Seed investment from CP Ventures

Despite the ongoing impact of COVID-19 on early stage investment in startups MGA Thermal are pleased to announce that we have secured seed investment of $500,000 funded by venture capital firm CP Ventures.

This investment will enable the completion of our pilot manufacturing plant, paving the way for grid-scale storage demonstration projects of MGA’s technology that will boost the capability of a renewable energy future globally.

 MGA Thermal incorporated in early 2019 after participating in the CSIRO’s national science and deep technology accelerator, ON Accelerate, which proved our technology has problem-solution fit. Our technology has quickly generated collaborator and investor interest which led to a seed round that recently closed.

CP Ventures is a boutique venture capital fund led by experienced investors Emlyn Scott and Chris Sang, that focuses on pre-seed and seed stage companies. Their Fund 1 is acknowledged as one of the best performing funds in the world. MGA Thermal is now one of CP Venture’s first investments in Fund 2, an internationally focused technology weighted fund.

CP Ventures announced "The MGA technology is unique in its key capabilities and scalability in large scale energy storage. What’s really exciting is that as a viable energy storage solution it represents the missing component to renewable energy. We believe it has the potential to change the world and that the expertise of the founding team will drive MGA Thermal to success.” 

The support of our investors reinforces the potential of our technology to drive uptake in a renewable energy future by providing the technology that can support our main grids and make renewables more reliable. CP Ventures’ capital, networks and knowledge of tech-enabled companies will allow us to complete our pilot project that will demonstrate our technology’s capacity for commercialisation.

Leveraging the reputation of Newcastle’s energy and manufacturing expertise, we will remain local throughout the initial manufacturing phase, opening up a new industry in advanced energy storage manufacturing in the Hunter region, before expanding demonstration projects across Australia and Europe.

We are excited to get to work with the support of CP Ventures.

Read more about our technology here.