A Montréal-based startup, FeX Energy, has secured $3.5 million USD ($4.78 million CAD) to advance its iron-based reactor for renewable energy storage. Backed by Houston’s Fathom Fund, Toronto’s Amplify Capital, and Singapore’s Antares Ventures, the September 5 equity round will finance a pilot project in Ontario.
FeX’s shipping-container reactor stores renewable power in iron via thermochemical reactions, releasing versatile high-temperature heat. Target markets include mining, naval shipping, and remote building heating. Founded in 2018 at McGill University, FeX employs seven staff and five contractors. CEO Hayden Smith hopes the technology can cut emissions by 500 million tons annually.
Want to know more? Check out the source code on CleanEnergy.ca.