MGA Thermal has raised AUD$8 million (USD$5.8 million) to expand their manufacturing capacity and export MGA thermal energy storage globally. The funding was led by Main Sequence, Australia's deep tech investment fund founded by CSIRO, with participation from new investors Alberts Impact Capital, New Zealand's Climate Venture Capital Fund, The Melt and a select group of leading angel investors including Chris Sang, Emlyn Scott and Glenn Butcher. Previous round seed investor CP Ventures also added to their existing holding.
The new capital allows MGA Thermal to rapidly scale their team and manufacturing capacity to meet international demand for thermal energy storage technology. The company is working with partners to deploy the technology in Australia, Europe and North America and plan to double the team in the next 12 months to scale towards making hundreds of thousands of MGA blocks per month. For further information see the IDTechEx report on Potential Stationary Energy Storage Technologies to Monitor.
"Our mission is to help accelerate the shift to renewable energy by providing a new way to store energy that's clean, economical, and scalable. We are gratified by our investors' recognition of our achievements and their confidence in our ability to execute on this exciting new phase of growth," said Erich Kisi, CEO of MGA Thermal.
"We believe that thermal storage will play an important role in the energy transition and are overwhelmed with international and domestic interest to date. The potential opportunities and use cases for our technology are extensive. Whether it's retrofitting our thermal power stations, providing power to remote communities, supplying heat to industry, heating houses and commercial spaces, or heating for electric vehicles, this can all be powered using renewable energy stored in our MGA blocks."
MGA Thermal's core technology is a newly invented type of thermal storage material, Miscibility Gap Alloys (MGA). These alloys can store a huge amount of energy as heat, in a safe and easy to use way. In their storage solutions, modular blocks of MGA are stacked into insulated storage tanks, which can store energy for use in a range of applications - improving the electrical grid's stability, residential and commercial space heating, industrial process/waste heat, and even electric vehicles. Their first focus though, is enabling intermittent renewable energy sources such as the sun and wind, to provide base load electricity to the grid.
Modular blocks of MGA are able to be stacked and scaled into thermal energy storage systems - storing hundreds to millions of kilowatt hours of energy.
MGA systems can be custom made to suit a wide range of operating temperatures with multiple systems under development for temperatures between 200°C and 1400°C. Additionally, the possibility of storing energy at very high temperatures opens the door to the next generation of high efficiency power cycles.
Source and top image: MGA Thermal