As the world races to decarbonize, energy storage is fast becoming a cornerstone of the clean energy transition—and Canadian startup Moment Energy is leading the charge with a bold new vision. The Vancouver-based company, co-founded by Sumreen Rattan, is building the world’s first gigafactory dedicated to repurposing retired electric vehicle batteries.
In this exclusive interview, Rattan—COO of Moment Energy—shares how the company is tackling the growing gap between energy storage demand and battery supply, why second-life batteries offer a cost-effective and sustainable solution, and how strategic partnerships and recent funding are accelerating their North American expansion. From grid stability to lithium security, this conversation dives into the future of energy—and Moment’s pivotal role in shaping it.
Moment Energy is building the world’s first gigafactory dedicated to repurposing EV batteries. What inspired this bold move, and what impact do you envision it having on the clean energy landscape?
SR: Moment Energy’s gigafactory is a response to an undeniable market signal. Our extensive research across North America has revealed a critical chasm between the surging demand for battery energy storage and the projected new production capacity. By 2030, we anticipate a global demand for energy storage of nearly 1,200 GWh, yet new production will only reach about 634 GWh. This significant gap, however, is met with a powerful solution: an estimated 953 GWh of EV batteries will be retired by that same year.
This convergence inspired our bold move. To truly scale grid reliability and meet the burgeoning energy storage needs, we must think and act in gigawatt-hour terms. Repurposing these readily available EV batteries allows us to bridge this market gap, accelerate the transition to clean energy, and establish a circular economy for critical battery materials. It’s not just about building a factory; it’s about building the future of energy storage.
Your energy storage solutions are up to 30% more cost-effective than traditional systems. Can you walk us through how repurposed EV batteries make this possible, and what this means for your customers?
SR: Our cost-effectiveness stems from a strategic and sustainable approach to battery sourcing. We engage directly with battery OEMs facing a common dilemma: what to do with surplus EV batteries? Traditional options—costly warehousing,premature recycling at a loss, or environmentally detrimental landfill disposal—are far from ideal. We offer a tailored business model that transforms their challenge into our opportunity, allowing us to acquire these high-quality batteries at a significantly reduced cost. This win-win partnership forms the bedrock of our competitive pricing.
For our customers in British Columbia, the financial advantages extend even further. We actively assist them in securing substantial project cost subsidies, often up to 90%. This dramatically lowers the barrier to entry, making the adoption of our sustainable energy storage solutions incredibly accessible.
For businesses grappling with exorbitant annual demand charges, often exceeding $100,000, and in some extreme cases, over $120,000 in downtime related costs due to an unstable grid, our solutions offer a vital lifeline. We deliver a pathway to operational efficiency, significant cost savings, and enhanced grid reliability, empowering businesses to thrive in a more resilient energy landscape.
Repurposing retired EV batteries addresses both sustainability and grid stability. How does Moment Energy’s approach support renewable energy integration and enhance lithium security in North America?
SR: Repurposing EV batteries is an elegant solution, simultaneously tackling critical issues of sustainability and grid stability. North America faces significant challenges with lithium and critical material security due to unpredictable supply chains. However, our continent is rich in retired EV batteries and surplus stock from factories. These batteries, designed for the demanding conditions of vehicles, boast prime raw materials and superior safety, and are built for rapid charging and discharging—far more rigorous than stationary storage requires. By integrating these high-quality batteries, we can meet North America’s surging demand for energy storage, significantly reducing our reliance on volatile supply chains while bolstering grid reliability and stability.
Furthermore, energy storage is pivotal for renewable energy integration. Intermittent sources like solar and wind can’t reach their full potential without it. Our systems allow excess renewable energy to be stored and deployed when needed. For instance, in California, the “Duck Curve” phenomenon—where high solar generation creates sharp peaks in business energy consumption—leads to steep demand charges. Our solutions enable businesses to flatten their energy consumption curves, drastically reducing these costs and optimizing their use of renewable energy.
Moment Energy recently secured US$15 million in Series A funding and a US$20.3 million DOE award. How are these investments accelerating your growth, and what are your immediate priorities as you expand your Vancouver headquarters and workforce?
SR: The recent US$15 million Series A funding and the US$20.3 million DOE award are transformative investments, directly fueling our ambitious growth trajectory. Our immediate priority is scaling operations to meet surging demand. The expansion of our Vancouver headquarters is critical to serving the Canadian market, especially with the anticipated uptake from British Columbia businesses now eligible for the BC Hydro Energy Storage Incentive Program. We’re even co-hosting a webinar with BC Hydro on June 5th to highlight these benefits. These funds will directly enhance our production capabilities and accelerate R&D, ensuring we can deliver on our robust pipeline of Battery Energy Storage Systems (BESS).
Simultaneously, the DOE funding is instrumental in establishing our gigafactory in the USA. This facility will enable us to capitalize on the vast availability of EV batteries for repurposing across the United States, allowing us to efficiently address the immense demand for energy storage solutions at a national scale.
You’ve partnered with Vancouver International Airport on a major battery storage project. What have you learned from this collaboration, and how do such partnerships shape the future of energy storage in Canada?
SR: Our collaboration with Vancouver International Airport has been a deeply insightful experience, offering invaluable lessons in navigating the complexities of deploying energy storage within large, highly regulated organizations. A key takeaway is the critical importance of a deep dive into the customer’s specific regulatory requirements and operational environment. Understanding these intricacies from the outset is paramount.
This partnership is a blueprint for the future of energy storage in Canada. By mastering these unique challenges, we’re actively reducing friction and eliminating potential barriers for future BESS deployments nationwide. As we continue to work with major project partners, these collaborations will be instrumental in making energy storage a foundational element of Canada’s energy landscape, accelerating our transition to a resilient and sustainable future.
As the clean tech sector rapidly evolves, what are the biggest challenges and opportunities you see for scaling sustainable energy solutions using second-life batteries?
SR: The clean energy sector offers enormous potential for second-life batteries, driven by the sheer volume of surplus EV batteries becoming available, nearly a terawatt-hour by 2030. This creates a circular economy, providing cost-effective, sustainable energy storage for grid stability, renewable integration, and critical backup. The prime opportunity lies in establishing battery repurposing gigafactories to meet the immense global demand for energy storage, where Moment Energy is establishing the first of its kind.
However, scaling faces challenges such as supply chain optimization and an evolving regulatory landscape. Despite these hurdles, the immense benefits of second-life batteries for sustainable energy far outweigh the obstacles, promising to accelerate our clean energy transition.