Moment Energy has closed an oversubscribed US$40 million Series B, bringing total capital raised to over $100 million. The funding will accelerate the expansion of the company's North American manufacturing footprint and scale production capacity to meet growing demand from data centres, utilities, and industrial customers. The company is also building what it describes as the world's largest second-life battery factory in Texas.

Founded in 2019 by four engineers in a Surrey garage, Moment Energy has built its platform around a straightforward premise: used EV batteries already on North American roads are a significant domestic energy resource that largely goes to waste. Rather than sending used batteries to recycling or landfill, the company repurposes them into battery energy storage systems for commercial and industrial use.

"As energy demand continues to increase, Moment Energy is focused on one mission: improving grid resilience and reducing energy costs," said Edward Chiang, co-founder and CEO. "We are building a new generation of energy infrastructure that can be deployed rapidly, manufactured domestically and powered by existing battery resources."

The technology has reached a meaningful milestone. Moment Energy says it is currently the only provider able to deploy second-life battery storage systems in the built environment without special dispensations, having achieved UL 1974 and UL 9540A safety certifications. Its proprietary pack-swapping architecture extends system lifespan to approximately 30 years, compared to the typical 15-year lifecycle, which the company says reduces cycling costs to as low as three cents per kilowatt-hour for industrial users.

The Series B was led by Evok Innovations, with participation from Liberty Mutual Investments, W23 Global Fund, and Acario, the corporate venture capital arm of Tokyo Gas. Existing investors Amazon's Climate Pledge Fund, Voyager Ventures, and In-Q-Tel also participated.