FenX
FenX is a Swiss ETH Zurich spin-off that has patented mineral foam technology to convert industrial mineral waste into nonflammable, recyclable building insulation, selling turnkey factories, proprietary additives, and licensing to building materials manufacturers, insulation producers, and recycling companies.
- Company typePrivate
- Founded2019
- HeadquartersZürich, Switzerland
- Headcount1–10
- GTM typeB2B
- OfferingHardware or Manufacturing
What FenX does
FenX AG is a Swiss cleantech company, spun off from ETH Zurich in 2019, that has developed and patented a mineral foam technology for producing building insulation from locally sourced industrial and mineral waste. Its process grinds and sieves waste streams such as excavated materials, construction and demolition waste, rice husk ash, coal fly ash, and metal slags, then uses proprietary FenX foaming additives to produce ultra-stable, recyclable mineral foam with greater than 98% air content and an A1 nonflammable fire rating. The company sells its own FenX Insulation Panel as a core product, while its primary business model is B2B enterprise sales of turnkey factories, licensing, and a consumable additive supply to building materials manufacturers, insulation producers, and recycling companies.
FenX generates revenue across four interconnected streams: one-time sales of turnkey industrial production units (machinery supplied with partner HESS AAC), recurring supply of FenX foaming additives combined with technology licensing, technical and quality assurance services, and market development support including pilot validation and certification. Customers contract multi-year deals directly with FenX rather than purchasing panels off-the-shelf, and the company has run early pilot projects (Project Atika, a church in Fällanden, and a timber-frame wall in Fällanden) to validate the product with key market players. Pricing is not publicly disclosed and requires direct inquiry.
The company has raised approximately CHF 10.9 million across a 2021 seed round and a January 2025 Series A led by Supernova Invest and Move Energy, with prior non-dilutive support from Horizon 2020, Innosuisse, EIT Climate-KIC, and the Swiss Climate Foundation. Its first commercial factory in Spain is expected to begin initial production by the end of 2025, marking the transition from pilot validation to industrial scale-up. The team remains small (1–10 employees) and PhD-heavy, with three ETH co-founders and ongoing R&D ties to ETH research groups.
FenX firmographics
Firmographics- Name
- FenX
- Legal name
- FenX AG
- Website
- https://fenx.ch
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- FenX is a Swiss ETH Zurich spin-off that has patented mineral foam technology to convert industrial mineral waste into nonflammable, recyclable building insulation, selling turnkey factories, proprietary additives, and licensing to building materials manufacturers, insulation producers, and recycling companies.
- Ownership category
- akta.pro rank
FenX industry classification
Industry- Product category
- Building Insulation Materials
- NAICS
- Mineral Wool Manufacturing (327993), Urethane and Other Foam Product (except Polystyrene) Manufacturing (32615)
- SIC
- Plastics Foam Products (3086)
- akta.pro primary industry
- Foam Protective Packaging (EPS/EPE/EPP, PU, Molded Foam) (IMALAFAA)
Keywords
Where FenX is headquartered
LocationHeadquarters
- HQ city
- Zürich
- HQ country
- Switzerland
- HQ region
- Europe
Offices2 records
Markets served
FenX business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Personnel, Technology or R&D, Operations, Supply Chain, Marketing or Sales, Infrastructure
Revenue model
- Sale of Industrial Production Units: Sale of turnkey factories and machinery for mineral foam insulation panel production to building materials manufacturers. Partner includes HESS AAC as machinery provider.
- FenX Foaming Additive Supply and Licensing: Supply of proprietary FenX foaming additives tailored to locally available materials, combined with licensing for production. Customized to local applications with product and sustainability guarantees.
- Technical Services: Quality assurance, data management, customer-specific product development and optimization, and ongoing support for customers.
- Market Development Services: Market entry strategy development including positioning and pricing; market acceptance demonstrations through pilot projects and certification.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| One time/ perpetual license | Multi-year contract | Industrial Production Units |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels5 records
FenX product offering
Product offeringCore offering
FenX designs, develops, and licenses a patented mineral foam technology that transforms locally sourced mineral and industrial waste (excavated materials, construction and demolition waste, rice husk ash, coal fly ash, metal slags) into recyclable, A1 nonflammable building insulation. It sells the FenX Insulation Panel as a finished product and also offers turnkey industrial factory systems, proprietary foaming additives, technology licensing, and technical/market development services to building materials manufacturers and recycling companies. The first turnkey factory in Spain is targeted for initial production by the end of 2025.
Product overview
FenX AG offers a portfolio of sustainable mineral foam insulation products and services. The core product is the FenX Insulation Panel, a nonflammable building insulation made from recycled mineral waste that is >98% air. Beyond the product itself, FenX provides turnkey factory solutions enabling customers to produce mineral foam insulation locally using the company's patented technology and proprietary foaming additives. Services include industrial production licensing, market development support, product validation, and ongoing technical services for quality assurance and product optimization.
Differentiator
Problem solved
Functional benefit
Products and services
- FenX Insulation Panel A mineral foam insulation panel made from industrial waste materials, featuring A1 fire protection rating, low CO2 emissions in production, >98% air content, and 100% recyclability. Designed for easy installation in ETICS, ventilated facades, interior walls, timber-frame construction, and ceiling applications; installed using traditional methods (cutting, mortar application, gluing, fastening). For building materials manufacturers and the construction market.
- Turnkey Factories (Industrial Production Units) Complete turnkey factory solutions enabling building materials manufacturers to produce FenX mineral foam insulation panels locally. Each unit includes industrial machinery (delivered with partner HESS AAC), FenX foaming additives, technology licensing, commissioning, and technical services. Sold via direct enterprise B2B sales.
- FenX Foaming Additive Proprietary foaming additive customized for locally available mineral waste materials, enabling customers to produce mineral foam insulation with guaranteed product performance and sustainability. Supplied as a consumable input paired with the turnkey factory and licensing package.
- Industrial Production Licensing Technology licensing package granting building materials manufacturers the right to produce FenX mineral foam insulation using the company's patented foaming technology, combined with supply of proprietary foaming additives customized to local waste streams and product/sustainability guarantees.
- Technical and Market Development Services Ongoing customer support services including quality assurance, data management, customer-specific product development and optimization, new application development, and market entry strategy support (positioning, pricing, market acceptance demonstrations, certification).
Quantifiable outcome
- Products contain >98% air
- +5 more outcomes
Companies that use FenX
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles2 records
FenX technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
FenX partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and supporting.
- HESS AACcoreIndustry-leading machinery partner for FenX industrial production units. HESS AAC provides cutting-edge equipment tailored to production needs for mineral foam insulation panel manufacturing.
- EphicientsupportingPartner company supporting FenX industrial production unit deployments.
- Toogether (Masa)supportingPartner company for industrial machinery solutions in FenX production systems.
- ETH ZurichcoreFenX is a spin-off from ETH Zurich (Swiss Federal Institute of Technology in Zurich). Original prototypes and technology developed at ETH. Ongoing academic partnership for research and development.
- ETH FoundationsupportingAcademic partner and supporter through ETH Zurich ecosystem.
- Bio-Inspired Materials GroupsupportingAcademic research group at ETH Zurich focused on bio-inspired materials. Research and development partner for FenX.
Scale indicators5 records
Recent moves7 records
Expansion highlights6 records
FenX competitors and assessment
Company assessmentEmerging players
- Promat (Etex group): Specialist in fire-protection and high-temperature insulation boards including mineral-based products. Comparable to FenX through focus on A1 fire-rated building insulation and complementary technologies for safe, sustainable construction.
Direct peers
- Rockwool: Global leader in mineral wool insulation made from stone wool. Like FenX, it supplies nonflammable (Euroclass A1/A2) mineral-based building insulation, representing the primary incumbent FenX is positioned to differentiate against or complement.
- FOAMGLAS (Pittsburgh Corning): Manufacturer of cellular glass insulation made from recycled glass. Comparable to FenX because it offers a nonflammable, dimensionally stable, mineral-based insulation product targeting commercial and industrial building envelopes, with similar sustainability and longevity value propositions.
- Paroc (Owens Corning): Mineral wool insulation manufacturer (now part of Owens Corning), especially strong in European building insulation markets. Comparable to FenX as a direct competitor in nonflammable, sustainable mineral-based insulation products for ETICS, facades, and roofs.
Broad incumbents
- Saint-Gobain: Large building materials group with extensive mineral wool and PIR insulation product lines (Isover). Comparable to FenX through broad building insulation portfolio and sustainable construction focus, but operates at vastly greater scale across multiple building envelope solutions.
- Kingspan: Major insulation and building envelope manufacturer with PIR/PUR foam and other product lines. Comparable to FenX as a leading insulation supplier targeting high-performance building envelopes with fire-rated products, but with much broader portfolio and global reach.
- BASF: Global chemical company producing polyurethane-based rigid foams and insulation systems. Comparable to FenX as a major chemistry-based foam and insulation supplier, though focused on PU chemistry rather than mineral foam.
- Sto SE: European building envelope systems provider with ETICS, facades, and insulation product lines. Comparable to FenX because Sto integrates mineral-based insulation into facades and ETICS systems, targeting the same application use cases as FenX panels.
- Holcim: Global building materials giant with growing sustainable insulation and circular construction offerings. Comparable to FenX through adjacent circular-construction positioning and large-scale partnerships in low-carbon building envelopes.
Others
- HESS AAC Systems: Industrial machinery supplier for AAC (autoclaved aerated concrete) production and FenX's existing turnkey factory machinery partner. Relevant as the equipment backbone for FenX's mineral foam production lines and comparable as an enabling industrial machinery supplier in building materials.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
FenX social profiles
Digital presenceFenX financial estimates
Financial estimateRevenue estimate
Valuation estimate
FenX leadership team
Management profileNumber of profiles
Profiles6 records
FenX funding detail
Funding detailFunding overview
Funding rounds5 records
Investors11 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
FenX M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about FenX
What does FenX do?
FenX designs, develops, and licenses a patented mineral foam technology that transforms locally sourced mineral and industrial waste (excavated materials, construction and demolition waste, rice husk ash, coal fly ash, metal slags) into recyclable, A1 nonflammable building insulation. It sells the FenX Insulation Panel as a finished product and also offers turnkey industrial factory systems, proprietary foaming additives, technology licensing, and technical/market development services to building materials manufacturers and recycling companies. The first turnkey factory in Spain is targeted for initial production by the end of 2025.
Is FenX a public or private company?
FenX is a private company. It is classified as venture growth investor backed and is currently operating.
When was FenX founded?
FenX was founded in 2019. It employs 1 to 10 people.
Where is FenX based?
FenX is headquartered in Zürich, Switzerland, in the Europe region.
How does FenX make money?
Four revenue lines are on record. Sale of Industrial Production Units are the primary driver. The others are fenX Foaming Additive Supply and Licensing, technical Services and market Development Services.
Who are FenX's main competitors?
Promat (Etex group) is listed as an emerging player. Direct peers are Rockwool, FOAMGLAS (Pittsburgh Corning) and Paroc (Owens Corning). Broad incumbents are Saint-Gobain, Kingspan, BASF, Sto SE and Holcim. HESS AAC Systems is listed as an others.
Does FenX have an API?
No public API is recorded for FenX.
What industry is FenX in?
FenX's product category is Building Insulation Materials. Its primary akta.pro industry code is IMALAFAA, Foam Protective Packaging (EPS/EPE/EPP, PU, Molded Foam). Its NAICS code is 327993 and its SIC code is 3086.