Moment Energy, a North American EV battery repurposing company, 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.
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 (awarded $20.3M from the US Department of Energy in October 2024) is expected to create over 250 skilled jobs in clean technology and renewable energy, bolstering North America’s lithium security to support the increasing demand for commercial and industrial (C&I) energy storage and EV charging infrastructure.
Moment Energy’s battery energy storage systems (BESS) can be deployed in projects ranging from 400 kilowatt hours (kWh) to 10 megawatt hours (MWh). They’re designed to serve commercial and industrial sectors, EV charging infrastructure, and renewable energy integration.
With 953 gigawatt hours (GWh) of second-life batteries projected to be available for repurposing by 2030, Moment has a significant opportunity to leverage this growing resource and meet the increasing demand for sustainable energy solutions.
This second-life approach allows Moment Energy to offer energy storage solutions at prices up to 30% lower than traditional, first-life battery systems. The company plans to leverage the new funding to expand to gigawatt-hour scale manufacturing of second-life battery supply. It also plans to double the size of its Vancouver headquarters facilities and team.
Filed Under: Technology News