Vancouver, BC - Clean energy startup Moment Energy has raised a $3.5 million seed round of funding. The company creates sustainable battery energy storage systems by repurposing retired electric vehicle batteries. The investment round was led by Version One Ventures with participation from Fika Ventures, Garage Capital and MCJ Collective.
“We are really excited to have investors that are passionate about making Gigawatt-hours worth of positive environmental and social impact through investing in our team and technology. We believe that clean energy is a fundamental right for everyone around the world, and we are working hard to make this a reality,” said Edward Chiang, co-founder and CEO of Moment Energy.
“This investment allows us to deploy even more up-cycled EV batteries to industries in need of clean and reliable energy through our partnerships with the world leading automakers for electric vehicles.”
Chiang co-founded Moment Energy in early 2020 with Sumreen Rattan, Gabriel Soares, and Gurmesh Sidhu, a team of technology entrepreneurs who previously worked together to design and create electric race vehicles. The team has since tripled their team size and established an office and manufacturing facility in British Columbia, Canada. Their battery energy storage systems (BESSs) have been deployed at multiple remote sites across Canada to help reduce diesel consumption and enable the use of renewable energy.
“Moment Energy is uniquely positioned to address three large and rapidly growing global challenges: electric vehicle (EV) battery waste, BESS demand growth, and global lithium material shortage,” said Sumreen Rattan, co-founder and COO of Moment Energy.
“We are proving that repurposing EV batteries is not only the ethical thing to do, but makes economic sense since there is such a huge demand for battery energy storage systems in the market. It prevents the need for premature recycling as many of these batteries can still be used for another decade in applications outside of the vehicle. We are seeing a need for our solution in applications which range from powering remote communities to enabling utilities to meet the power demands for EV charging.”
Moment Energy plans to use the seed funding to grow the team, continue serving the off-grid market, and further commercialize its battery energy storage systems to expand into on-grid commercial and industrial applications. The company is actively recruiting new candidates to join the team and work together on a mission to provide worldwide access to clean, reliable and affordable energy.
Moment Energy is a cleantech startup creating clean, affordable, and reliable battery energy storage systems (BESS) by repurposing retired electric vehicle batteries. Its Flora BESS help utilities, microgrids and commercial customers improve grid reliability and replace fossil fuel consumption with renewable energy. Its Flora BESS provides flexibility and efficiency to fuel their customer's success, whether it's optimizing energy costs, powering EV charging stations, or integrating renewable sources.
Do you want to learn more about what we can do? Click here to book a consultation.
As Moment Energy’s COO and co-founder, Sumreen leads the supply chain and marketing teams. She is responsible for the company’s supply relationships with the world’s largest auto manufacturers, and leads marketing efforts to establish Moment Energy as their trusted partner for repurposing end of life EV batteries.