Energy storage startup MGA Thermal has raised $17 million for its industrial renewable power solution.
IP Group Australia led the round, supported by existing investor Main Sequence. IP Group’s Shane Meaney will join the board.
While the Hunter Valley startup didn’t name a series for its latest capital, it’s now raised $50 million in total, including $14.15 million in a pre-Series B completed back in 2024.
Other investors include Melt Ventures, JEKARA, Varley Holdings, Electrifi Ventures and Climate Salad, the Australian Renewable Energy Agency (ARENA), New Zealand’s Climate Venture Capital Fund, Pollination Group and Understorey Ventures.
MGA Thermal developed what it calls Miscibility Gaps Alloy (MGA) Blocks to absorb and store thermal energy made from renewable power.
The funding will speed up MGA Thermal’s transition from pilot deployments to full commercial rollout, increase staffing, fast‑track customer projects, and scale manufacturing capacity over the next two years.
CEO Mark Croudace said they’re “entering a period of rapid scale‑up “expanding our commercial capability, growing manufacturing, and delivering projects that help industry decarbonise at speed”.
Meaney said the business is tackling a critical challenge in the energy transition: delivering reliable, low‑cost, industrial‑scale storage for renewable heat.
“Industrial heat is the next frontier of decarbonisation – MGA’s technology delivers it 24/7 for less,” he said
