Moment Energy Secures US$15 Million Series A Funding to Build World's First Second-Life Gigafactory in the U.S.

Funding co-led by Amazon Climate Pledge Fund and Voyager Ventures to accelerate production of high-performing Battery Energy Storage Systems (BESS) from repurposed EV batteries

Series A brings Moment Energy's financing in the last three months alone to over US$40 Million with US$52 million raised to date

VANCOUVER, BC, Jan. 16, 2025 /PRNewswire/ - Moment Energy, one of North America's leading EV battery repurposing companies,  today announced the close of its US$15 million Series A funding round. The round was co-led by the Amazon Climate Pledge Fund and Voyager Ventures.

Moment Energy's battery energy storage systems (BESS) can be deployed in 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. Designed to serve commercial and industrial sectors, EV charging infrastructure, and renewable energy integration, the company is strategically positioned to capitalize on the convergence of rising EVs and renewable energy sources. This market presents a projected total addressable market (TAM) for battery energy storage exceeding $150 billion by 2030 fueled by an anticipated global demand of 1.2 terawatt hour (TWh). With 953 gigawatt hour (GWh) of second-life batteries projected to be available for repurposing by 2030, Moment Energy has a significant opportunity to leverage this growing resource and meet the increasing demand for sustainable energy storage solutions.

This new investment will support Moment Energy's plan to construct the world's first gigafactory dedicated to repurposing electric vehicle (EV) batteries in the United States. The landmark project - which was awarded US$20.3 Million from the US Department of Energy in October 2024 - is expected to create over 250 skilled jobs in clean technology and renewable energy and bolster North America's lithium security to support the increasing demand for commercial and industrial (C&I) energy storage and EV charging 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," 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."

Moment Energy plans to leverage the new funding to expand to gigawatt hour scale manufacturing of second-life battery supply. The company will seek to double the size of its Vancouver headquarters facilities and team, further strengthening its ability to serve automaker partners across the world. As a trusted second-life partner for numerous leading automakers, Moment Energy provides a high-performing, sustainable and cost effective alternative to battery recycling, aligning with the automotive industry's sustainability goals while reducing overall dependency on new raw materials. This second-life approach allows Moment Energy to offer energy storage solutions at prices 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 Amazon Climate Pledge Fund and Voyager Ventures, this funding round received 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 North America's leading EV battery repurposing company creating clean, affordable, and reliable battery energy storage systems (BESS) by repurposing retired electric vehicle batteries. Moment Energy works with major automotive companies, including Mercedes Benz Energy, to support circular economy goals and ensure their batteries are safely used in second-life applications before they are recycled. The team supports utilities, microgrids and commercial customers to improve grid reliability, power EV charging stations and reduce demand charges, all with a sustainable and performant BESS solution made from repurposed EV batteries.

For more information, please visit - https://www.momentenergy.com/ 

SOURCE Moment Energy