NorthX Climate Tech has made a $3 million follow-on investment in Moment Energy, bringing its total commitment to the Coquitlam-based company to nearly $4.5 million since 2022. The funding is aimed at a structural problem that has slowed clean energy deployment in B.C.: the lag between when companies spend money on projects and when they get paid back.
BC Hydro's Energy Storage Incentive program supports commercial and industrial customers adopting battery storage, but it reimburses costs largely after they've already been incurred. For a company like Moment Energy, that means carrying the upfront costs of design, permitting, engineering, and installation — sometimes for months — before seeing any return. NorthX's investment is intended to cover that gap while Moment Energy completes its first deployments under the program.
"Many lenders remain cautious around first-of-a-kind projects, and that's a major constraint holding back the adoption and deployment of important clean energy solutions," said James Brady, vice-president of finance at Moment Energy.
NorthX has framed the investment as more than a one-off fix. The goal is to show that projects of this kind can be financed, delivered, and repaid — establishing a model that could make it easier for other companies in the sector to access capital.
"Without capital to bridge that gap, commercially ready projects with signed customers and proven technology don't get built — not for lack of demand, but for lack of financing," said Sarah Goodman, president and CEO of NorthX.
The investment follows Moment Energy's US$40 million Series B announced earlier this month, which brought total capital raised to over US$100 million. The company also opened a megafactory in Surrey this month capable of repurposing 25,000 EV batteries annually, with the company projecting 260 jobs at scale, 200 of them in B.C.
NorthX's relationship with Moment Energy goes back to 2022, starting with $600,000 to support the company's battery management system, followed by nearly $900,000 in 2023 for cold-weather storage systems. The latest investment is the largest of the three.