MGA Thermal secures funding to accelerate industrial decarbonisation tech

MGA Thermal has announced it has secured $17 million in new investment for its long‑duration thermal energy storage technology.

The funding round introduces IP Group Australia as a new investor, alongside existing investor Main Sequence, and brings total capital raised to more than $50 million and positions MGA Thermal for rapid expansion.

As part of the investment, Shane Meaney of IP Group Australia will join MGA Thermal’s Board, bringing extensive experience in scaling climate‑tech ventures across global markets.

“MGA Thermal is addressing one of the most critical challenges in the energy transition: delivering reliable, low‑cost, industrial‑scale storage for renewable heat,” Meaney said. “Industrial heat is the next frontier of decarbonisation and MGA’s technology delivers it 24/7 for less.

“We’re excited to support the team moving into full commercial deployment and look forward to partnering closely with MGA Thermal through this next phase of growth.”

The funding accelerates MGA Thermal’s transition from pilot deployments to full commercial rollout, enabling the company to expand its workforce, fast‑track customer projects, and scale manufacturing capacity over the next two years.

CEO of MGA Thermal, Mark Croudace, says the new funding is a powerful endorsement of his team and technology.

“We are entering a period of rapid scale‑up — expanding our commercial capability, growing manufacturing, and delivering projects that help industry decarbonise at speed,” he said. “Partnering with IP Group, alongside continued support from Main Sequence, gives us the global reach and deep‑tech expertise we need.”

Image: MGA Thermal CEO Mark Croudace and new director Shane Meaney of IP Group Australia