MGA Thermal, a provider of thermal energy-based long-duration energy storage systems, secured $8.25 million to fuel the company’s growth, commissioning its on-site production line and accelerating operations into 2024.
The investment round saw participation from Main Sequence, Varley Holdings, Melt Ventures, New Zealand’s Climate Venture Capital Fund, and new investors Pollination Group and Understorey Ventures.
The new funding injection allows MGA Thermal to expand its commercial division and invest in engineering and implementation to propel MGA Thermal’s position as a market leader in developing TES materials.
“Renewable energy sources come with their limitations, especially when the sun doesn’t shine and the wind doesn’t blow. Plugging this gap is the reason we exist. MGA Technology is perfectly aligned to generate 24/7 clean steam for harder-to-abate industrial sectors, a rapidly growing very large market domestically and globally,” said Mark Croudace, Deputy CEO and CCO at MGA Thermal.
MGA technology works by absorbing and storing thermal energy made from renewably generated electricity, surplus energy from the grid, or behind-the-meter solar farms.
The modular thermal blocks will be stacked into large assemblies within MGA-designed TES systems. These TES systems are able to store millions of kilowatt hours of energy. According to the company, a stack of 3,700 blocks in their Demonstration Unit about the size of a shipping container — stores enough energy to power more than 135 homes for 24 hours.
“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,” said Erich Kisi, CEO of MGA Thermal.
According to Mercom’s recently released 1H And Q2 2023 Funding and M&A Report for Storage & Smart Grid, Corporate funding in Energy Storage bounced back in Q2 2023 with $4.9 billion raised in 32 deals, a 126% increase quarter-over-quarter (QoQ).
Recently, Energy Dome, a provider of long-duration energy storage solutions, has closed the second tranche of its Series B funding round with €15 million (~$16.7 million), bringing the total amount raised in the oversubscribed round to €55 million (~$61 million).
