Australian clean energy startup MGA Thermal has secured AU$17 million in new funding to accelerate the development and deployment of its renewable energy storage technology designed for industrial applications.
The funding round was led by IP Group Australia, with continued support from existing investor Main Sequence. As part of the investment, Shane Meaney from IP Group will join MGA Thermal’s board, bringing strategic expertise to support the company’s next phase of growth.
With this latest capital injection, MGA Thermal has now raised a total of approximately $50 million in funding, including $14.15 million from a pre-Series B round in 2024.
Strong Investor Backing for Clean Energy Innovation
MGA Thermal’s investor base includes several prominent climate-tech and venture capital firms focused on energy innovation and sustainability.
Key investors in the company include:
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IP Group Australia
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Main Sequence
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Melt Ventures
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JEKARA
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Varley Holdings
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Electrifi Ventures
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Climate Salad
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Australian Renewable Energy Agency (ARENA)
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New Zealand’s Climate Venture Capital Fund
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Pollination Group
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Understorey Ventures
The strong investor participation highlights growing interest in renewable energy storage technologies that can support industrial decarbonisation.
Solving the Industrial Heat Challenge
One of the biggest challenges in the global energy transition is reducing emissions from industrial heat processes. Heavy industries such as manufacturing, mining, and chemicals rely heavily on continuous heat energy, traditionally generated using fossil fuels.
MGA Thermal is working to solve this problem by enabling industries to store renewable energy as heat and use it when needed, reducing reliance on fossil fuels.
According to industry experts, decarbonising industrial heat represents one of the most critical steps in achieving global climate targets.
MGA Blocks: A New Approach to Energy Storage
At the core of MGA Thermal’s technology is a proprietary system called Miscibility Gap Alloy (MGA) Blocks.
These specialized blocks can store thermal energy produced from renewable power sources such as solar or wind and release that energy later in the form of heat for industrial processes.
Unlike conventional batteries designed to store electricity, MGA Thermal’s system focuses specifically on thermal energy storage, which is essential for industries requiring high-temperature heat.
This approach offers several advantages:
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Reliable energy storage for industrial processes
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Lower operational costs compared to fossil fuel heating
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Continuous heat supply even when renewable energy generation fluctuates
Supporting Industrial Decarbonisation
Speaking about the investment, Shane Meaney from IP Group Australia highlighted the importance of scalable energy storage solutions in achieving global climate goals.
He noted that industrial heat represents one of the next major frontiers in decarbonisation, and technologies like MGA Thermal’s can provide a reliable and cost-effective way to deliver renewable heat at industrial scale.
According to Meaney, MGA Thermal’s solution has the potential to deliver 24/7 renewable heat at a lower cost, making it an attractive alternative for industries looking to transition away from fossil fuels.
Scaling Manufacturing and Commercial Deployment
With the new funding, MGA Thermal plans to accelerate the commercial rollout of its technology and expand its manufacturing capabilities.
The company is entering a phase of rapid scaling, focusing on:
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Expanding commercial partnerships with industrial clients
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Increasing manufacturing capacity for MGA Blocks
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Delivering large-scale renewable heat storage projects
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Strengthening global market expansion
Company leadership believes that partnerships with investors such as IP Group and Main Sequence will help bring both capital and deep-technology expertise needed to scale the business globally.
The Growing Market for Renewable Heat Storage
As industries worldwide face increasing pressure to reduce carbon emissions, renewable heat storage solutions are gaining attention as a critical component of the clean energy transition.
Industrial sectors account for a significant share of global energy consumption, and technologies that enable renewable heat generation could play a major role in reducing emissions.
By providing cost-effective, scalable thermal energy storage, MGA Thermal is positioning itself as a key player in the emerging industrial decarbonisation technology market.
Looking Ahead
With strong investor backing and a clear focus on renewable energy innovation, MGA Thermal is now preparing for the next stage of growth and commercialization.
The company’s technology aims to help industries transition toward cleaner energy systems while maintaining reliable heat supply for operations.
As the global push toward net-zero emissions accelerates, solutions like MGA Thermal’s renewable heat storage technology could become essential in transforming how industries power their operations.
Ruchi Kumar is the associate editor at Entrepreneur News Network and TVW News India, where she leads editorial strategy, brand storytelling, and startup ecosystem coverage. With a strong focus on innovation, business, and marketing insights, he curates impactful narratives that spotlight India’s evolving entrepreneurial landscape. She has written extensively on fintech, AI and emerging startups.