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.”
This week, Moment announced investment from Copec WIND Ventures, the strategic venture capital arm of Latin American energy leader Copec.
The investment is also the start of a commercial partnership focused on deploying gigawatt-hours of second-life battery energy storage projects across Latin America and Europe.
Through the partnership, Moment Energy and Copec will deploy 45 megawatt-hours of near-term projects across commercial and industrial applications, expanding to an additional 300 MWh by repurposing batteries from Chile’s electric bus fleet.
“Partnering with Copec represents a pivotal milestone for Moment Energy,” stated Edward Chiang, a cofounder of Moment Energy. “Together, we’re deploying in Latin America and Europe, demonstrating how local repurposing can reduce supply chain dependencies, enhance energy security, and accelerate the global transition to clean, affordable, and reliable energy.”
Moment Energy’s mission is transforming retired electric vehicle batteries into battery energy storage systems.
The Coquitlam 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.
To date, Moment Energy has raised a total of nearly $60 million from Amazon Climate Pledge Fund, Voyager Ventures, Copec WIND Ventures, and more, as well as $30 million in non-dilutive funding from Canadian and U.S. governments, including $5M this year from Pacific Economic Development Canada.
“Moment Energy has cracked the code on second-life batteries,” says Brian Walsh, Head of Copec WIND Ventures, “turning what was once waste into safe, cost-effective, UL-certified storage systems.”
“At WIND Ventures, we see a looming supply gap for stationary energy storage as lithium-ion manufacturing stays focused on EVs,” Walsh continued. “This partnership not only expands Moment’s commercial traction in Latin America but also strengthens domestic supply chains for energy storage in the Americas and Europe.”
Chile’s electric bus fleet is the second-largest in the world.
“We are excited to be working with one of the world’s leaders in EV bus fleets to enable a true circular economy and ensure all humans have access to clean, affordable, and reliable power,” commented Chiang.