#772 MGA Thermal
MGA Thermal manufacture thermal energy storage 'bricks' for use in large scale energy storage projects. These bricks store renewable and waste energy as heat, which can be used to offset coal in coal fired power plants or provide base load power to heat intensive industrial processes. Bricks can be recharged, functioning like batteries but at a substantially lower cost.
MGA Thermal has been able to rapidly scale their product due to Newcastle’s supportive innovation ecosystem. As participants of the University of Newcastle's I2N Hub, MGA Thermal's founders were able to access vital early-stage support to build their entrepreneurial capability. A $500,000 accelerating commercialisation grant from the Federal Government further supported growth enabling MGA Thermal to pilot local manufacturing of their revolutionary energy storage product.
With such a strong local support network, MGA Thermal has been able find investment and funding to help them scale to employ 8 full-time staff, projected to grow to 13 in 2021. Working in Newcastle, the startup was able to secure a further $500,000 in venture capital from CP Ventures.