Moment Energy, a leading electric vehicle (EV) battery repurposing company in North America, has announced the successful close of a $15 million Series A funding round. The round was co-led by the Amazon Climate Pledge Fund and Voyager Ventures. This significant investment will support the company’s plans to construct the world’s first gigafactory dedicated to repurposing EV batteries in the United States.
The gigafactory project, which received $20.3 million from the U.S. Department of Energy in October 2024, is expected to create over 250 skilled jobs in clean technology and renewable energy. The facility aims to bolster North America’s lithium security and meet the growing demand for commercial and industrial energy storage, as well as EV charging infrastructure.
Moment Energy’s battery energy storage systems (BESS) are designed for projects ranging from 400 kilowatt-hours (kWh) to 10 megawatt-hours (MWh), targeting an intermediate market segment that is currently underserved but crucial to the clean energy transition. These systems support commercial and industrial sectors, EV charging infrastructure, and renewable energy integration. With a projected total addressable market for battery energy storage exceeding $150 billion by 2030, driven by an anticipated global demand of 1.2 terawatt-hours (TWh), Moment Energy is strategically positioned to capitalize on this growth. Additionally, with an estimated 953 gigawatt-hours (GWh) of second-life batteries expected to be available for repurposing by 2030, the company has a significant opportunity to leverage this resource.
“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,” said 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.”
The new funding will enable Moment Energy to expand its manufacturing to gigawatt-hour scale and double the size of its Vancouver headquarters and team. As a trusted second-life partner for several leading automakers, the company offers a high-performing, sustainable, and cost-effective alternative to battery recycling. This approach aligns with the automotive industry’s sustainability goals and reduces dependency on new raw materials. Moment Energy’s second-life energy storage solutions are priced up to 30% lower than traditional first-life 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,” said 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.”
In addition to the Amazon Climate Pledge Fund and Voyager Ventures, the funding round saw participation from In-Q-Tel (IQT), Version One Ventures, Overture Ventures, WovenEarth Ventures, Fika Ventures, MCJ, One Small Planet, and Climate Capital.
Source: Moment Energy
