The Commonwealth is backing a revolutionary clean energy company in Tomago to assist heavy industry cut emissions and stay competitive.
It comes after the Australian Renewable Energy Agency (ARENA) announced a $3.25 million investment into MGA Thermal on Wednesday 22 April.
The financial outlay will fund up to five front-end engineering design studies to help commercialise the firm’s thermal energy storage technology and support industrial electrification.
MGA Thermal’s innovative approach enables it to store renewable energy as heat, which can then be used on demand for manufacturing processes while improving reliability and reducing exposure to fossil fuel price volatility.
The studies, meanwhile, will 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.
“The Albanese government’s supporting practical technology that allows industry to decarbonise and remain strong for the future,” Minister for Climate Change and Energy Chris Bowen said.
“Reducing emissions is not just an environmental necessity.
“It’s an economic opportunity… and Australian industry should be at the front of it.
“We are subsidising national innovation to help factories and industrial businesses reduce emissions, improve energy resilience and stay competitive in a changing global economy.
“Technologies like thermal energy storage can deliver cleaner, more reliable industrial heat.
“And, that matters for jobs, productivity and our Future Made in Australia.”
Paterson MP Meryl Swanson welcomed the news.
“The funding backs local innovation with national potential,” she explained.
“This is exactly the sort of Australian know-how we should get behind, technology developed here that can help cut emissions and create economic opportunity.
“Supporting innovation like MGA Thermal’s means supporting good local jobs for the Hunter, stronger industry and giving Australian businesses the tools they need to succeed in the clean energy transition.”
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