This investment joins the Australian Renewable Energy Agency’s (ARENA) recently announced $2.5 million funding boost in a rapidly closed Pre-Series B round.
The investment comes as new data from the Angel Investment Network reveals that 80% of Australian startups express optimism about their 2025 prospects, despite 71% citing investment access as their primary challenge. This highlights the strategic importance of Electrifi Ventures’ rapid two-week deal closure for MGA Thermal’s growth trajectory.
“In a landscape where funding accessibility remains the biggest hurdle for founders, the combined support of Electrifi Ventures and Climate Salad demonstrates the power of ecosystem collaboration in advancing climate innovation,” said Mark Croudace, CEO of MGA Thermal. “This investment, alongside ARENA’s support, will accelerate the completion of our Demonstration Unit, advancing our mission to revolutionise industrial energy storage.”
MGA Thermal’s proprietary technology enables renewable electricity storage through modular thermal blocks – a critical solution for industrial electrification. The company’s momentum comes at a time when climate tech ventures face unique challenges in customer acquisition and development cycles, despite strong global market validation.
“With many Australian climate tech deals still in pre-seed and seed stages, angel investment remains one of the largest and most impactful funding source,” said Danin Kahn, Partner at Electrifi Ventures. “Our network of over 350 climate tech-focused angel investors is committed to bridging critical funding gaps with the speed and certainty that emerging clean technology companies need.”
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