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Moment Energy Secures US$15 Million Series A Funding to Build World’s First Second-Life Gigafactory in the U.S.
Funding co-led by Amazon Climate Pledge Fund and Voyager Ventures to accelerate production of high-performing Battery Energy Storage Systems (BESS) from repurposed EV batteries
Series A brings Moment Energy’s financing in the last three months alone to over US$40 Million with US$52 million raised to date
VANCOUVER, BC - JANUARY 16, 2024 - Moment Energy, one of North America’s leading EV battery repurposing companies, today announced the close of its US$15 million Series A funding round. The round was co-led by the Amazon Climate Pledge Fund and Voyager Ventures.
Moment Energy’s battery energy storage systems (BESS) can be deployed in projects ranging from 400 kilowatt hours (kWh) to 10 megawatt hours (MWh), targeting an intermediate market segment that is currently underserved but crucial to the clean energy transition. Designed to serve commercial and industrial sectors, EV charging infrastructure, and renewable energy integration, the company is strategically positioned to capitalize on the convergence of rising EVs and renewable energy sources. This market presents a projected total addressable market (TAM) for battery energy storage exceeding $150 billion by 2030 fueled by an anticipated global demand of 1.2 terawatt hour (TWh). With 953 gigawatt hour (GWh) of second-life batteries projected to be available for repurposing by 2030, Moment Energy has a significant opportunity to leverage this growing resource and meet the increasing demand for sustainable energy storage solutions.
This new investment will support Moment Energy’s plan to construct the world’s first gigafactory dedicated to repurposing electric vehicle (EV) batteries in the United States. The landmark project - which was awarded US$20.3 Million from the US Department of Energy in October 2024 - is expected to create over 250 skilled jobs in clean technology and renewable energy and bolster North America’s lithium security to support the increasing demand for commercial and industrial (C&I) energy storage and EV charging infrastructure.
“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.”
Moment Energy plans to leverage the new funding to expand to gigawatt hour scale manufacturing of second-life battery supply. The company will seek to double the size of its Vancouver headquarters facilities and team, further strengthening its ability to serve automaker partners across the world. As a trusted second-life partner for numerous leading automakers, Moment Energy provides a high-performing, sustainable and cost effective alternative to battery recycling, aligning with the automotive industry’s sustainability goals while reducing overall dependency on new raw materials. This second-life approach allows Moment Energy to offer energy storage solutions at prices up to 30% lower than traditional, first-life battery systems.
“Moment’s second-life battery solution addresses a growing recycling challenge to offer an elegant solution to scalable energy storage,” said Nick Ellis, Principal at the Amazon Climate Pledge Fund. “We’re excited to work with Moment to deploy more sustainable energy solutions and reshape the energy landscape.”
“Moment Energy's approach tackles two pressing challenges - reducing the cost of energy storage deployment while creating a sustainable solution for end-of-life EV batteries," said Leonardo Banchik, Investment Director at Voyager Ventures. "The company’s advanced battery management technology and strategic partnerships enable commercial, industrial, and utility-scale customers to access reliable, long-lasting energy storage at compelling price points. We're excited to support Moment Energy as they scale their solution and help transform the energy storage landscape, starting with North America.”
In addition to Amazon Climate Pledge Fund and Voyager Ventures, this funding round received participation from In-Q-Tel (IQT), Version One Ventures, Overture Ventures, WovenEarth Ventures, Fika Ventures, MCJ, One Small Planet, and Climate Capital.
About Moment Energy
Moment Energy is North America's leading EV battery repurposing company creating clean, affordable, and reliable battery energy storage systems (BESS) by repurposing retired electric vehicle batteries. Moment Energy works with major automotive companies, including Mercedes Benz Energy, to support circular economy goals and ensure their batteries are safely used in second-life applications before they are recycled. The team supports utilities, microgrids and commercial customers to improve grid reliability, power EV charging stations and reduce demand charges, all with a sustainable and performant BESS solution made from repurposed EV batteries.
For more information, please visit - https://www.momentenergy.com
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Claus Eckbo, Owner, God’s Pocket Resort
Off-Grid, Port Hardy, British Columbia
Moment Energy Flora BESS
66% reduction in diesel usage
PROBLEM
Preserving the "Rustic Feel"
God’s Pocket Resort stands as a world-renowned destination for cold-water diving and kayaking, nestled on a remote island accessible only by boat. For over 100 years, the area has served as a refuge for sailors and fishermen, and today the resort continues that tradition of sanctuary by offering adventurers a rustic, immersive experience far from the grid.
However, operating off-grid presented a loud and expensive problem. For years, the resort relied entirely on a traditional setup utilizing lead-acid battery banks and diesel generators.
"It’s the traditional way to set things up, but it poses many challenges with running larger machinery and having heavy energy demands."
Claus Eckbo, Owner of God’s Pocket Resort
The constant hum of generators distracted from the natural beauty guests came to see, and the logistics of transporting thousands of litres of diesel to a remote island proved both costly and risky. Claus required a solution capable of handling the resort’s heavy energy load, including the kitchen, dive compressors, and guest lodging, without compromising the environment he and visiting guests cherished.
SOLUTION
Designed to evolve.
Claus partnered with Moment Energy to install the Flora battery energy storage system, a repurposing-first energy storage solution designed to withstand the rigors of remote operation. Three years and 1,000 cycles later, the resort operates on a completely different rhythm. Since the initial installation, Claus has successfully upgraded the resort’s infrastructure by integrating a new solar array that feeds directly into the BESS. This solar upgrade allows the batteries to charge from the sun, further reducing dependency on the generator in keeping operations running.
"The impact on the environment is significantly lower, I started to realize how quiet the machinery is because we’re not having to run the generators at the same time."
Claus Eckbo, Owner of God’s Pocket Resort
The system has done more than maintain the status quo. It has enabled growth and proven itself as a reliable partner in the resort's evolution, integrating seamlessly as Claus continues to invest in elevating the immersive, natural experience guests value most.
SUPPORT
Built to last.
This summer, Moment Energy's team made the trip to God's Pocket to conduct routine maintenance on the battery system. Lauren Boers, Application Engineer, and Jarod Krane, Electrical Engineer, spent time on-site ensuring the system was operating to Moment Energy’s high performance standards and integrating smoothly with the resort's recent upgrades.
“The energy solution now, it completely changed the game, very impressed with Moment Energy and their entire team's commitment to ensuring that their solution is something that will last a very long time.”
Claus Eckbo, Owner of God’s Pocket Resort
This hands-on approach reflects Moment Energy's customer-first core philosophy and commitment to long-lasting, sustainable solutions. Each battery module in God’s Pocket once powered an electric vehicle and was given a second life through rigorous testing, certification, and engineering at Moment Energy’s facility. The result is a clean, reliable, and affordable system that supports Claus’s vision for the future of his resort.
"Being a local company, we have the opportunity to build these relationships and come out to client sites to provide the maintenance that keeps the batteries operating year after year, it's something we really pride ourselves in."
Lauren Boers, Applications Engineer at Moment Energy
As Moment Energy advances the next-generation of its Luna and Nova systems, with higher energy density and modular swappability, the team remains just as focused on supporting customers beyond, and even before, installation. Grounded in a mission to make clean energy attainable and affordable, Moment Energy helps facilities secure BC Hydro incentives, federal tax credits, and financing support that routinely reduce project costs to less than 10% of the total capital investment.
For Claus and operations like God’s Pocket, it means having a partner that is committed not only to innovative technology but also to the long-term success of the project.
FUTURE
Powering what comes next.
As God's Pocket Resort enters its next phase of operation, the Moment Energy system continues to function as the backbone of its infrastructure. The 1,000th cycle marks just the beginning of a long lifespan that Claus expects will serve the resort's evolving needs for years to come. For remote operations facing similar challenges, whether resorts, research stations, or industrial sites, and more, God's Pocket demonstrates that battery energy storage isn't just about reducing costs. It's about building resilient, adaptable energy systems that improve operations today while supporting growth tomorrow. And with over 1,000 cycles behind it, this system is just getting started.
