MGA Thermal raises $5.7 million for energy storage

Clean energy company MGA Thermal has secured an additional $5.7 million in funding, taking its recent funding round total to approximately $14 million.

The company, which is demonstrating the scale and industrial capabilities of its thermal energy storage systems, was supported by returning investors including Main Sequence, Melt Ventures and new investor JEKARA.

The funding brings its total funds and grants raised to date to approximately $28.8 million.

MGA Thermal’s Miscibility Gaps Alloy (MGA) Thermal Blocks and Thermal Energy Storage (TES) system is being developed for industrial applications.

Towards the end of 2023, MGA Thermal initiated the commissioning process for its demonstration unit to evaluate the capabilities and boundaries of the technology.

During this phase, areas for improvement were identified, leading the company to temporarily pause operations to address them.

CEO Mark Croudace said: “This was a valuable learning opportunity that will ultimately strengthen our TES system development.

“We’ve gained insights that will help accelerate our progress as we prepare to resume commissioning of our demonstration unit.

“…With the continued support of our investors and partners, we remain on track to reach our next business milestone of commercial-scale operations and energy output.”

Investment from this latest raise will support MGA Thermal’s next phase of testing to reinstate and prove the scale of its TES system and produce sufficient high-pressure, high-temperature clean steam for rising industrial demand.

The closed-loop system aims to showcase the future of renewable thermal energy, commencing with the charging of renewable electricity into MGA Thermal’s storage blocks before discharging clean steam production.

“We have continued working with numerous industrial partners and clients over the last six months which cannot solely rely on solar, wind and renewable energy sources to meet their decarbonisation goals.”

Further reading:
MGA Thermal awarded $1.27 million by ARENA to build demonstrator facility

Picture: MGA Thermal/Erich Kisi (Executive Chair and Chief Scientist) and Mark Croudace (CEO)