Vancouver-based cleantech company Moment Energy has announced the successful close of a $21.6 million Series A funding round, co-led by the Amazon Climate Pledge Fund and Voyager Ventures.
This investment positions Moment Energy to accelerate its mission of transforming retired electric vehicle (EV) batteries into sustainable battery energy storage systems (BESS).
Moment Energy’s BESS technology caters to commercial and industrial sectors, EV charging infrastructure, and renewable energy integration projects. Their systems, scalable from 400 kilowatt hours (kWh) to 10 megawatt hours (MWh), target a critical and underserved intermediate market segment.
With the global battery energy storage market projected to surpass $150 billion by 2030, fuelled by rising EV adoption and renewable energy demand, Moment Energy is well-positioned to meet the growing need for sustainable energy solutions. The company aims to capitalize on the estimated 953 gigawatt hours (GWh) of second-life batteries expected to be available by 2030.
The Series A funding will support the construction of Moment Energy’s groundbreaking gigafactory in the United States, the world’s first facility dedicated to repurposing EV batteries. This initiative, backed by a USD $20.3 million grant from the U.S. Department of Energy in October 2024, is set to create over 250 skilled jobs in clean technology and bolster North America’s lithium security.
“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,” said Edward Chiang, CEO of Moment Energy.
“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.”
The company partners with leading automakers to provide a sustainable, high-performing, and cost-effective alternative to traditional battery recycling. Their second-life battery systems are up to 30% more affordable than first-life systems, aligning with automakers’ sustainability goals and reducing dependency on newly mined raw materials.
Nick Ellis, Principal at the Amazon Climate Pledge Fund, praised Moment Energy’s innovation: “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.”
In addition to Amazon Climate Pledge Fund and Voyager Ventures, the Series A round saw participation from In-Q-Tel (IQT), Version One Ventures, Overture Ventures, WovenEarth Ventures, Fika Ventures, MCJ, One Small Planet, and Climate Capital.