Global investors sought for energy storage technology

Investment bank RBC Capital Markets is seeking investors globally for a Series B funding round for energy storage technology company MGA Thermal.

The thermal energy storage company opened a redesigned larger demonstration plant at Tomago, Newcastle, in April. Now able to demonstrate the viability of its technology at commercial scale, the company is submitting proposals to major industry players across Australia. The company is targeting large 100MWh+ opportunities in the eastern states and in Western Australia, chief executive Mark Croudace said. He said he expected to soon announce a large-scale project in Western Australia which is being developed in collaboration with a global engineering services firm, two industrial clients and a key project partner.

Meanwhile, MGA Thermal’s R&D and engineering teams are working on improving the company’s modular block storage technology and scaling up manufacturing plans.  

MGA Thermal raised a $14 million Series A round last year.

The company’s investors include Main Sequence Ventures, climate change investment firms Pollination and UK-based Understorey Ventures, engineering company Varley Group, New Zealand’s Climate Venture Capital Fund, Newcastle-based Melt Ventures and cleantech venture capital firm Jekara.

MGA Thermal’s core technology is a thermal storage material, miscibility gap alloy (MGA). MGA can store large volumes of energy as heat. The material can be packed in insulated modular blocks that can be stacked and accessed as needed to produce steam to generate power.

Applied to industrial processes that generate significant heat, the technology has the potential to reduce carbon generation in hard to abate industries such as mining, minerals processing and heavy manufacturing.

Image: MGA Thermal’s larger demonstration plant.