Tomago based MGA Thermal a hot property in renewable innovation
MGA Thermal's technology is poised to meet the escalating industrial demand for clean steam, a critical component in various industrial processes. Steam power, which has seen minimal evolution over the past century and a half, continues to play a pivotal role in modern manufacturing, constituting approximately 23% of Australia's total energy demand.
MGA Thermal, an Australian clean energy company headquartered in Tomago, has recently announced the closure of an additional $5.7 million in funding, boosting the total of its recent round to approximately $14 million. This brings the company's total funds and grants raised to date to approximately $28.8 million. Notable returning investors include Main Sequence and Melt Ventures, while new investor JEKARA joins the list of supporters.
MGA Thermal's Miscibility Gaps Alloy (MGA) Thermal Blocks represent a possible game changer in energy storage, particularly in facilitating grid decarbonization efforts. Capable of storing and delivering thermal energy while retaining a solid form, MGA Thermal's technology addresses the need for industrial heat decarbonization, targeting hard-to-abate sectors such as mining, mineral processes, and manufacturing, where traditional energy sources present significant challenges in reducing carbon emissions.
CEO Mark Croudace emphasized the significance of this fundraising extension, underscoring the validation it provides for their cutting-edge Thermal Energy Storage (TES) system, specifically tailored for industrial applications.
“MGA Thermal remains at the forefront of clean energy innovation and large-scale energy storage. Our mission and intention of revolutionising the renewable energy landscape has never been stronger, and 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.”
Reflecting on the commissioning process of their demonstration unit late last year, Croudace described it as a valuable learning opportunity. Despite encountering areas for improvement, the temporary pause in operations was seen as an opportunity to strengthen their TES system development.
Aligned with their sustainability objectives, MGA Thermal is collaborating with partners to implement its TES solution, with a target of abating 30 million tonnes of CO2 by 2030.
As the company continues to prove the scalability and industrial capabilities of its technology, MGA Thermal remains at the forefront of clean energy innovation, poised to make a lasting impact on the energy landscape.
