A new $5.7 million (USD 3.6 million) round of funding for MGA Thermal will provide for further testing of the company’s miscibility gaps alloy (MGA) thermal blocks and the development of a 0.5 MW / 5 MWh demonstration-scale thermal energy storage system.
MGA late last year initiated the commissioning process for a demonstration unit at its facility at Tomago in the New South Wales Hunter region to evaluate the capabilities and boundaries of its thermal energy storage (TES) system. The company however identified areas it needed to improve during this process and paused operations to address them.
“This was a valuable learning opportunity that will ultimately strengthen our TES system development,” MGA Chief Executive Officer Mark Croudace said. “We’ve gained insights that will help accelerate our progress as we prepare to resume commissioning of our demonstration unit.”
MGA said the latest investment round will support its efforts to prove the capability at scale of its TES system and produce sufficient high-pressure, high-temperature clean steam for industrial use.
Image: MGA Thermal
Croudace said the technology is perfectly suited to generate 24/7 clean steam for harder-to-abate industrial sectors such as mining, mineral processes, and manufacturing.
“Our mission and intention of revolutionising the renewable energy landscape has 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,” he said.
MGA is aiming to abate 30 million tonnes of CO2 by 2030 – the equivalent of more than 23 years of commercial flights from Sydney to Los Angeles.
The latest funding round was supported by returning investors including venture capital firm Main Sequence, advanced manufacturing investor Melt Ventures and clean technology investor Jekara Group.
The funding brings its total funds and grants raised to date to approximately $28.8 million, including $1.6 million from the Australian Renewable Energy Agency.
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