Newcastle climate tech MGA Thermal raises $17m, total now $50m
MGA Thermal closed $17 million led by IP Group Australia, with existing backer Main Sequence participating. The Newcastle startup has now raised $50 million total, including a $14.15 million pre-Series B in 2024.
The company stores renewable energy as heat using proprietary Miscibility Gap Alloy blocks. Target customers: industrial operations needing high-temperature process heat (150-550°C). Think mining, manufacturing, hard-to-abate sectors.
CEO Mark Croudace says the funding will "expand our commercial capability, grow manufacturing, and deliver projects that help industry decarbonise at speed." Translation: they are hiring, but no specifics on headcount, sales team size, or roles.
What we know about the business
MGA Thermal spun out of University of Newcastle. Founded by Dr. Alexander Post (CTO) and Dr. Erich Kisi (Executive Chair). No revenue figures disclosed. Commercial validation includes a 5 MWh demo project with Shell and Varley Group, plus FEED studies with Chevron.
Manufacturing base: Newcastle. Target markets: Australia and Europe. Recent partnerships include a pre-feasibility study for Australia's largest industrial-scale thermal storage project with Knode, Tronox, and GHD, targeting 2027 construction.
The sales angle
Climate tech is hiring, but MGA Thermal has not disclosed sales roles, team structure, or comp. For context: climate tech startups at this stage (post-$50m raise, commercial validation, Fortune 500 partnerships) typically build out enterprise sales teams of 4-8 AEs plus pre-sales engineers.
No CRO or VP Sales named in available information. Executive team skews technical and commercialisation focused. If you are tracking climate tech sales opportunities in ANZ, MGA Thermal is worth watching, but wait for actual job postings with real numbers.
Other investors: Melt Ventures, JEKARA, Varley Holdings, Electrifi Ventures, Climate Salad, ARENA, New Zealand's Climate Venture Capital Fund, Pollination Group, Understorey Ventures.
IP Group's Shane Meaney joins the board. His take: "Industrial heat is the next frontier of decarbonisation. MGA's technology delivers it 24/7 for less."
Market context
Climate tech sales roles are growing across ANZ, particularly in industrial decarbonisation. MGA Thermal sits in thermal energy storage, competing against traditional battery storage and gas-fired backup systems. Differentiation: safer, scalable blocks versus lithium-ion or gas.
Newcastle location leverages the region's renewable energy transition. Hunter Valley is shifting from coal to clean tech manufacturing and deployment.
Bottom line: $17 million raise, scaling commercial operations, no hiring specifics yet. If they are serious about "expanding commercial capability," sales roles should follow. Watch for postings with actual OTE numbers.