MGA Thermal, a provider of thermal energy-based long-duration energy storage systems, has secured A$17 million (~$12 million) in funding. The latest round brings the total capital raised to more than A$50 million (~$35 million).
The funding round introduces IP Group Australia as a new investor, alongside existing investor Main Sequence. Shane Meaney of IP Group Australia will join MGA Thermal’s Board as part of the investment, expected to bring extensive experience in scaling climate‑tech ventures across global markets.
Last year, the company commissioned its steam-integrated latent heat Electro-Thermal Energy Storage system demonstration plant, designed to dispatch industrial-grade steam from renewable energy. Located in Tomago in New South Wales, Australia, the unit stores 5 MWh of energy and can deliver continuous superheated steam for up to 24 hours.
The new investment will be used to accelerate the company’s transition from pilot deployments to full commercial rollout, enabling it to expand its workforce, fast‑track customer projects, and scale manufacturing capacity over the next two years.
CEO of MGA Thermal, Mark Croudace, says the new funding is a powerful endorsement of his team and technology. “We are entering a period of rapid scale‑up – expanding our commercial capability, growing manufacturing, and delivering projects that help industry decarbonise at speed. Partnering with IP Group, alongside continued support from Main Sequence, gives us the global reach and deep‑tech expertise we need.”
In 2024, the company raised an additional $5.7 million in funding, with participation from existing investors Main Sequence and Melt Ventures, along with JEKARA.
According to Mercom’s Annual and Q4 2025 Funding and M&A Report for Energy Storage report, VC funding in the Energy Storage sector in 2025 increased 30% YoY, to $4.8 billion across 75 deals, up from $3.7 billion across 84 deals in 2024.
In August 2025, Exowatt, a provider of thermal energy storage solutions, secured an additional $50 million in funding. The investment was led by MVP Ventures and 8090 Industries, along with additional investors including the Florida Opportunity Fund, DeepWork Capital, Dragon Global, Massive VC, New Atlas Capital, BAM, Overmatch, Protagonist, StepStone, Atomic, and Bay Bridge Ventures.
