Antares Ventures invests USD $3.5 million in Canadian cleantech company FeX Energy to support its innovative iron-based energy storage technology aimed at decarbonizing industrial heat.

Target Company Overview

FeX Energy, established as a flagship venture by Hard Climate and originating from McGill University, is a Canadian cleantech company focused on developing iron-based long-duration energy storage systems. The company has recently secured an oversubscribed seed funding round of USD $3.5 million (CAD $4.78 million) to advance its innovative technology aimed at displacing fossil fuels in industrial applications. This funding will facilitate the launch of its first pilot project and enable the expansion of its team to support the early stages of growth.

FeX Energy's proprietary technology utilizes the iron oxidation-reduction cycle to store and release thermal energy, generating high temperatures of 800-900°C on demand. This innovation provides an energy-dense and cost-effective solution tailored for heavy industries, potentially transforming processes in sectors that are traditionally reliant on fossil fuels, such as steel, cement, glass, and petrochemicals.

Industry Overview in Canada

Canada's energy sector is undergoing significant transformation, driven by a commitment to reduce greenhouse gas emissions and transition to sustainable practices. With industrial heat constituting a substantial portion of energy co