Moment Energy, a company repurposing used electric vehicle batteries into commercial-scale energy storage systems, has raised over $40 million in a Series B round led by Evok Innovations. The funding will support expansion of facilities and hiring across Canada and the US, addressing growing demands from data centers and utilities.
- Raised $40M Series B to grow manufacturing in Canada and US
- Plans to add 300 jobs within 18 months
- Targets rising energy storage needs from data centers and utilities
What happened
Moment Energy announced a successful Series B fundraising round exceeding $40 million USD, led by Vancouver-based Evok Innovations. Other participants included Liberty Mutual Investments, W23 Global Fund, and Acario, among others, bringing the company’s total funding over $100 million since its 2020 inception. The company specializes in repurposing end-of-life EV batteries into commercial battery energy storage systems (BESS), extending battery lifespan significantly and preventing landfill waste.
The funds are earmarked primarily for scaling up manufacturing facilities and staffing in both Canada and the United States. Moment Energy is currently retrofitting a facility in Austin, Texas to bolster its US presence. Hiring plans target an increase of 300 employees over the next 18 months to support this expansion and meet growing demand.
Why it matters
Moment Energy’s approach addresses two critical challenges in the transition to sustainable energy infrastructure: extending the useful life of electric vehicle batteries and providing reliable large-scale energy storage. By effectively doubling battery system longevity to 30 years, the company enhances sustainability and cost-efficiency, while diverting batteries from landfills, which could otherwise pose environmental risks.
The growing energy requirements of artificial intelligence applications and data centers in North America put increased pressure on the energy grid. Moment Energy’s commercial energy storage solutions offer utilities and industrial customers a pathway to a more resilient, domestically powered grid. The company’s expansion also aligns with broader trends in cleantech investment and innovation, signaling increased confidence in battery reuse technologies.
What to watch next
Key developments will include the completion and operational launch of Moment Energy’s Texas battery repurposing facility, which will serve as a significant driver of production capacity and local job creation. The company’s ability to scale manufacturing efficiently while maintaining safety and operational cost advantages will be critical to fulfilling rising demand from North American data centers and utilities.
Investors and industry watchers will also look for updates on Moment Energy’s technological advancements, particularly efforts to enhance battery safety, lifecycle management, and reduce maintenance costs. The company’s growth and innovation will be insightful indicators of the viability and impact of second-life battery solutions within the evolving clean energy landscape.