MGA Thermal wants to help utility companies transition from fossil fuels to renewable energy sources with shoebox-sized thermal energy storage blocks. The company says a stack of 1,000 blocks is about the size of a small car and can store enough energy to power 27 homes for 24 hours. This gives utility providers the ability to store large amounts of energy and have it ready to dispatch even when weather conditions aren’t ideal for generating solar or wind power. The modular blocks also make it easier to convert infrastructure, like coal-fired power plants, into grid-scale energy storage.
MGA Thermal announced today it has raised $8 million AUD (about $5.9 million USD), bring its total funding so far to $9 million AUD. The round was led by Main Sequence, a venture firm founded by Australia’s national science agency, Alberts Impact Capital, New Zealand’s Climate Venture Capital Fund, The Melt and returning investor CP Ventures participated, along with angel investors like Chris Sang, Emlyn Scott and Glenn Butcher.
The original article can be found here: https://techcrunch.com/2021/08/02/mga-thermal-raises-8m-aud-led-by-main-sequence-for-its-modular-energy-storage-blocks/
MGA Thermal co-founders Erich Kisi and Alex Post.
Image Credits: MGA Thermal