Climate fund makes first investment
The Climate Change Venture Capita Fund's first investment is into MGA Thermal, an Australian clean energy company that uses state-of-art metallurgy to create shoebox-sized composite blocks for storing renewable energy.
“The company perfectly fits our criteria, which is to deliver venture-level growth and financial returns, alongside high emissions reductions. I’m excited to see this technology developing rapidly and delivering very large emissions reductions,” Dr Jez Wilson says.
CVCF joins several investors in an A$8 million funding round that will see MGA Thermal expand manufacturing capacity and export its thermal energy storage systems globally. The capital raise was led by Main Sequence Ventures, Australia’s deep tech investment fund founded by CSIRO, with participation from the Climate Venture Capital Fund and other Australian investors.
As fossil fuels are replaced by renewable energy sources, utilities face the ongoing challenge of storing huge amounts of dispatchable energy to meet demand in off-peak or high-demand scenarios. MGA Thermal’s solution enables conversion of existing infrastructure, including coal-fired power plants, into grid-scale energy storage or creation of new supplementary infrastructure alongside renewable sources to provide continuous, dispatchable energy.
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