Moment Energy Raises $15M to Build the First Second-Life Battery Gigafactory in the U.S.

Moment Energy, a leader in repurposing electric vehicle (EV) batteries for energy storage, has reached a milestone in its journey to revolutionize the clean energy sector.

The Vancouver-based company has successfully secured $15 million in Series A funding, co-led by the Amazon Climate Pledge Fund and Voyager Ventures.

This latest investment propels the company’s total funding to over $52 million, with $40 million raised in the past three months alone.

The funding will enable Moment Energy to build the world’s first gigafactory dedicated to second-life EV batteries, a venture poised to transform how energy storage solutions are developed and deployed.

About Moment Energy

Moment Energy is at the forefront of EV battery repurposing, creating sustainable and cost-effective Battery Energy Storage Systems (BESS) for commercial, industrial, and utility-scale applications. Partnering with leading automakers like Mercedes-Benz Energy, the company supports a circular economy by giving retired EV batteries a second life before recycling.

Its solutions enhance grid reliability, power EV infrastructure, and reduce demand charges, all while contributing to a more sustainable future.

Addressing a Crucial Market Gap with Innovative Solutions

Moment Energy specializes in creating Battery Energy Storage Systems (BESS) using repurposed EV batteries. These systems, designed for commercial and industrial use, EV charging infrastructure, and renewable energy integration, fill a significant gap in the market by targeting an underserved intermediate segment.

Capable of supporting energy storage projects ranging from 400 kilowatt hours (kWh) to 10 megawatt hours (MWh), the company's technology is perfectly aligned with the burgeoning clean energy transition.

According to market projections, the demand for battery energy storage is expected to surpass 1.2 terawatt hours (TWh) by 2030, creating a total addressable market of over $150 billion.

With 953 gigawatt hours (GWh) of second-life batteries projected to be available for repurposing by that time, Moment Energy is strategically positioned to leverage this growing resource and drive the adoption of sustainable energy solutions.

A Landmark Gigafactory Project

The $15 million Series A funding is a cornerstone in Moment Energy’s ambitious plan to construct the world’s first second-life EV battery gigafactory in the United States.

This project, bolstered by a $20.3 million grant from the U.S. Department of Energy awarded in late 2024, is expected to:

• Create over 250 skilled jobs in the clean technology and renewable energy sectors.
• Enhance North America's lithium security, a critical step in reducing reliance on raw material imports.
• Provide scalable energy storage solutions for the growing demands of commercial and industrial sectors, EV charging networks, and renewable energy infrastructure.

"This funding marks a pivotal milestone for Moment Energy," stated Edward Chiang, CEO of Moment Energy. "We’re proud to lead the charge in repurposing EV batteries into valuable energy storage systems. Our efforts not only bolster grid stability and energy security but also contribute to the creation of a circular economy."

Expanding Operations and Strengthening Partnerships

The new funding will also support the expansion of Moment Energy’s Vancouver headquarters, enabling the company to scale its second-life battery manufacturing to gigawatt-hour levels.

By doubling its operational capacity, the company aims to deepen its partnerships with leading automakers, including Mercedes-Benz Energy, and further establish itself as a trusted provider of sustainable energy solutions.

Moment Energy’s second-life battery systems are cost-effective, offering prices up to 30% lower than first-life battery systems.

These systems also align with the automotive industry's sustainability goals by reducing dependence on newly mined materials and extending the life cycle of EV batteries.

Expert Endorsements and Strategic Impact

The Series A funding round attracted contributions from several notable investors, including In-Q-Tel (IQT), Version One Ventures, Overture Ventures, and others.

These partnerships underscore the confidence in Moment Energy’s innovative approach to tackling two pressing challenges: reducing the cost of energy storage deployment and creating a sustainable solution for end-of-life EV batteries.

"Moment Energy’s second-life battery solution addresses a growing recycling challenge and offers a scalable energy storage alternative," said Nick Ellis, Principal at the Amazon Climate Pledge Fund. "We’re thrilled to support their vision for reshaping the energy landscape with more sustainable solutions."

Leonardo Banchik, Investment Director at Voyager Ventures, added: "Moment Energy’s advanced technology and strategic partnerships empower businesses to access reliable, long-lasting energy storage at competitive price points. This is the future of energy storage."

Pioneering a Circular Economy for Energy Storage

Moment Energy’s mission extends beyond profitability; it is about creating a circular economy that enhances energy security and sustainability.

By working with major automakers to repurpose EV batteries, Moment Energy ensures these resources are utilized in second-life applications before recycling, maximizing their value and environmental benefits.

From powering EV charging stations to stabilizing grids, the company’s high-performance BESS solutions are already making a significant impact.

With the first gigafactory on the horizon, Moment Energy is poised to accelerate the clean energy transition and cement its position as a global leader in second-life battery technology.