Welcome to the MGA Thermal Quarterly Update, hot off the block press.
CEO Message
As we close out FY25, MGA Thermal’s team has made significant strides across technology, commercialisation, and funding. The successful launch and demonstration of our thermal energy storage plant marked a major milestone for MGA Thermal and the team, transitioning us from ‘promises’ to ‘proof’ in the quarter. This achievement has not only validated our technology but also generated strong media attention and stakeholder interest locally and internationally.
With the demonstrator now operating and producing valuable performance data, we’ve activated our Series B funding round. RBC Capital is engaged in this global round, and we’ve completed a substantial body of work in advance to support investor engagement including extensive financial models, case studies, teasers, and much more. Early outreach is underway, and we are seeing momentum build.
Commercially, our focus is on FY26 opportunities while building a robust pipeline for FY27. Our Business Development leader has been active right across Australia, progressing discussions with key clients and submitting proposals to major industry players. We are also working through larger opportunities (100 MWh+) on both the East and West Coast of Australia - watch this space as we work them through. Meanwhile our R&D and Engineering teams continue to advance our Block technology and scale up manufacturing plans.
Going forward, we’ve defined and launched our FY26 strategic priorities, aligning all of MGA around clear deliverables with executive ownership. Safety remains the top priority, followed by a strong focus on commercialising the business.
Thank you for your continued support as we scale MGA’s impact and move closer to commercial deployment.
Mark Croudace representing MGA Thermal alongside fellow members of the Long Duration Energy Storage (LDES) Council
On April 29th, we officially launched operations of our commercial-scaleDemonstration Plant- the world’s first steam-integrated latent heat thermal energy storage project in operation. We couldn’t be more excited to share this milestone with you!
This cutting-edge facility is now generating on-demand superheated steam from electricity, marking a major leap forward in thermal energy storage. Since the launch, we’ve been running the plant to fine-tune its performance and validate its capabilities. And here’s the headline: we’ve already achieved uninterrupted steam production - a world first for latent thermal storage technology!
This is just the beginning, and we’re thrilled about what’s ahead. Stay tuned as we continue to push boundaries and prove what’s possible.
1. MGA Founder and Chair launches the Demonstrator. 2. Our CEO Mark Croudace in discussion with the India Consul General, Dr Janakiraman at the launch.
Commercial Update
MGA Thermal has entered a new phase of commercial growth, marked by strong momentum across client engagements, project development, and industry recognition. Our mission to decarbonise industrial heat is resonating more than ever, and the market is responding.
The successful launch of our 5 MWh commercial-scale demonstration plant has not only validated the performance of MGA’s technology but also demonstrated its real-world potential to deliver high-grade process heat at 20% to 40% lower cost than natural gas (depending on location and application). E-TES enables manufacturers to reduce energy costs, reduce emissions, and improve competitiveness, while supporting grid stability.
We’re on the cusp of announcing a major commercial milestone: a large-scale thermal energy storage project in Western Australia. This project, developed in collaboration with a global engineering services firm, two industrial clients, and a key project partner, represents a significant step forward in the commercial deployment of our technology. Stay tuned for more details in the coming weeks!
Our commercial team has been actively engaging with industry leaders and potential clients, sharing insights from our demonstration project and exploring new opportunities. In recent months, we’ve participated in A2EP’s Member Meeting in Melbourne, the Energy and Mines Conference in Perth, and we’re preparing for India Energy Storage Week in Delhi this July. These engagements are critical to building commercial partnerships and accelerating adoption across domestic and global markets.
In parallel, MGA Thermal continues to advocate for policy reforms that can unlock the full potential of thermal energy storage. We are working with stakeholders to trial network tariffs and dynamic connection models for e-TES systems, which have the potential to significantly reduce electricity costs for industrial users while delivering broader benefits to the energy system. Reach out if you would like to know whether these trials are available to you.
We are also encouraging our partners and clients to explore the growing number of funding opportunities available at both state and federal levels. These programs can cover up to 50% of project costs for feasibility studies and deployments. However, funding is limited and competitive – early movers will be best positioned to benefit.
As we look ahead, MGA Thermal remains focused on scaling impact, deepening partnerships, and delivering clean, cost-effective heat to industry. If you’re interested in learning more about how our technology can support your decarbonisation goals, or how these updates may be relevant to you, our team is ready to connect.
Who’s been touring site?
MGA Thermal has welcomed some fantastic visitors this quarter - here’s a look at who’s dropped by to see us in action:
We recently had the pleasure of hosting the CEO and Head of Business Development fromOptimal Groupfor a high-energy strategy session with our own CEO, Head of Engineering, and Head of Business Development.
The session sparked a powerful exchange of ideas, shared ambition, and a strong alignment around a common goal: accelerating industrial decarbonisation through smarter, more sustainable energy systems.
Together, we explored opportunities to fast-track client opportunities, deepen collaboration on system optimisation, and unlock scalable, commercially viable clean energy solutions.
It’s incredibly energising to connect with like-minded innovators who share our commitment to reshaping the energy landscape.
This is just the beginning, and we’re excited to build on this momentum to deliver real-world impact together.
Will Furness, Mark Croudace, Craig Dugan, Kane Ravenscroft, and Annie Lacombe
The Melt ENGAGE 2025
MGA Thermal were delighted to be a part of The Melt ENGAGE 2025 - a dynamic three-day immersion event designed for high-potential founders and early-stage climatetech and cleantech startups looking to lay the foundations for success. On Day 3, attendees went behind the scenes at MGA to see our thermal energy storage (TES) technology in action at our newly commissioned demonstration plant. Erich Kisi, our Co-Founder and Chief Scientist, shared insights into the science behind our technology, the journey from lab to large-scale deployment, and the critical role TES plays in enabling industrial decarbonisation. It was a fantastic opportunity to connect with the brightest founders, industry leaders, and investors - and to showcase how MGA is turning breakthrough research into real-world impact.
Erich Kisi with Brett Thomas, Trent Bagnall, Baidy Barton and The Melt ENGAGE cohort
MP Visit!
We had the pleasure of hosting our local Federal Member of Parliament, Ms Meryl Swanson MP. She was delighted to see that our long-duration TES Plant has been operating for six weeks. As a strong advocate for local innovation and sustainability, Meryl Swanson has taken a keen interest in the project, recognising its potential to play a pivotal role in decarbonising Australian industry while boosting local green energy manufacturing.
Anna Starrett, Meryl Swanson MP, and Erich Kisi
Federal government support through the Australian Renewable Energy Agency (ARENA) has been instrumental to the successful construction and commissioning of the Demonstration Plant.
During her visit, Meryl Swanson met with our Chairman and Chief Scientist, Erich Kisi, to discuss her ongoing support for MGA as we look to commercialise as a deep-tech manufacturer and establish ourselves as a key player in the global decarbonisation export market.
Pictured: Anna Starrett, Meryl Swanson MP, and Erich Kisi
Out & about
MGA Thermal has been buzzing with activity this quarter, marking some incredible milestones!
Our CEO, Mark Croudace, represented MGA Thermal in Copenhagen at the LDES Council Annual Member Meeting, ‘Flex or Fail: Why the Future Runs on LDES’. This event brings together leaders from technology providers (such as MGA), energy companies, potential clients, and global investors. MGA presented in the investor Pitch Session, undertaken in Pecha Kucha format (it’s a challenge!) and nailed it.
Here, Mark is pictured withDr. Winfried Koch, Technology Scouting, Innovation, & Ventures Advisor at ExxonMobil.
Will Furness attended the Energy and Mines Australia Summit, ‘The Decarbonised Mine’, alongside Chris Nelson from Knode Pty Ltd. The event reinforced the mining sector’s critical role in the global energy transition, with a strong focus on accelerating decarbonisation through the integration of renewable energy and storage solutions. Discussions highlighted the impact of national policy shifts like the Future Made in Australia Act, and the need for infrastructure and regulatory frameworks to support rapid innovation and deployment.
Our Co-Founder and CTO, Alexander Post, spoke at the CSIRO x Cicada Innovations‘Scaling Deep Tech with the Right Partners’ event. Alex was joined by fellow panellists ShanShan Wang and Daniel Wan, moderator Sian Priest, and host Leah Lucas to share insights and challenges of scaling deep tech startups. The discussion highlighted how strategic partnerships are essential to transform breakthrough research into real-world impact.
'A zebra in a field of giraffes' - Our CFO, Anna Starrett spoke at Coded Diversity’s Women & Gender Diverse People in Tech meet-up. During her talk, Anna discussed the unique challenges of being the "odd one out" in the workplace and how these experiences have been pivotal to her success. At MGA Thermal, we believe that what sets us apart can be our greatest strength, and we’re committed to celebrating diverse and unique perspectives.
In the Media
This quarter, MGA Thermal proudly unveiled our newly commissioned Demonstration Plant - and with it came a wave of media attention. Here are a few of our favourite highlights:
Newcastle startup unveils world-first renewable steam system:As Capital Brief’sBronwen Cluneput it, the plant is “capable of delivering something that has long eluded renewables: continuous industrial-grade steam without fossil fuels.” Powered by renewable steam from latent heat storage, this breakthrough positions Australia as a global leader in sustainable industrial processes. With full-scale commercialisation on the horizon, we’re actively partnering with forward-thinking industries to deliver low-cost, zero-emission energy solutions that help future-proof operations and accelerate decarbonisation.
The R&D team has progressed its continuous improvement program by moving into testing MGA blocks in several areas of interest that aim to stretch the envelope of block applicability into new markets. Testing whole MGA blocks allows the team to gain insights into the thermal properties at scales relevant to large scale thermal energy storage systems. Detailed post-test analysis is ongoing and involves detailed compositional and microstructural assessment using X-ray diffraction, electron microscopy, and thermal analysis.
Another major focus has been the continued evaluation of alternative raw materials to reduce supply chain exposure and improve manufacturability. These materials are now being tested at the whole block scale, including rigorous accelerated thermal cycling to assess long-term stability and performance.
To support these initiatives, the R&D team has been upgrading key infrastructure, including enhancements to our whole block testing apparatus. These upgrades will enable more accurate and efficient testing of MGA blocks.
MGA R&D staff operating high tech laboratory equipment for testing and analysis
People Update
MGA has had some incredible hires to update you with this quarter!
Marketing Manager: We’re excited to welcomeJoanne Saccoto MGA Thermal as our new Marketing Manager. Joanne has over 20 years of experience in marketing, brand development, and communications across a range of industries. Most recently, she led corporate marketing at Northrop Consulting Engineers, where her work significantly contributed to business growth and brand visibility. Joanne’s creative energy and strategic mindset will be instrumental as we continue to scale, commercialise, and share MGA’s story with the world.
Administration Officer:Laura Wonson, our new Administration Officer, brings a people-first mindset and a vibrant energy that’s already lifting the team. Before joining MGA Thermal, Laura previously served as Customer Service Manager at RASHAYS HQ, where she led support for 34 restaurants across NSW, QLD, and ACT! Her ability to apply a high degree of attention to detail to managing complex operations and supporting large teams makes her a perfect fit as we begin scaling our operations.
Marketing Intern:Cassandra Northeyhas joined us as our new Marketing Intern, while completing a Bachelor of Business, majoring in Marketing and Tourism & Events at the University of Newcastle. With a passion for digital marketing and content creation, Cassandra is helping us share how MGA Thermal is making 24/7 renewables a reality.
Systems Operation: Mark Finlayhas joined us as our new Technical Adviser and thermal energy systems Operations Support. With extensive experience as a boiler operator, Mark is working with us on a casual basis to support the operation and demonstration of our industrial-scale clean steam demonstration plant. His hands-on expertise and technical insight are valuable assets as we continue to showcase and refine our clean steam technology.
Accounts Assistant: We’re excited to welcome Ava Castle-Gott to the team as our new Accounts Assistant. Having recently completed her Certificate IV in Accounting and Bookkeeping, she brings a genuine passion for financial reporting, bookkeeping, and working with computerised accounting systems. Ava brings a sharp eye for detail, a strong work ethic, and a warm, can-do attitude that fits right in with our team.
Joanne Sacco, Laura Wonson, Cassandra Northey, Mark Finlay, and Ava Castle-Gott
Work with us!
Are you keen to join MGA Thermal and make 24/7 renewables a reality? We are currently hiring for aSenior Process Delivery Engineer! If you would like to learn more, follow the links or email Kara Armstrong atkarmstrong@rarekind.com.au
If this role isn’t for you, but you would still be keen to hear about any opportunities, sign up to our careers mailing list.
Clean Energy Australia 2025
The Clean Energy Council's 2025 report should be congratulated. It also confirms what many of us in the sector already feel: momentum is building fast. There was $9 billion invested in large-scale generation projects and $2.4 billion in Q1 2025 alone for battery storage. With renewables now supplying almost 40% of Australia’s electricity, we’re witnessing an unprecedented energy transformation.
But here’s what the report hasn’t yet captured: the critical role of thermal energy storage in completing this transition.
While lithium-ion batteries dominate the headlines, thermal storage technologies like MGA’s breakthrough solution offer unique advantages that traditional batteries simply can’t match:
Long-duration energy storage beyond 8+ hours – essential for true 24/7 renewable supply
High-temperature clean heat for industrial decarbonisation, a sector that accounts for a staggering 40% of our energy use
Lower cost per kWh as duration increases, making thermal energy storage ideal for grid-scale applications
The report highlights that rooftop solar added 3.2 GW in 2024 and generates over 12% of Australia’s electricity. But without complementary long-duration storage, Australia is missing the full potential of this renewable capacity during extended cloudy periods or when the wind isn’t blowing.
As Australia races toward its 2030 climate targets, thermal energy storage isn’t just an alternative – it’s an essential piece of the puzzle. The current focus on short-duration battery storage, while important, won’t alone deliver the 24/7 renewable electricity our grid desperately needs.
The energy storage revolution is just beginning, and thermal technologies are going to earn a seat at the table.
Discover the $80M clean energy innovation package which includes funding to help emerging technologies and unlock private sector investment via the new Investment Delivery Authority — a signal of government support for emerging technology commercialisation.
Goldwind is launching Australia’s first DC-coupled wind and battery project at its Moorabool wind farm in Victoria, aiming to improve grid stability and efficiency by directly linking wind turbines to battery storage.
Major mining companies are adopting renewable energy through power purchase agreements and hybrid systems, aiming to reduce emissions and meet national climate targets.
A new trial in NSW enables households without solar panels to buy excess solar energy from nearby homes through a virtual energy network, helping bridge the solar access gap and lower energy costs.
Discover how Australian philanthropic foundations have committed over $200 billion to climate-related projects, funding renewable energy, conservation, and climate resilience initiatives across the country.
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