MGA Thermal has developed Miscibility Gaps Alloy (MGA) Blocks that store thermal energy generated from renewable electricity and release it as industrial heat. The company is transitioning from pilot deployments toward full commercial rollout and plans to scale manufacturing and expand commercial operations. CEO Mark Croudace described the company as entering a period of rapid scale‑up focused on staffing, manufacturing growth and delivering customer projects. MGA Thermal is headquartered in the Hunter Valley. Financially, the business has now raised about $50 million in total capital, including a $14.15 million pre‑Series B round in 2024 and a $17 million financing led by IP Group Australia. The company positions its technology as a solution for reliable, low‑cost, industrial‑scale thermal storage to support decarbonization of industrial heat.

Total raised

$32M

Funding rounds

5

Latest round

Equity

Latest activity

Mar 2026