FOR IMMEDIATE RELEASE

FeX Energy Awarded Top-Ranked Grant from Mining Innovation Commercialization Accelerator (MICA) $475,000 in funding to support pilot deployment of iron-based energy storage for remote and last-mile mining

Montreal, QC – June 2025 — FeX Energy, a cleantech company commercializing iron-based long-duration energy storage (LDES), is proud to announce it has been awarded a $475,000 grant from the Mining Innovation Commercialization Accelerator (MICA) to support its upcoming pilot project. FeX received the highest evaluation score among all selected projects under MICA’s fourth competitive call for proposals (CFP4), recognizing the company’s exceptional technical and commercial potential.

This funding will support the deployment of FeX’s modular energy storage technology, which delivers dispatchable, zero-carbon heat and power using iron—the most abundant metal produced on Earth. The FeX system is uniquely designed to tackle one of mining’s most persistent challenges: the high cost and environmental impact of diesel and other fossil fuels in remote or last-mile operations. By enabling cost-effective, clean, and reliable energy, FeX helps mining operators reduce emissions and operating expenses—without compromising performance or resilience.

“We’re honored to have been selected by MICA as the top-rated project,” said Hayden Smith, CEO of FeX Energy. “This grant affirms both the technical viability and market relevance of our solution for the mining sector—an industry in urgent need of sustainable, cost-competitive alternatives to fossil fuels.”

The announcement was made public in MICA’s official press release, where FeX was recognized among 14 innovative projects from across Canada. FeX CFO Marc Guilbert attended the award ceremony in Toronto to receive the recognition on behalf of the team and highlight the company’s upcoming pilot in Canada.

FeX extends its deep thanks to MICA, the Government of Canada, and Innovation, Science and Economic Development Canada (ISED) for their leadership in accelerating clean energy innovation in mining.

About FeX Energy FeX Energy develops iron-based long-duration energy storage systems that provide zero-carbon heat and power at a fraction of the cost of diesel or natural gas. With rugged reliability, scalable deployment, and abundant feedstock inputs, FeX is enabling the energy transition in hard-to-decarbonize sectors—starting with mining.

Media Contact:

Hayden Smith CEO, FeX Energy - fexenergy@outlook.com www.fexenergy.com