Moment Energy Secures Major Series A Funding to Innovate Battery Energy Storage Solutions
Significant investment from Amazon Climate Pledge Fund and Voyager Ventures aims to boost production of Battery Energy Storage Systems (BESS) using repurposed EV batteries
With this latest Series A round, Moment Energy’s recent financing totals over US$40 Million, bringing their cumulative funding to US$52 million
VANCOUVER, BC, Jan. 16, 2025 /PRNewswire/ – A major milestone for Moment Energy, a North American leader in the repurposing of electric vehicle batteries, was reached with the conclusion of their US$15 million Series A funding round. This round was spearheaded by both the Amazon Climate Pledge Fund and Voyager Ventures.
The battery energy storage systems developed by Moment Energy have the capacity for deployment in projects ranging from 400 kilowatt hours (kWh) to 10 megawatt hours (MWh). This positions the company to address a currently underserved market segment critical to advancing clean energy. These systems are designed to support industries, EV charging networks, and renewable energy integration, creating opportunities amid the rising convergence of electric vehicles and renewable energy sources. The potential total addressable market for battery energy storage is expected to surpass $150 billion by 2030, driven by a projected global demand of 1.2 terawatt hours (TWh). By 2030, there are an estimated 953 gigawatt hours (GWh) of second-life batteries available for repurposing, giving Moment Energy a significant opportunity to meet growing demands for sustainable energy storage.
This financial boost will enable Moment Energy to establish the world’s first gigafactory dedicated to repurposing electric vehicle batteries in the United States. This ambitious project, which received US$20.3 Million from the US Department of Energy in October 2024, is anticipated to create over 250 skilled jobs in clean technology and renewable energy, enhancing North America’s lithium security and supporting the burgeoning demand for commercial and industrial energy storage and EV infrastructure.
“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,” stated Edward Chiang, CEO of Moment Energy. “By providing a new path for second-life batteries, we’re able to enhance grid stability, increase lithium security in North America, and support renewable energy integration. We serve as a catalyst for an exciting new circular economy that increases energy security as energy demand rises.”
Moment Energy aims to utilize the new funding to expand to gigawatt hour scale manufacturing of their second-life battery supply. Plans include doubling the size of their Vancouver headquarters and team, strengthening their capability to serve global automotive partners. As a reliable second-life partner for numerous leading automakers, Moment Energy provides a high-performing, sustainable, and cost-effective alternative to traditional battery recycling, aligning with automotive industry sustainability goals and reducing reliance on new raw materials. Their second-life battery systems are offered at prices up to 30% lower than those of new battery systems.
“Moment’s second-life battery solution addresses a growing recycling challenge to offer an elegant solution to scalable energy storage,” said Nick Ellis, Principal at the Amazon Climate Pledge Fund. “We’re excited to work with Moment to deploy more sustainable energy solutions and reshape the energy landscape.”
“Moment Energy’s approach tackles two pressing challenges – reducing the cost of energy storage deployment while creating a sustainable solution for end-of-life EV batteries,” remarked Leonardo Banchik, Investment Director at Voyager Ventures. “The company’s advanced battery management technology and strategic partnerships enable commercial, industrial, and utility-scale customers to access reliable, long-lasting energy storage at compelling price points. We’re excited to support Moment Energy as they scale their solution and help transform the energy storage landscape, starting with North America.”
The funding round also saw participation from In-Q-Tel (IQT), Version One Ventures, Overture Ventures, WovenEarth Ventures, Fika Ventures, MCJ, One Small Planet, and Climate Capital.
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About Moment Energy
Moment Energy is a leading EV battery repurposing company in North America, focused on delivering clean, affordable, and reliable battery energy storage systems by reusing retired electric vehicle batteries. Partnering with major automotive companies like Mercedes Benz Energy, Moment Energy supports circular economy goals, ensuring that batteries are safely utilized in second-life applications before recycling. Their solutions enhance grid reliability, power EV charging stations, and reduce demand charges with sustainable storage systems crafted from repurposed EV batteries.
For more information, please visit – https://www.momentenergy.com/
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SOURCE Moment Energy
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