McGill and BXVentures announce new cleantech spinoff
New company FeX Energy aims to leverage metal fuel technology to provide cheap, safe and infinitely renewable energy for industrial clients
McGill University and BXVentures today announced the launch of a news spinoff company, FeX Energy. The new venture is the first spinoff to emerge since McGill and BXVentures signed an agreement in April 2023 to accelerate the development and execution of McGill’s growing portfolio of clean technology research. FeX Energy will be launched out of McGill’s Alternative Fuel Laboratory and will benefit from BXVentures’ operational support, entrepreneurial experience and climate tech expertise, empowering FeX Energy to transform its cutting-edge R&D into a commercially successful venture that fights climate change.
FeX Energy’s core technology leverages a renewable energy platform based on metal-fuel technology. Already proven in the laboratory, high temperature heat produced by combustible metal fuels can be used to generate electricity (e.g., steam-driven turbines). Once combusted, metal powders can be recharged with the addition of base chemicals such as hydrogen. This process of combustion and recharging can be repeated indefinitely, providing an energy production system that emits zero carbon, has higher energy density than other renewables, and uses no hazardous chemicals.
The recent slew of adverse meteorological events across the globe has further heightened the focus on climate change, adding urgency to the search for easily dispatched energy production systems that produce zero carbon. In support to wind and solar renewable energy systems that are already in operation, FeX Energy positions itself as a Long Duration Energy Storage (LDES) solution to support the future scalability of a clean energy economy.
“The venture studio concept is a good fit with our approach to technology transfer,” said Mark Weber, Director of the Office of Innovation + Partnerships, McGill University. “Early-stage spinoff companies need more than just funding to be successful; this program will position them for long-term growth.”
“FeX Energy is a first demonstration and a great example of the deployment and commercialization capabilities of BXVentures Canada applied to cleantech innovation developed by McGill University. As we kick-off our partnership with McGill, this is a great opportunity to provide the business building resources necessary to accelerate the rollout and impact of FeX Energy’s ground-breaking energy system,” said Marc Guilbert, Co-founder & CEO, BXVentures Canada.
The technology is based on research undertaken by Prof. Jeffrey Bergthorson, a world-leading expert on the topic of combustible metal fuels and the company’s Chief Scientific Advisor. Professor Bergthorson has been engaged in research on this subject for nearly 20 years. The specific system and method used by FeX Energy are patent pending. The company aims to serve industrial customers looking to decarbonize their operations.
FeX Energy will be headquartered in Montreal. As a BXVentures supported firm, FeX Energy benefits from the venture studio’s resources and experience, including active operational co-piloting, mentorship, training and team building, financial backing, business development and various other shared services. Beginning operations within the venture studio environment, the objective is to position FeX Energy as a key energy storage solution within the LDES ecosystem.
About McGill University
Founded in Montreal, Quebec, in 1821, McGill University is Canada’s top ranked medical doctoral university. McGill is consistently ranked as one of the top universities, both nationally and internationally. It is a world-renowned institution of higher learning with research activities spanning three campuses, 11 faculties, 13 professional schools, 300 programs of study and over 39,000 students, including more than 10,400 graduate students. McGill attracts students from over 150 countries around the world, its 12,000 international students making up 30% of the student body. Over half of McGill students claim a first language other than English, including approximately 20% of our students who say French is their mother tongue.
BXVentures is a leading venture studio and global climate technology specialist, building the next wave of groundbreaking technology companies for a sustainable and livable biosphere. Established in 2021, BXVentures’ venture studio platform enables it to finance, develop and scale ventures that play a critical role in achieving a net-zero society, addressing the urgent challenges of climate change. Through partnerships with elite educational institutions like McGill University, BXVentures leverages groundbreaking technology trapped within universities’ R&D and provides the operational resources necessary to scale to commercialization. The consulting arm, BXV Advisory, regularly collaborates with corporations, institutions and governments to foster an ecosystem that ultimately accelerates the ventures path to market. Learn more: https://www.bxventures.com/