MGA Thermal closes seed investment of $500,000 funded by venture capital firm CP Ventures at a valuation of $6.5M AUD.
This investment enables the completion of its pilot manufacturing plant, paving the way for grid-scale storage demonstration projects of MGA’s technology that will boost the capability of a renewable energy future globally.
MGA Thermal incorporated in early 2019 after participating in the CSIRO’s national science and deep technology accelerator, ON Accelerate.
CP Ventures is a boutique venture capital fund led by experienced investors Emlyn Scott and Chris Sang, that focuses on pre-seed and seed stage companies. Their Fund 1 is acknowledged as one of the best performing funds in the world. MGA Thermal is now one of CP Venture’s first investments in Fund 2, an internationally focused technology weighted fund.
CP Ventures announced "The MGA technology is unique in its key capabilities and scalability in large
scale energy storage. What’s really exciting is that as a viable energy storage solution it represents the missing component to renewable energy. We believe it has the potential to change the world and that the expertise of the founding team will drive MGA Thermal to success.”
This round reinforces the potential of MGA technology to drive uptake in a renewable energy future by providing the technology that can support our main grids and make renewables more reliable. CP Ventures’ capital, networks and knowledge of tech-enabled companies will allow MGA to complete our pilot project that will demonstrate our technology’s capacity for commercialisation.
Leveraging the reputation of Newcastle’s energy and manufacturing expertise, MGA Thermal will remain local throughout the initial manufacturing phase, opening up a new industry in advanced energy storage manufacturing in the Hunter region, before expanding demonstration projects across Australia and Europe.
Read more about MGA technology here.