Welcome to the MGA Thermal Quarterly Update, hot off the block press.
MGA Demonstration Unit on Track
Our Demonstration Unit is on track as we prepare for recommissioning over the coming months. The new bright blue enclosure arrived from Varley in May, freshly painted and ready to go.
The internal insulation and subfloor have been installed in the enclosure, and the teams are now focused on installing the ductwork and leak-testing each section of the enclosure before the final acceptance testing early next month.
The electrical contractors have installed the new heating elements, cable ladder, and instrumentation. They are currently working diligently to lay the cables and terminate the heaters and instruments.
We are making meaningful progress each day and our whole team’s spirits have lifted on the back of it. We will be sharing more updates with you in the coming months as we hit key milestones, so stay tuned.
Having spent considerable time in the market this quarter including internationally, one thing is crystal clear for MGA. The industrial decarbonisation drive is now underway across global business and MGA is ideally poised to be a leader. Our solution takes clean intermittent electricity, firms it (so it can be 24 x 7) in the form of heat, and will allow that to be dispatched as 24 x 7 high-grade industrial steam or clean steam to clients operations. MGA has a particular focus for clean steam applications across mineral processing, oil and gas/chemicals, building products and food and beverage. In addition, we are prioritising clients with multiple potential deployments across their global portfolio.
We are thrilled to announce that MGA Thermal has successfully closed an additional $5.7 million in funding, bringing the total for this recent round to approximately $14 million. This funding will be instrumental in demonstrating the scale and industrial capabilities of our thermal energy storage systems. We are grateful for the continued support from our returning investors, including Main Sequence and Melt Ventures, as well as our new investor, JEKARA. With this round and the announcement below, our total funds and grants raised to date amount to approximately $31 million.
In addition, we are thrilled to announce that MGA Thermal has secured an additional $2.48 million in funding, significantly increasing the project support from the Federal Government’s Australian Renewable Energy Agency (ARENA). This new funding represents a strong vote of confidence in the viability of our steam-dispatch thermal energy storage technology.
With a prior investment of $1.27 million from ARENA, this renewed support will enable MGA Thermal to resume the commissioning of our demonstration unit. ARENA’s increased backing reaffirms our commitment to providing zero-carbon renewable energy storage solutions for both grid and industrial applications.
We are excited to continue our work in advancing sustainable energy storage technologies and appreciate the ongoing support from ARENA.
Dr. Alexander Post, our CTO and Co-founder, recently attended and spoke at the Australian Renewable Energy Agency (ARENA) Insights Forum. We were delighted to contribute to the forum, where Alex added significant value to the thermal storage for process heat session, discussing the crucial role of thermal energy storage in decarbonising process heat.
LDES Council Annual Meeting
In late May, MGA Thermal joined global investors, clients, and peer companies at the inaugural Long Duration Energy Storage Council (LDES Council) annual meeting, hosted at Microsoft HQ in Seattle, USA. Mark Croudace represented MGA, pitching to a room full of investors and technology supporters alongside other emerging TES technologies. Here, Mark is pictured with Elizabeth Endler, Chief Scientist Energy Storage and Integration from Shell.
Energy Storage Summit Australia
Our CEO, Mark Croudace, and Head of Business Development, Will Furness, attended the Energy Storage Summit Australia 2024 in May. Mark also represented the Long Duration Energy Storage Council (LDES Council) on the Thermal Storage panel, exploring how long-duration energy storage (LDES) and thermal energy storage (TES) contribute to creating reliable 24/7 energy and steam in the transition to net zero.
Climate Tech Top 100
We are proud to announce that MGA Thermal has been named in the Climate Tech Top 100 for the Indo-Pacific region by HolonIQ. Being selected from over 2,000 companies is a testament to our innovative decarbonisation solutions. As part of this recognition, we were invited to the IPEF Clean Economy Investor Forum in Singapore, where our CEO engaged with investors, stakeholders, and government representatives to share the MGA Thermal mission and continue to build interest in the MGA business.
In the Media
We’ve had a couple of announcements this quarter so you might have seen us about in the media! Here’s a small selection you might have missed:
Our Head of Engineering, Annie Lacombe, was featured in the "Breaking the Binary" podcast, where she discussed the importance of sponsorship and mentorship. You can listen to the podcast here.
R&D Update
We are excited to share some recent changes within our in-house R&D Department this quarter.
After 2½ years of dedicated service, Dr. Anthony Rawson, our beloved R&D Manager, has moved on to pursue new challenges. Anthony made significant contributions to MGA and built lasting friendships with many of us. We wish him all the best in his future endeavours.
During the interim, our Chief Scientist, Dr. Erich Kisi, admirably managed the R&D role while we searched for a new R&D Manager. We are delighted to announce that Dr. Evan Keyzer has joined us as our new R&D Manager. Evan brings a wealth of experience from his previous role as R&D Manager at a battery start-up in the UK, where he managed the development, scaling, and analysis of innovative battery materials. With a Master's and PhD in chemistry from the University of Cambridge, Evan is a valuable addition to our team.
A considerable body of work has been conducted on the quality control systems, equipment, experiments and procedures for the re-commencement of MGA block manufacture. These blocks will be the storage medium in our 5MWh in-house demonstrator.
We look forward to the exciting advancements ahead with Evan on board and continuing the momentum of our R&D initiatives.
Our new R&D Manager Dr. Evan Keyzer.
People Update
The results of our 2024 Engagement, Welfare and Demographic survey are in!
We’re really excited to hear that:
· 93.75% of employees are proud to work for MGA Thermal
· 93.75% of employees felt included in the workplace
· 84.38% of employees are motivated by the vision set out by MGA Thermal’s leaders
This is a testament to the culture at MGA Thermal, and we’re thrilled to be a place of inclusion, where our employees are proud to work.
In terms of diversity, we continue to grow and be a safe space for minorities.
· 25% of employees are LGBTQIA+
· 37.5% of our employees are women - an increase from 28.57% last year
· 9.38% of our employees are non-binary.
We are incredibly proud of these results, they embody our efforts in recruitment, retention, and inclusive culture. If you would like to learn more about our DEI Committee, read our team page.
New team members
We are excited to welcome two new members to our team:
Will Furness, our new Head of Business Development, is passionate about renewables. He joins us after leading the product commercialization and go-to-market strategy at Canyon Solar as their Chief Commercial Officer. Will has extensive experience with energy storage and heavy industry decarbonisation, having worked with the Australian Renewable Energy Agency (ARENA). At MGA, Will is focused on customer activation and expanding opportunities as we scale.
Dr Evan Keyzer is our R&D Manager with valuable experience in material commercialisation. While R&D Manager at the startup Nyobolt, Evan led a team of six R&D professionals through the scale up and pilot production of their proprietary energy storage technology. Evan acquired his PhD in chemistry at the University of Cambridge, specialising in material synthesis.
We are excited to have both Will and Evan onboard as we continue to drive towards making 24/7 renewable energy a reality.
We’d also like to congratulate Annie Lacombe on her promotion to Head of Engineering. Annie continues to be invaluable to the team, through her vast experience and excellent leadership.
A new Clean Energy Council report released today reveals that Q1 2024 showed positive signs of a recovery and the best quarter for financial commitments for large-scale renewable energy generation since the end of 2022.
Power giant AGL is exploring plans to start making solar cables and recycling solar panels at the site of two retiring coal-fired power stations in NSW, as it continues to shun the Coalition’s campaign for its precinct to house a nuclear reactor instead
Global spending on clean energy technologies and infrastructure on track to hit $2 trillion in 2024 even as higher financing costs hinder new projects, notably in emerging and developing economies.
The IEA released a new interactive tool that allows users to explore the greenhouse gas emissions of passenger cars with different powertrains – battery electric, conventional and plug-in hybrid. The calculator takes into account the entire lifecycle of the cars – from raw materials and mining to production and end-use – to provide a precise estimate of the direct and indirect emissions of different types of vehicles.
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