Energy storage company MGA Thermal says new investment will support the expansion of its manufacturing capacity as it scales up deployment of its long-duration thermal energy storage technology aimed at decarbonising heavy industry.
According to MGA Thermal, the company has secured AUD $17 million in new funding, introducing IP Group Australia as a new investor alongside existing backer Main Sequence.
In a news release, the company said the round brings MGA Thermal’s total capital raised to more than AUD $50 million and is intended to support the next phase of commercial growth.
As part of the investment, Shane Meaney of IP Group Australia will join the company’s board.
“MGA Thermal is addressing one of the most critical challenges in the energy transition: delivering reliable, low-cost, industrial-scale storage for renewable heat,” Mr Meaney said in a statement.
“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.”
MGA Thermal said the funding will help the company transition from pilot deployments to full commercial rollout. Plans include expanding its workforce, accelerating customer projects and increasing manufacturing capacity over the next two years.
The company also noted that IP Group Australia brings a global portfolio of energy and deep-tech ventures, as well as experience supporting climate-technology companies moving from early deployments to broader commercial markets.
MGA Thermal chief executive Mark Croudace said the investment reflects growing confidence in the company’s technology and its commercial pathway.
“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 several recent milestones for the company, including the launch of the MGA Thermal Demonstration Unit in April 2025 and completion of a prefeasibility study in July 2025 for what the company described as Australia’s largest 180 MWh industrial-scale thermal storage project.
