Antares backs FeX Energy's $3.5M seed for industrial decarbonization

Antares Ventures participated in Montreal-based FeX Energy’s oversubscribed seed round of USD $3.5M (CAD $4.78M) to fund deployment of FeX’s first pilot project and team expansion.

• Main announcement & use of funds: Antares Ventures led a participation in an oversubscribed USD $3.5M (CAD $4.78M) seed round (round led by Fathom Fund with Amplify Capital as anchor). The funding will be used to deploy FeX’s first pilot project and expand its team ahead of early growth; investors will support FeX’s engagement with major emitters and industry partners.
• Technology & context: FeX Energy, a McGill University spin-out and flagship venture of Hard Climate, is commercializing an iron-based thermochemical storage system that oxidizes pure iron to produce industrial-grade heat at 800–900°C, converting surplus renewable electricity into stored thermal energy to displace fossil fuels in heavy industries across Asia Growth Markets.