Participated · Equity · Mar 2026

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.

Participated · Series A · Jan 2026

SPEC Toolbox is a Melbourne-based construction engineering platform founded in 2023 by structural engineers Adam Jones and Ringo Thomas. Originally launched as CLT Toolbox to serve the cross-laminated timber niche, the company rebranded after discovering similar design bottlenecks across a wider range of modern manufactured materials. Its cloud software automates complex engineering calculations, helping designers more easily specify affordable and sustainable materials in building projects. The product has attracted more than 6,000 user sign-ups and 35 product suppliers and has already expanded its footprint into Europe, the UK, and North America. CEO Adam Jones says the new capital will accelerate the product roadmap, onboard additional suppliers, and deepen technical infrastructure. To date, SPEC has raised multiple rounds, including a $1.5 million Seed round in October 2023 and a $1 million bridge round in 2024, prior to the current pre-Series A fundraise.

Participated · Seed · Dec 2025

Hachiko is a Sydney-based startup building a software platform that optimises and manages industrial battery energy storage system (BESS) portfolios. Tailored for commercial and industrial batteries, the solution coordinates dispatch across multiple energy markets, reportedly doubling portfolio viability and unlocking greater than 75% revenue uplift for asset owners. Founder and CEO Rakhesh Martyn draws on experience delivering roughly 4 GW of utility-scale batteries since 2017, positioning the product as a critical layer for the 120 GW of new storage forecast for the coming decade. Falling battery capex—down about 85% in the last ten years—has accelerated distributed battery deployment, and Hachiko aims to match this pace with advanced analytics, flexibility, and control. Early customers have validated the platform’s value, helping attract top-tier climate and energy investors. With fresh capital, the company will grow its technical and go-to-market teams while deepening and broadening product capabilities to serve a rapidly expanding customer base.

Participated · Seed · Jul 2024

Fugu Carbon develops low-cost, mass-manufactured solid direct air capture (S-DAC) systems designed for rapid global deployment. The company assembles container-sized machines from mass-produced parts to lower cost and improve scalability versus other DAC approaches. Fugu is positioning itself as both a carbon-capture and a CO2 recycling supplier for industries such as green fuels, food and beverage, chemicals, and pharmaceuticals. The team is scaling at a Glebe-based R&D facility and plans to sell CO2 to its first customer in Sydney. Founders Mac Thompson and Dr Luke Marshall bring experience from the Sun Cable project and aim to manufacture thousands of units to remove millions of tonnes of CO2 by 2030. The company says its goal is to make green CO2 cost-competitive with fossil-derived carbon and supply large offtakers for e-fuels and other uses.

Participated · Series A · Jun 2024

National Renewable Network (NRN) builds the infrastructure layer that aggregates household rooftop solar and battery systems into centrally managed Virtual Power Plants (VPPs). NRN's platform enables energy retailers to offer white‑label VPP plans with no upfront costs, repayments, or maintenance fees while NRN manages assets independently to avoid retailer asset‑ownership conflicts. The company collects customer energy data to benchmark savings against partner retailer rates and reports that around 80% of customers' energy comes from the behind‑the‑meter solar and battery system. Key technical steps for reliability include installing two 4G modems for redundancy at each site and partnering with quality solar installers for national rollout and maintenance. NRN plans to use recent funding to add 40 megawatt hours of battery storage over the next year and to expand internationally. Financially, NRN completed a $67.2 million Series A (equity and debt) and previously raised $10 million in April last year; investors view the model as a clear pathway to address grid stability challenges. National Renewable Network (NRN) installs residential solar panels and battery storage with an offering that removes upfront costs for homeowners. The company was launched in 2021 by Alan Hunter, cofounder of Splend, who serves as CEO. NRN says its model aligns with the objectives of energy retailers and consumers and aims to provide scalable distributed generation and storage. The startup plans to spend $100 million on renewables generation and storage for 15,000 homes by the end of 2026, and aims to deliver systems to 250,000 homes by 2030 and more than two million homes globally by 2040. NRN operates in Australia and is positioning to scale across the market there. Management is preparing for a larger Series A later this year to extend its rollout. National Renewable Network (NRN) is a Sydney-founded startup (2021) that supplies fully installed solar and battery systems through a B2B platform that removes large upfront costs. The company equips both owned and rented homes and offers four active energy plans, including a partnership with Diamond Energy. NRN aims to provide low-cost solar and battery setups to 250,000 Australian homes by 2030 and plans to spend $100 million to install systems in 15,000 homes over the next three years. Its model routes installations and payments through partner energy retailers so customers avoid complex financing and upfront capital. NRN says average customers save between $750 and $900 annually and that the $10 million facility will enable deployment of more than 600 systems in the coming months. The company projects current customers will save more than $6 million over the next decade as a result of the installations.