MGA Thermal $5.7M raise

Clean energy startup MGA Thermal, has raised an additional $5.7 million to develop its thermal energy storage (TES) system.

This round was backed by existing investors including Main Sequence and Melt Ventures with specialist clean tech investor JEKARA joining the cap table.

The new capital tops up an $8 million in September last year. MGA Thermal has now raised $28.8 million in total through funding and grants.

Other investors include Varley Holdings, New Zealand’s Climate Venture Capital Fund, Pollination Group and Understorey Ventures.

The Hunter Valley startup has developed what it calls Miscibility Gaps Alloy (MGA) Blocks, which absorb and store thermal energy made from renewable power. They enable long-term energy storage from solar and wind, to generate 24/7 clean steam for hard-to-abate industries and retrofitted power plants.

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