Moment Energy, which is one of North America’s leading EV battery repurposing companies, announced the closing of a $15 million Series A funding round. The Amazon Climate Pledge Fund and Voyager Ventures co-led the funding round. Along with Amazon Climate Pledge Fund and Voyager Ventures, this funding round received participation from In-Q-Tel (IQT), Version One Ventures, Overture Ventures, WovenEarth Ventures, Fika Ventures, MCJ, One Small Planet, and Climate Capital.
Moment Energy’s battery energy storage systems (BESS) could be deployed in projects ranging from 400 kilowatt hours (kWh) to 10 megawatt hours (MWh), while targeting an intermediate market segment that is underserved but crucial to the clean energy transition. Designed to serve commercial and industrial sectors, EV charging infrastructure, and renewable energy integration, the company is strategically positioned to capitalize on the convergence of rising EVs and renewable energy sources.
This new funding will support Moment Energy’s plan to construct the world’s first gigafactory dedicated to repurposing electric vehicle (EV) batteries in the US. And the landmark project – which was awarded US$20.3 Million from the US Department of Energy in October 2024 – is expected to create over 250 skilled jobs in clean technology and renewable energy and support North America’s lithium security to support the increasing demand for commercial and industrial (C&I) energy storage and EV charging infrastructure.
Moment Energy plans to utilize the new funding to expand to gigawatt-hour scale manufacturing of second-life battery supply. The company will seek to double the size of its Vancouver headquarters facilities and team, further strengthening its ability to serve automaker partners across the world. And as a trusted second-life partner for numerous leading automakers,
Moment Energy offers a high-performing, sustainable, and cost-effective alternative to battery recycling, aligning with the automotive industry’s sustainability goals while also reducing overall dependency on new raw materials. And this second-life approach allows Moment Energy to offer energy storage solutions at prices up to 30% lower than traditional, first-life battery systems.
KEY QUOTES:
“This funding marks a pivotal milestone for Moment Energy, enabling us to further advance our operations and lead the charge in transforming retired EV batteries into valuable battery energy storage systems. By providing a new path for second-life batteries, we’re able to enhance grid stability, increase lithium security in North America, and support renewable energy integration. We serve as a catalyst for an exciting new circular economy that increases energy security as energy demand rises.”
– Edward Chiang, CEO of Moment Energy
“Moment’s second-life battery solution addresses a growing recycling challenge to offer an elegant solution to scalable energy storage. We’re excited to work with Moment to deploy more sustainable energy solutions and reshape the energy landscape.”
– Nick Ellis, Principal at the Amazon Climate Pledge Fund
“Moment Energy’s approach tackles two pressing challenges – reducing the cost of energy storage deployment while creating a sustainable solution for end-of-life EV batteries. The company’s advanced battery management technology and strategic partnerships enable commercial, industrial, and utility-scale customers to access reliable, long-lasting energy storage at compelling price points. We’re excited to support Moment Energy as they scale their solution and help transform the energy storage landscape, starting with North America.”
– Leonardo Banchik, Investment Director at Voyager Ventures
