A Montréal-based startup spun out of a McGill University lab is building an iron-based reactor for energy storage that it believes can reduce dependence on fossil fuels.

FeX Energy has raised $3.5 million USD ($4.78 million CAD) from Houston-based Fathom Fund, Toronto-based Amplify Capital, and Singapore-based Antares Ventures. The all-equity round closed on Sept. 5 and will help the company launch its first pilot project for an unnamed Ontario client.

“To solve the energy transition, we need all hands on deck.”

In an interview, FeX CEO Hayden Smith told BetaKit that the company’s proprietary iron reactor reduces the need for fossil fuels by storing renewable energy sources and transforming them into reliable power at high temperatures.

FeX’s reactor, which is housed in a shipping-styl

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