News

13 Feb 2026 – IP Group Australia has led a capital raise that has secured AUD $17 million in investment for a green energy innovator in the New South Wales Hunter Valley.

MGA Thermal has developed an Electro-Thermal Energy Storage (ETES) system of thermal blocks that stores renewable electricity as heat and releases it as continuous industrial-grade steam that is available 24/7.

The funding round introduces IP Group Australia as a new investor, alongside existing investor Main Sequence. It brings total capital raised to more than AUD $50M and positions MGA Thermal for rapid expansion. 

MGA Thermal’s blocks deliver 200 percent more energy than conventional heat storage systems, with a footprint up to 24-times smaller than batteries, unlocking the potential of variable solar and wind as a dependable industrial energy source.

As part of the investment, Shane Meaney of IP Group Australia has joined MGA Thermal’s Board, bringing extensive experience in scaling climate tech ventures across global markets.

“MGA Thermal is addressing one of the most critical challenges in the energy transition: delivering reliable, low cost, industrial scale storage for renewable heat,” said Mr Meaney. 

“Industrial heat is the next frontier of decarbonisation – MGA’s technology delivers it 24/7 for less.

“We’re excited to support the team moving into full commercial deployment and look forward to partnering closely with MGA Thermal through this next phase of growth.”