Australia-based MGA Thermal has secured $8.25 million in funding to scale its long-duration energy storage (LDES) system.
The investment â€œprovides a foundation for the next phase of the companyâ€™s growth, facilitating the commissioning of its on-site production line and accelerating operations well into 2024,â€ a statement said.
The funding round included investment from existing investors, such as Main Sequence, Varley Holdings, Melt Ventures and New Zealandâ€™s Climate Venture Capital Fund. Meanwhile, Pollination Group and Understorey Ventures joined as new investors.
Erich Kisi, CEO of MGA Thermal, said: â€œItâ€™s a combination of our purpose-built MGA Thermal Blocks and Thermal Energy Storage (TES) systems that unlocks the transition to clean energy by making it reliable, cost-effective and scalable. With the imminent completion of our production line, weâ€™re on track to produce 1,000 blocks per day which can then be assembled into 24/7 renewable energy storage.â€
A stack of 3,700 blocks in MGA Thermalâ€™s â€˜Demonstration Unitâ€™ – about the size of a shipping container – stores enough energy to power more than 135 homes for 24 hours.