A Message from Our CEO

Dear MGA Community, 

This quarter marks a clear inflection point for MGA Thermal. We successfully closed our $17 million funding round, welcoming IP Group Australia as a new investor alongside the continued support of Main Sequence.

IP Group Australia brings a global portfolio of energy and deep‑tech ventures, and a proven model for helping climate‑tech innovators scale from first‑of‑a‑kind deployments to global commercial markets.

I want to thank our investors for their confidence and support, and our team for the focus and discipline required to deliver this outcome.

This momentum has been further reinforced by ARENA’s commitment of $3.25 million to support MGA-led Front-End Engineering Design (FEED) studies with industrial customers. More on this shortly.

With funding secured, MGA is now firmly focused on delivery and scaleup. Our priority is disciplined execution: validating our technology at commercial scale, advancing customer projects, and building the organisational capability required for repeatable deployment.

During the quarter, we continued to operate safely and reliably, progressed our demonstration system and materials roadmap, advanced multiple customer opportunities towards funded FEED activity, and strengthened our commercial capability.

Looking ahead, our efforts are now aligned around six clear priorities: operating safely and reliably; strengthening culture, performance, and efficiency; winning in the market; executing the technology roadmap; building the team for scale; and deploying capital responsibly to support growth. Together, these priorities reflect a business transitioning from proof and pilots to commercial readiness and delivery.

We appreciate the continued engagement and support of our shareholders, partners, and customers as we work to make low-cost, zero-emissions industrial heat available at scale.

Mark Croudace

CEO, MGA Thermal

Welcoming Shane Meaney to the Board

“I’m 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.” 

Commercial Update

FEED Funding That Moves Projects Forward 

One of the biggest barriers to industrial decarbonisation is the early-stage capital needed to progress projects. ARENA’s $3.25 million in FEED funding directly addresses this. 

Through the Powering the Regions: Industrial Transformation Stream, the program will heavily subsidise up to five FEED studies, helping industrial partners advance thermal energy storage projects with confidence and reduced upfront risk. 

The FEED program will enable detailed engineering, costing, and integration assessments for thermal storage systems across a range of industrial heat applications. 

FEED studies are essential for moving from concept to investment readiness, providing the technical and commercial detail customers need to make informed decisions. 

We’re now working with customers in our pipeline and leading engineering firms to allocate this support to the highest impact opportunities. 

If you’d like to understand whether your facility may be eligible, please contact us.

Leadership Opportunity: Chief Commercial Officer

Following the successful close of our recent investment round, we are entering a pivotal phase of commercial growth. To support this next chapter, we are partnering with Derwent Search to appoint a Chief Commercial Officer who will play a key role in shaping and executing our commercial strategy.

If you are aware of an exceptional commercial leader - or if this opportunity aligns with your own next step - please contact Jason Scoble at jscoble@derwentsearch.com.au or connect via LinkedIn for a confidential conversation and a copy of the executive brief. 

Engineering and R&D Update

This quarter, our team made strong progress across both engineering and R&D to validate and enhance MGA Block performance.

Our teams reached an exciting milestone by producing a small batch of MGA Blocks using an improved formulation, which have now been loaded into the TES for in‑operation testing and analysis.

Furthermore, we unloaded a subset of our original blocks from the TES for detailed analysis, enabling us to deepen our understanding of their behaviour under the unique operating conditions of the TES. The findings will inform our work on material longevity, thermal stability, and overall block reliability.

Together, these activities are generating valuable data that will continue to optimise our materials and system performance as we scale.

MGA in Action

Hunter at the Crossroads

Catch the newest Hunter Renewal video to explore the why, what, and how of the Hunter’s energy and economic transition. MGA Thermal’s Alexander Post shares his perspective on the economic opportunity that comes from backing innovation and building the next generation of industries right here in the Hunter.

Watch the video

Onsite With ATSE 

We had the pleasure of welcoming members of the Australian Academy of Technological Sciences & Engineering to MGA Thermal as part of their annual regional field trip. We were honoured to be included on their itinerary and to share how our thermal energy storage technology is leading the transition to clean, dispatchable energy.

Thought Leadership

Our blog shares perspectives on the technologies, policies, and long‑term thinking shaping Australia’s energy transition. Explore our latest articles from this quarter: 

• Energy Security in a Volatile World: Why Industry Must Shift from Fossil Fuels to Renewable Electricity 

• Why Long‑Term Thinking Matters for Australia’s Food & Beverage Sector 

• Why Latent Heat Matters 

• The Leading Boiler Isn’t What You Expect 

Thank you for your continued support and interest in MGA Thermal.

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