涩里番 spinoff company has recently received USD ($3.5M) to finance their pursuit of renewable, long-term energy storage. FeX is developing iron-based long-duration energy storage, aiding the transition to affordable and scalable clean energy. The company鈥檚 core technology emerged from led by Professor Jeffrey Bergthorson.
鈥淭his outcome is a validation not only of our research, but also of the tremendous support FeX Energy received throughout the incubation process,鈥� said Professor Bergthorson. 鈥淭he challenges of launching and scaling up a new venture are substantial and this success is a testament to the team鈥檚 hard work and adaptability.鈥�
鈥淲e are ready for the next stage of growth鈥�, says CEO Hayden Smith. 鈥淲ith this seed funding, and the strong alignment of our new investors, we are well positioned to demonstrate how our solution can replace high-cost fossil fuels in even the most remote and challenging locations, while laying the foundation for scalable growth across global energy systems."
FeX Energy leverages iron鈥檚 unique properties to store and release energy as needed. Led by CEO Hayden Smith, their goal is to make decarbonization easy by storing renewable energy for long periods of time.
The technology is what sets FeX apart. When compared to other energy systems, including thermal storage, small nuclear reactors and lithium batteries, FeX is energy dense, fit for long-term storage and greenhouse gas free. These characteristics make it well-suited to displace high-cost fossil fuels, primarily in remote and hard-to-access locations.
Its appeal comes from its ability to deliver energy at extreme heat without energy losses, both qualities being ideal for renewable energy storage. The Iron Arc Reactor, FeX Energy鈥檚 primary product, charges when energy is abundant (and therefore inexpensive) and discharges at peak energy times, allowing for cost-effective and energy-efficient use.
Part of this advantage comes from the use of iron as a base. Iron is strong, stable at ambient temperatures, and incredibly energy-dense, with the ability to produce thirty times more energy than hydrogen. It is also highly abundant, making it scalable for cost-effective use.
The closed-loop system works by delivering high grade heat to burn iron powder, which converts it into oxidized iron, or rust 鈥� a process that generates electricity. The catch is that the rust can then be regenerated into its pure metal form and reused multiple times over again! This addresses many principles of the global transition to a lower carbon future, from the circular economy to energy intermittency.
Initially fueled by as their flagship venture, FeX has grown to attract the attention of larger venture capital firms. This seed funding round is backed primarily by , a US-based deep-tech venture capital firm, as well as , a Canadian institutional investor.
Both investors are excited to support the team on their journey to decarbonize difficult-to-abate sectors and become a global leader in long-duration energy storage. This seed round also includes , a Singapore-based deep-tech fund known for supporting Asia-bound Canadian companies. With this investment, FeX Energy will focus on executing its first pilot project and expanding its consortium of industry partners.
That鈥檚 not all the good news - they have also been accepted to Foresight Canada鈥檚 and program, and were awarded $1M as part of the Canadian Department of National Defence's IDEaS NORAD Modernization Challenge.