Vancouver's Moment Energy backed by Amazon with USD $15 million raise

Have you ever wondered what happens to electric vehicle (EV) batteries when they retire? With demand on the rise — almost 14 million battery powered vehicles were sold in 2023 — it’s a question worth asking.

If you talk to Coquitlam-based Moment Energy, the answer is not only recycling the batteries, but repurposing them into clean, affordable battery energy storage systems that power EV charging stations and support utilities, microgrids, and commercial customers.

The close of the company’s USD S$15 million Series A funding round, co-led by Amazon Climate Pledge Fund and Voyager Ventures, suggests that Moment Energy may be on to something.

“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.”

The funding will support Moment Energy’s plans to build the world’s first gigafactory dedicated to repurposing EV batteries, located in Taylor, Texas. With a USD $20.3 million commitment from the U.S. Department of Energy, Moment says the gigafactory will increase lithium security in North America and support growing demand for commercial and industrial energy storage and EV charging infrastructure. The project is expected to create more than 250 jobs in cleantech and renewable energy. 

Moment’s battery energy storage systems support projects ranging from 400 kilowatt hours to 10 megawatt hours, meaning that they can be deployed in commercial and industrial sectors like airports, mining operations, data centres, and manufacturing facilities. 

Last February,  Vancouver International Airport (YVR) chose Moment Energy’s  battery energy storage system to provide reliable, high speed charging capacity for both the public and fleet vehicles at the airport. The $800,000 project, with $386,500 in funding from B.C.’s Integrated Marketplace, was said to help YVR address critical energy needs, especially in areas lacking electrical infrastructure or experiencing excessive peak demand loads, while at the same time promoting sustainability by repurposing retired batteries.

Moment Energy also teamed up with Montreal’s TUGLIQ Energy last June to deploy its battery energy storage systems for the Canadian Department of National Defense. The project was designed to reduce fuel consumption at relocatable temporary camps.

On LinkedIn, the company wrote that its electric storage systems, “paired with a solar array and wind turbine, has reduced fuel needs at these camps by at least 33 percent. The results demonstrate our capability to minimize diesel consumption and provide worldwide access to clean, affordable, and reliable power.”

In addition to Moment Energy’s U.S. gigafactory, the Series A funding will also go towards doubling the size of its Vancouver headquarters’ facilities and team, which the company says will further strengthen its ability to serve automaker partners.

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