Moment Energy raises $40M in Series B

Moment Energy, a firm repurposing used electric vehicle batteries for energy storage, has secured $40 million in a Series B funding round led by Evok Innovations. This capital injection is intended to finance the construction of a significant manufacturing facility in Texas and to expand its workforce substantially.

Founded in 2019 by Simon Fraser University alumni, Moment Energy has now raised over $100 million in total. The company is capitalizing on the growing demand for energy storage solutions, which are increasingly pivotal for sectors such as data centers, utilities, residential, and industrial applications. It is embarking on building a 200,000-square-foot factory near Austin, which is expected to boost its employee count from more than 70 to 250 once operational. Moment Energy’s systems are derived from used electric vehicle batteries, which typically retain 70-80% of their initial capacity even after a decade or two of automotive service. These batteries are reconfigured for stationary use, claiming a lifespan of up to 30 years, and have secured multiple safety certifications that the company points to as a competitive edge.

The funding round saw additional participation from Liberty Mutual Investments, W23 Global Fund, and Acario, the venture arm of Tokyo Gas, as well as existing backers like Amazon’s Climate Pledge Fund, Voyager Ventures, and In-Q-Tel. Marty Reed, a partner at Evok Innovations, highlighted Moment Energy’s unique position in balancing safety and scalability, underscoring its capability to deploy energy storage systems on a large scale.

Moment Energy is emerging in a competitive landscape where other enterprises like Redwood Materials and RePurpose Energy also vie for dominance in battery repurposing. Meanwhile, companies such as Cirba Solutions, Ascend Elements, Li-Cycle, and Ecobat are active in the battery recycling arena. The demand for sustainable energy solutions is driving innovation and investment across this sector.

The company's next steps include the completion of its gigafactory in Austin, which is pivotal to its ambitions of scaling operations and meeting growing market demands. This development phase will be crucial, as achieving full operational capability is expected to assert Moment Energy's influence in the energy storage sector.