Inside MGA Thermal: News, Updates, & Milestones

MGA Thermal.
Cut Costs. Cut Carbon. Stay Hot.

A Message from Our CEO

Dear MGA Community,

This quarter saw MGA Thermal’s transition continue from proving the technology, to delivering it at scale.

Following the introduction of our six priority pillars last quarter, the focus has been on alignment and execution, ensuring these priorities actively shape how we operate daily. The priorities are:

Operating safely and reliably as activity scales
Strengthening culture, performance, and efficiency
Winning in the market through real customer projects
Executing the technology roadmap with discipline and focus
Building the team required for scale
Securing the capital for growth

During the quarter, we progressed our push for clients to move into Front-End Engineering and Design (FEED) studies stage. These studies are a critical step in refining system designs, validating projects, and building the confidence required for investment decisions.

A key focus emerging from this work is cost and performance optimisation. MGA is identifying and executing opportunities to optimise system CAPEX at scale and improve customer economics, essential to broader deployment.

Looking ahead, the next phase is clear:

Convert priority opportunities into funded FEED studies and executable projects
Continue improving system design and economics through disciplined engineering
Demonstrate delivery moving towards first commercial deployments

This is a defining next period for MGA Thermal. Success will be driven by execution, customer outcomes, and the ability to convert pipeline into delivered projects. We appreciate the continued support of our staff, shareholders, partners, and customers as we take these next steps toward delivering clean, low-cost industrial heat at scale, globally.

Mark Croudace

CEO, MGA Thermal

Engineering Update

Progress for Australia’s Largest Industrial-Scale Thermal Storage Project

This quarter, MGA Thermal and Knode successfully commenced a FEED study for a 195 MWh electro-thermal energy storage (ETES) flagship project at Tronox in Kwinana, WA – marking a significant step toward commercial deployment. The project is expected to deliver approximately 20 tonnes of steam per hour to the site under a Heat-as-a-Service agreement.

The team is now progressing engineering activities with GHD to support FEED delivery and targeting a Final Investment Decision (FID) in early 2027.

Commercial Progress – Winning in the Market

During the quarter, MGA Thermal continued to build commercial momentum, progressing multiple industrial opportunities toward FEED studies - a critical step in advancing projects toward final investment decisions and deployment.

In parallel, we are actively developing a pipeline of opportunities across sectors including food manufacturing, resources and industrial processing, with several projects advancing through feasibility and pre-FEED stages. This growing pipeline reflects strong market demand for reliable, low-cost renewable heat solutions.

A key area of focus underway is the development of Heat-as-a-Service (HaaS) delivery models, enabling customers to adopt thermal energy storage without significant upfront capital investment. This approach is gaining traction with customers and is being actively tested in live project environments.

To accelerate MGA’s next phase of growth, we have strengthened our commercial leadership with the appointment of a Chief Commercial Officer (commencing July) who brings deep experience in energy markets, commercial structuring, and scaling energy solutions - further enhancing MGA’s capability to convert pipeline into funded projects and repeatable commercial outcomes. We look forward to sharing more in the coming weeks.

Building the Team for Scale

Welcoming Sara Benvenuti as Head of People & Culture

Sara brings global HR leadership experience and a strong track record in transformation and building high-performing teams. Prior to joining MGA Thermal, Sara held senior roles across engineering, professional services, property, legal, and financial services organisations. Her practical, people first approach will help shape an environment where our people feel valued, supported, and empowered to do their best work.

Welcoming Nick Hodge as our Safety Advisor

Nick brings extensive experience across workplace health and safety, risk management, compliance, training, and operational environments. Supporting our focus on operating safely and reliably, Nick will work closely with teams across the business to strengthen our safety systems, support risk management activities, provide safety advice and guidance, and help us maintain a proactive, safety-first environment as MGA Thermal grows.

Congratulating Krista Crockett on her promotion to Head of Finance

Since joining MGA in 2023, Krista has played a key role in strengthening our financial operations and securing capital for growth. A Chartered Accountant with experience across industry and professional services, she brings a thoughtful, practical approach to finance and a deep commitment to understanding the entire business context. We’re thrilled to see her step into this leadership role and look forward to what comes next.

R&D Update

This quarter, our R&D team continues to validate the long-term reliability of MGA Thermal’s technology. Detailed analysis of blocks extracted from our demonstration plant confirmed strong structural integrity under real operating conditions – a key indicator of durability at scale. The findings from this analysis will inform system-level assessments and enhance modelling of future performance.

In parallel, we are progressing manufacturability studies to further refine block properties and production processes, supporting both performance optimisation and efficient scale-up. We have also reviewed our IP portfolio to ensure it remains aligned with our technology roadmap and growth strategy.

MGA in Action

Annie Lacombe speaking at the Greenhouse Hunter Climate Innovation & Investment Summit

De-Risking Deployment

Our Head of Engineering, Annie Lacombe, joined a panel at the Greenhouse Hunter Climate Innovation & Investment Summit, discussing what it takes to scale industrial technologies globally. The conversation reinforced the importance of proven, real-world deployment – underscoring the role of our demonstration plant in building customer confidence.

Site tours held at MGA Thermal in Tomago

Touring Site

We welcomed a number of industry groups to our Tomago facility this quarter, including participants from The Melt ENGAGE program and Engineers Australia. These visits provide a valuable opportunity to engage with industry peers, share our journey, and exchange ideas on the energy transition.

Meryl Swanson MP visiting MGA Thermal with local media following recent funding announcement

Welcoming Continued Support

We were pleased to host Meryl Swanson MP at our Tomago site following our ARENA funding announcement earlier this year. Strong engagement from local government is critical to accelerating the deployment of clean energy technologies.

Lunch with an Aussie Icon

Members of our team had the pleasure of sitting down with ‌Dr Karl, one of Australia’s most passionate advocates for science and climate action. They discussed the science behind MGA Blocks and the role of thermal energy storage in decarbonising heavy industry.

Thought Leadership

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

Available Funding

Grant funding is a powerful catalyst for the adoption of innovative energy technologies. They address critical gaps in development capital and providing strong financial incentives for industrial and manufacturing businesses to progress early-stage projects. Several funding opportunities are currently available across Australia to support first-of-a-kind deployments, including:

Powering the Regions, Industrial Transformation Stream: ARENA has $180 million currently available under Round 3.
Powering the Regions, Safeguard Transformation Stream: Federal DCCEEW has $50 million available and the round is open until May 2027.
Net Zero Manufacturing Initiative: The NSW Government has $100 million available and the round is open until 25 August 2026.

We continue to work closely with customers to navigate these pathways and progress projects through to delivery.

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