MGA Thermal raises AUD$8m

MGA Thermal is extremely pleased to announce that we have raised AUD$8 million (USD$5.8 million) to expand our manufacturing capacity and export MGA thermal energy storage globally.

The funding was led by Main Sequence, Australia’s deep tech investment fund founded by CSIRO, with participation from new investors Alberts Impact Capital, New Zealand’s Climate Venture Capital Fund, The Melt and a select group of leading angel investors including Chris Sang, Emlyn Scott and Glenn Butcher. Previous round seed investor CP Ventures also added to their existing holding.

The new capital allows us to rapidly scale our team and manufacturing capacity to meet international demand for thermal energy storage technology. We are working with partners to deploy the technology in Australia, Europe and North America and plan to double the team in the next 12 months to scale towards making hundreds of thousands of MGA blocks per month.

Pictured: CTO Dr. Alexander Post and CEO Prof. Erich Kisi

“Our mission is to help accelerate the shift to renewable energy by providing a new way to store energy that’s clean, economical, and scalable. We are gratified by our investors’ recognition of our achievements and their confidence in our ability to execute on this exciting new phase of growth,” said Erich Kisi, CEO of MGA Thermal.

“We believe that thermal storage will play an important role in the energy transition and are overwhelmed with international and domestic interest to date. The potential opportunities and use cases for our technology are extensive. Whether it’s retrofitting our thermal power stations, providing power to remote communities, supplying heat to industry, heating houses and commercial spaces, or heating for electric vehicles, this can all be powered using renewable energy stored in our MGA blocks.”

We look forward to continuing to revolutionise the world’s renewable energy storage systems with the support of our new investors.