Canada’s Moment Energy lands $15m for US second-life battery gigafab

Canadian second-life battery company Moment Energy has secured a further $15 million toward its aim of developing an electric vehicle (EV) battery repurposing gigafatory in the United States.

The Vancouver-based business, which uses ex-EV batteries to produce 400 kWh to 10 MWh stationary battery energy storage systems (BESS), secured $20.3 million from the US Department of Energy in October and topped up that figure with a series A funding round in mid-January.

Announcing the January fundraising exercise result, Moment said it would use the income to double the size of its team and facilities in Vancouver.

Moment’s BESS are aimed at commercial and industrial energy use as well as integrating renewable energy into grids and offering EV charging facilities and the company said they can cost up to 30% less than new BESS.

The Climate Pledge Fund division of e-retailing giant Amazon led the series A funding round alongside San Francisco-based early-stage climate technology investor Voyager Ventures.

“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.”

Other participants in the fundraising exercise were US-based climate technology investors Overture Ventures, Woven Earth Ventures, Fika Ventures, MCJ, and Climate Capital; European-owned One Small Planet; Vancouver’s Version One Planet; and Arlington, Virginia-based In-Q-Tel, which invests in companies whose technology can benefit the United States intelligence services.