Canada's Moment Energy Secures $40 Million in Series B Funding to Expand Second-Life Battery Production Capacity in North America

en.Wedoany.com Reported - Moment Energy, a company focused on repurposing electric vehicle batteries, recently announced the completion of a $40 million Series B funding round. This brings the company's total cumulative financing to over $100 million. The round was led by Evok Innovations, with participation from Liberty Mutual Investments, W23 Global Fund, and Acario (the venture capital arm of Tokyo Gas). Existing investors Amazon Climate Pledge Fund, Voyager Ventures, and In-Q-Tel also participated in this round.

The funds will be used to accelerate Moment Energy's manufacturing expansion in North America, grow its specialized team, and increase production capacity in the U.S. and Canada to meet rapidly growing demand from data center, utility, and industrial customers. Concurrently, the capital will drive the large-scale deployment of advanced commercial energy storage systems, positioning the company as a key infrastructure provider in the transition to a more resilient domestic power system.

This Series B funding comes at a time when the growth of artificial intelligence and data centers is putting pressure on aging grid infrastructure, making power supply a critical constraint. Moment Energy addresses both grid and supply chain challenges by utilizing electric vehicle batteries already on North American roads. Co-founder and CEO Edward Chiang stated: "As energy demand continues to grow, Moment Energy is focused on a single mission: increasing grid resilience and lowering energy costs. We are building the next generation of energy infrastructure that can be deployed rapidly, manufactured domestically, and powered by existing battery resources."

Moment Energy has advanced battery repurposing from experimental applications to commercial deployment, achieving UL 1974 and UL 9540A safety certifications. This makes it the only supplier capable of deploying second-life battery energy storage systems in built environments without requiring special exemptions. Its proprietary battery pack-swapping architecture extends system life to 30 years, which, combined with tax incentives, can reduce net costs by up to three times, enabling a levelized cost as low as 3 cents per kilowatt-hour for industrial users.

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