Energy Storage Innovator MGA Thermal Secures AUD $17M to Accelerate Decarbonisation of Heavy Industry
MGA Thermal has secured AUD $17 million in new investment for its breakthrough long‑duration thermal energy storage technology.
MGA Thermal CEO Mark Croudace and new director Shane Meaney of IP Group Australia
The funding round introduces IP Group Australia as a new investor, alongside existing investor Main Sequence. It brings total capital raised to more than AUD $50M and positions MGA Thermal for rapid expansion.
As part of the investment, Shane Meaney of IP Group Australia will join MGA Thermal’s Board, bringing extensive experience in scaling climate‑tech ventures across global markets.
“MGA Thermal is addressing one of the most critical challenges in the energy transition: delivering reliable, low‑cost, industrial‑scale storage for renewable heat,” said Mr Meaney.
“Industrial heat is the next frontier of decarbonisation – MGA’s technology delivers it 24/7 for less.
“We’re 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.”
The funding accelerates MGA Thermal’s transition from pilot deployments to full commercial rollout, enabling the company to expand its workforce, fast‑track customer projects, and scale manufacturing capacity over the next two years.
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.
CEO of MGA Thermal, Mark Croudace, says the new funding is a powerful endorsement of his team and technology.
“We are entering a period of rapid scale‑up - expanding our commercial capability, growing manufacturing, and delivering projects that help industry decarbonise at speed,” Mr Croudace said.
“Partnering with IP Group, alongside continued support from Main Sequence, gives us the global reach and deep‑tech expertise we need.”
The investment follows a series of major milestones for MGA Thermal, including:
· Launch of the MGA Thermal Demonstration Unit (April 2025)
· Completion of prefeasibility for Australia’s largest 180 MWh industrial‑scale thermal storage project (July 2025)
In the media
Australian Manufacturing: MGA Thermal lands $17M to accelerate energy storage manufacturing
Capital Brief: MGA Thermal secures $17m to accelerate renewable electricity
Energy Source & Distribution: MGA Thermal secures $17M for commercial tech rollout
Energy Storage News: MGA Thermal raises AU$17 million as thermal energy storage startup enters commercial scale-up phase
pv magazine: MGA Thermal lands new funding to scale renewable heat storage solution
Renewables Now: Australia's MGA Thermal raises USD 12m for thermal storage scale-up
startup daily: Climate tech startup MGA Thermal raises $17 million
Smart Company: MGA Thermal raises $17 million for renewable heat storage
