Moment Energy Secures $15 Million to Build EV Battery Gigafactory
Moment Energy, a leading North American company specializing in repurposing electric vehicle (EV) batteries, has secured a significant funding round to further its mission of transforming retired EV batteries into valuable battery energy storage systems. The company recently announced the close of its US$15 million Series A funding round, co-led by the Amazon Climate Pledge Fund and Voyager Ventures.
This new investment brings Moment Energy’s total financing in the last three months to over US$40 million, with a cumulative total of US$52 million raised to date. The funding will be instrumental in supporting the company’s ambitious plan to construct the world’s first gigafactory dedicated to repurposing EV batteries in the United States. This 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.
Moment Energy’s battery energy storage systems (BESS) are designed to serve a wide range of applications, including commercial and industrial sectors, EV charging infrastructure, and renewable energy integration. The company’s systems 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.
The market for battery energy storage is projected to exceed $150 billion by 2030, driven by an anticipated global demand of 1.2 terawatt hours (TWh). With 953 gigawatt hours (GWh) of second-life batteries projected to be available for repurposing by 2030, Moment Energy is well-positioned to capitalize on this growing resource and meet the increasing demand for sustainable energy storage solutions.
The new funding will enable Moment Energy to expand its operations and lead the charge in transforming retired EV batteries into valuable battery energy storage systems. The company plans to leverage the new funding to expand to gigawatt hour scale manufacturing of second-life battery supply and double the size of its Vancouver headquarters facilities and team. This will further strengthen its ability to serve automaker partners across the world and provide a high-performing, sustainable, and cost-effective alternative to battery recycling.
Moment Energy’s second-life approach allows the company to offer energy storage solutions at prices up to 30% lower than traditional, first-life battery systems. This aligns with the automotive industry’s sustainability goals while reducing overall dependency on new raw materials. The company’s innovative approach is expected to enhance grid stability, increase lithium security in North America, and support renewable energy integration, serving as a catalyst for an exciting new circular economy that increases energy security as energy demand rises.
The construction of the gigafactory is a significant step forward for Moment Energy and the broader clean energy sector. The project will not only create new jobs but also bolster North America’s lithium security to support the increasing demand for commercial and industrial (C&I) energy storage and EV charging infrastructure. With this new investment, Moment Energy is poised to play a critical role in shaping the future of sustainable energy storage and contributing to a cleaner, more resilient energy landscape.
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