Wind- and solar-powered energy sources are gaining popularity in Canada as the nation advances toward a Net Zero target by 2050.
But these intermittent sources, on their own, are not consistent enough to reliably fuel entire power grids.
One way to fill the fluctuating energy gap is through energy storage systems.
“Energy storage is pivotal for renewable energy integration,” Moment Energy cofounder Sumreen Rattan informed CleanEnergy.ca in May. “Intermittent sources like solar and wind can’t reach their full potential without it.”
Moment Energy’s mission is transforming retired electric vehicle batteries into battery energy storage systems.
The Vancouver upstart’s BESS technology—scalable from 400 kilowatt hours to 10 megawatt hours—caters to commercial and industrial sectors, EV charging infrastructure, and renewable energy integration projects.
“Our systems allow excess renewable energy to be stored and deployed when needed,” explains Rattan. “Our solutions enable businesses to flatten their energy consumption curves, drastically reducing these costs and optimizing their use of renewable energy.”
The global battery energy storage market is projected to surpass $150 billion by 2030, an estimate from McKinsey & Company suggests.
“North America is seeing a major upswing in demand for battery energy storage, especially from commercial and industrial users,” says Gurmesh Sidhu, a cofounder of Moment Energy.
“We’re responding to urgent needs in sectors like healthcare and transportation, where reliable power is not optional but essential,” he believes.
Earlier this year, Vancouver’s Moment Energy announced a $21.6 million Series A funding round.
“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,” CEO Edward Chiang stated in January.
Part of the capital went toward doubling the size of Moment’s headquarters in Vancouver, where the Canadian cleantech recently unveiled a full-scale production hub to deliver Luna energy systems across North America. The Luna system stores energy during off-peak hours and discharges it during peak demand.
“Now with North America’s first UL 1974-certified facility repurposing batteries at scale, we’re able to take a crucial step toward securing critical battery material retention and modernizing the world’s grid,” said Chiang.
In addition to the Coquitlam manufacturing site, Moment Energy operates newly constructed a gigafactory in the United States.
Backed by a US$20 million grant from the U.S. Department of Energy, Moment’s facility is the world’s first dedicated to repurposing EV batteries.