ARENA triples investment in MGA Thermal

Tuesday, 18 June, 2024

ARENA triples investment in MGA Thermal

Australian clean energy company MGA Thermal has announced it has received a further $2.48 million, tripling the project backing from the federal government’s Australian Renewable Energy Agency (ARENA).

With a prior investment of $1.27 million from ARENA, MGA Thermal will resume the commissioning of its thermal energy storage demonstration unit.

“The world’s industrials are at a critical juncture in their renewable energy, decarbonisation journey, and we believe MGA Thermal will play a key role in enabling renewable generation to meet their needs,” said Mark Croudace, CEO of MGA Thermal. “A behind-the-meter energy storage solution that helps balance utility-scale renewables with distributed energy storage is vital for Australia to effectively manage the evolving supply-demand dynamics of a clean energy future.

“With support from ARENA, we’re getting closer to recommissioning our demonstration unit and starting to scale up for commercial deployment.”

Commenting on ARENA’s continued support for MGA Thermal, Darren Miller, CEO of ARENA, said: “At ARENA, we are committed to supporting companies with solutions for our energy transition. We prioritise projects with enduring impact and see the value in MGA Thermal’s technology for assisting large industrial players in decarbonising their processes.

“We are proud to continue supporting MGA Thermal’s technology development, which we believe could have a significant impact on Australia’s renewable energy transition.”

MGA Thermal says it remains focused on addressing the challenges faced by hard-to-abate industries, recognising that distributed energy storage is vital for Australia and the world to effectively manage the evolving supply-demand dynamics of a clean energy future.

By storing and dispatching heat energy in the form of clean steam, MGA Thermal aims to offer sustainable alternatives to fossil fuel-dependent processes, complementing current renewable energy solutions with back-of-the-meter solutions that capture off-peak energy and optimise energy efficiency.

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