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MGA Thermal secures $8.25m in funding to grow storage business
Australia-based MGA Thermal has secured $8.25 million in funding to scale its long-duration energy storage (LDES) system.
The investment “provides a foundation for the next phase of the company’s growth, facilitating the commissioning of its on-site production line and accelerating operations well into 2024,” a statement said.
The funding round included investment from existing investors, such as Main Sequence, Varley Holdings, Melt Ventures and New Zealand’s Climate Venture Capital Fund. Meanwhile, Pollination Group and Understorey Ventures joined as new investors.
Erich Kisi, CEO of MGA Thermal, said: “It’s a combination of our purpose-built MGA Thermal Blocks and Thermal Energy Storage (TES) systems that unlocks the transition to clean energy by making it reliable, cost-effective and scalable. With the imminent completion of our production line, we’re on track to produce 1,000 blocks per day which can then be assembled into 24/7 renewable energy storage.”
A stack of 3,700 blocks in MGA Thermal’s ‘Demonstration Unit’ - about the size of a shipping container - stores enough energy to power more than 135 homes for 24 hours.