptional talent.
With the additional funding, MGA Thermal is able to strategically grow its commercial division and invest in engineering and implementation to advance its position as a leader in the industry for TES material development.
“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,” said Erich Kisi, Chief Executive Officer of MGA Thermal.
With the most recent round of funding, MGA Thermal is preparing for commercial scale as it nears completion of commissioning its demonstration unit, the first of its kind in the world, which will serve as an actual demonstration of the TES system in use and support the scalability of the solution for prospective clients and partners.
Within MGA-designed TES systems, the modular blocks will be stacked into sizable assemblies.
In comparison to other dispatchable solutions, these TES systems can store millions of kilowatt hours of energy more affordably, safely, and effectively.
More than 135 homes’ worth of energy can be stored in a stack of 3,700 blocks in its demonstration unit, which is roughly the size of a shipping container.
Mark Croudace, Deputy Chief Executive Officer and Chief Commercial Officer of MGA Thermal stated that the support of new backers is crucial in advancing the company’s ground-breaking solution and bringing us closer to its objective of completely changing the landscape of renewable energy storage.
He claims that the company is filling the gap left by the limitations of renewable energy sources.
