Funding for Tomago’s MG Thermal to commercialise energy storage tech

THE Australian Renewable Energy Agency (ARENA) has provided $3.25 million to MGA Thermal in Tomago for up to five front-end engineering design studies to help commercialise its thermal energy storage technology and support industrial electrification.

MGA Thermal’s technology stores renewable energy as heat, which can then be used on demand for industrial processes, aimed at helping businesses cut emissions while improving reliability and reducing exposure to fossil fuel price volatility.

The studies will help progress five commercial opportunities with industrial customers by producing detailed technical designs, cost estimates, delivery schedules, risk assessments and commercial strategies, bringing projects closer to investment and deployment.

Minister for Climate Change and Energy Chris Bowen said the Federal Government was backing practical technology that helps industry decarbonise and stay strong for the future.

“Reducing emissions is not just an environmental necessity, it is an economic opportunity, and Australian industry should be at the front of it.

“We are backing Australian innovation to help factories and industrial businesses cut emissions, improve energy resilience and stay competitive in a changing global economy.

“Technologies like thermal energy storage can help deliver cleaner, more reliable industrial heat, and that matters for jobs, productivity and Australia’s Future Made in Australia.”

Federal Member for Paterson Meryl Swanson said the funding backed local innovation with national potential.

“This is exactly the sort of Australian know-how we should be backing, technology developed here that can help cut emissions and create economic opportunity. “Supporting innovation like this means supporting good local jobs for the Hunter, stronger local industry and giving Australian businesses the tools they need to succeed in the clean energy transition.”