NorthX Climate Tech has invested another $3 million in Moment Energy, backing the B.C. company’s efforts to bring more second-life battery storage systems into commercial deployment.
The follow-on investment is aimed at solving a common but often overlooked challenge in clean energy deployment: the gap between when project costs are incurred and when project revenues arrive.
Moment Energy repurposes retired electric vehicle batteries into energy storage systems for customers including data centres, hospitals, industrial facilities, and microgrids. The company’s systems offer a domestic, circular approach to battery storage at a time when demand for resilient, lower-carbon energy infrastructure is growing across North America.
NorthX’s latest investment will provide working capital for multiple energy storage deployments in British Columbia, helping Moment Energy cover the upfront cost of designing, permitting, engineering, procuring, and constructing systems before customer payments and incentive reimbursements are received.
The funding is tied to BC Hydro’s Energy Storage Incentive program, which supports commercial and industrial customers adopting battery storage systems. While the program helps improve project economics, costs are largely reimbursed after they are incurred, leaving a financing gap that can delay or prevent commercially ready projects from moving ahead.
“This is a challenge we see across the sector,” said Sarah Goodman, President and CEO of NorthX Climate Tech. “A fast-growing hard tech company has to spend on materials, assembly, and installation months before it gets paid. Without capital to bridge that gap, commercially ready projects with signed customers and proven technology don’t get built — not for lack of demand, but for lack of financing.”
The $3 million commitment includes a $500,000 grant and $2.5 million in repayable funding, supporting a total project budget of $8 million. NorthX says the investment is catalytic by design: by financing projects backed by signed customer contracts and government incentives, it can help demonstrate a repeatable model for deploying and repaying second-life storage projects.
In doing so, NorthX is not only supporting Moment Energy’s near-term deployments, but also helping build a financing playbook for a broader battery storage market.
“When you’re building and deploying physical systems, the cash goes out long before it comes back,” said James Brady, Vice President of Finance at Moment Energy. “NorthX understands the financial challenges facing emerging clean energy technologies and has been willing to invest where traditional lenders are still building familiarity with the sector.”
Brady said many lenders remain cautious around first-of-a-kind projects, creating a constraint on the adoption of clean energy solutions. Support from NorthX, he added, helps Moment Energy deliver on contracts already signed while showing the broader lending market that second-life battery storage can be a bankable asset class.
NorthX’s relationship with Moment Energy dates back to 2022, when it provided $600,000 to support commercialization of the company’s proprietary battery management system. A second investment of nearly $900,000 in 2023 supported the development of storage systems built to operate in extreme weather conditions.
The latest investment comes during a period of rapid growth for Moment Energy. Earlier this month, the company announced a US$40 million Series B round led by Evok Innovations, bringing total capital raised to more than US$100 million.
Moment Energy has also built what it says is the world’s largest certified second-life battery repurposing megafactory in Surrey, B.C. The facility is expected to be fully operational by the end of June 2026, with capacity to repurpose 25,000 EV batteries annually and create more than 100 skilled local jobs. The company expects the facility to reach one gigawatt-hour of capacity by 2030.
The investment also comes amid growing concern over battery supply chains and energy security. With much of global battery manufacturing concentrated in China, Moment Energy’s model of sourcing retired EV batteries from North American automakers and manufacturing domestically under UL safety certification gives Canada a potential strategic advantage in the emerging storage economy.
“Canada has what the world needs to power the clean economy; from critical minerals to cutting-edge battery innovation,” said Randeep Sarai, Secretary of State for International Development and Member of Parliament for Surrey Centre. “By supporting B.C. companies like Moment Energy through NorthX, we’re creating good-paying jobs, strengthening our economy, and building a more secure, made-in-Canada battery supply chain.”
Ravi Kahlon, B.C.’s Minister of Jobs and Economic Growth, said Moment Energy aligns with the province’s Look West strategy to build a more resilient economy and attract global investment.
“It’s fantastic seeing a B.C. startup like Moment Energy becoming a globally competitive clean tech leader that is building the infrastructure Canada needs for a secure, more independent and environmentally friendly energy future,” said Kahlon.
At scale, the NorthX-backed project is forecast to reduce greenhouse gas emissions by 31,600 tonnes of CO₂e annually and support 260 jobs, including 200 in British Columbia.