Energy storage firm MGA Thermal secures $12 million
The funding is expected to accelerate MGA’s transition from pilot deployments to full commercial rollout, enabling the Australian company to expand its workforce, fast‑track customer projects and scale manufacturing capacity.
Australian clean energy company MGA Thermal has secured AUD 17 million (about USD 12 million) in new investment for its long‑duration thermal energy storage technology.
The funding round introduces IP Group Australia as a new investor, alongside existing investor Main Sequence. It brings total capital raised to more than AUD 50 million (about USD 35 million), the company said.
“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 Shane Meaney of IP Group Australia, who will join MGA Thermal’s Board. “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.”
The funding accelerates MGA Thermal’s transition from pilot deployments to full commercial rollout, enabling the company to expand its workforce, fast‑track customer projects, and scale manufacturing capacity over the next two years, MGA 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,” CEO of MGA Thermal, Mark Croudace, said. “Partnering with IP Group, alongside continued support from Main Sequence, gives us the global reach and deep‑tech expertise we need.”
