Moment Energy completes funding round for second-life battery factory
EV battery repurposing firm Moment Energy has completed a $40 million Series B funding round, advancing its plans to build the world’s largest second-life battery factory.
The Coquitlam, British Columbia-based company has now raised more than $100 million in total capital for the factory. Led by Evok Innovations, the funding round will accelerate expansion for Moment Energy’s manufacturing footprint across North America, representatives say. The company has long-term goals of solidifying its market position as the leading manufacturer of second-life battery systems.
“As energy demand continues to increase, Moment Energy is focused on one mission: improving grid resilience and reducing energy costs,” says Edward Chiang, co-founder and CEO of Moment Energy. “We are building a new generation of energy infrastructure that can be deployed rapidly, manufactured domestically and powered by existing battery resources.”
The new factory will aim to address the electrical bottleneck created by rising power demand from AI data centers and other large-load structures. With the new capital, Moment will be able to scale specialist teams and boost production capacity across both the U.S. and Canada, and scale deployment of its commercial-size BESS systems.
Deploying second-life batteries at a commercial level
Moment Energy officials say the company is advancing repurposed batteries away from experimental use to commercial-scale deployment. Since beginning the rollout, the firm has achieved multiple safety certifications, including UL 1974 and UL 9540A. This has allowed Moment to be the only provider that is able to deploy second-life BESS systems without “special dispensations.”
“Moment Energy is the only player in the EV battery repurposing industry that has proven safety and scalability are not mutually exclusive,” says Evok Innovations partner Marty Reed. “With a deep understanding of battery health and chemistry, Moment Energy is uniquely positioned to build and deploy high-performance, second-life systems at enormous scale.
“This is a real-world use case for Physical AI: turning complex data into the reliable energy storage needed to power our future.”
With commercial deployment, Moment Energy is “redefining the economics of energy storage,” the company says. The company’s systems extends system lifespan to 30 years, double the normal lifespan of conventional systems.
The firm has developed the world’s most energy-dense second-life BESS systems, which are also FEOC compliant, insurable, and scalable.
