MGA Thermal, a provider of thermal energy-based long-duration energy storage systems, secured $5.7 million in Additional funding. The round included existing investors Main Sequence and Melt Ventures, along with new investor JEKARA.
The round is an extension of the $8.25 million in funding secured by the company last year to expand its commercial division and accelerate operations into 2024, bringing its total funding round to $14 million.
This latest investment is expected to help the company demonstrate the scalability of its thermal energy storage technology to meet current industrial demand. So far, the company has raised approximately $28.8 million through funds and grants.
Mark Croudace, CEO of MGA Thermal, said: “MGA Thermal remains at the forefront of clean energy innovation and large-scale energy storage. Our mission and intention of revolutionizing the renewable energy landscape have never been stronger, and with the continued support of our investors and partners, we remain on track to reach our next business milestone of commercial-scale operations and energy output.”
MGA technology works by absorbing and storing thermal energy made from surplus renewable-generated electricity in thermal modular blocks, which are stacked into large assemblies within designed TES systems.
According to Mercom’s Annual and Q4 2023 Funding and M&A Report for Storage & Smart Grid, Venture capital (VC/PE) funding in Energy Storage in 2023 was the highest ever recorded, increasing 59% year-over-year (YoY), with $9.2 billion in 86 deals compared to the $5.8 billion raised in 96 deals in 2022.
In related news, Polar Night Energy, a Finnish thermal energy storage startup, recently secured €7.6 million (~$8.1 million) in a seed funding round. Jonathan Oppenheimer, a South African businessman, led this round, which was co-led by Finnish investment companies Stephen Industries, Holdix, and Turret and joined by a Swedish family-owned investment company, PC Rettig & Co. Impact. Existing investors also participated in the funding round.
