Moment Energy raises $40M to meet ‘infinite demand for power’ with EV batteries
Moment Energy, a startup focused on repurposing electric vehicle batteries for grid-scale energy storage, has raised $40 million in a Series B round, bringing its total funding to over $100 million. The company emphasizes safety and modularity, claiming to be the first to achieve UL Certification for its repurposed battery systems. It aims to address growing power demand in North America amid competition from dominant Chinese manufacturers and rising energy needs from EVs and data centers.
- ▪Moment Energy raised $40 million in a Series B round led by Evok Innovations, with participation from W23, Amazon’s Climate Pledge Fund, and In-Q-Tel.
- ▪The company repurposes EV batteries by replacing original battery management systems with its own software and achieving UL Certification for safety.
- ▪Chiang argues that many second-life battery companies avoid UL Certification, making their systems potentially uninsurable, while Moment Energy’s certified approach mitigates this risk.
- ▪Liberty Mutual’s venture arm participated in the funding, signaling confidence in the company’s compliant and safe technology.
- ▪Moment Energy has supply deals with Mercedes-Benz and operates in both Canada and the United States.
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Moment Energy CEO Edward Chiang believes demand for power in North America is infinite — and that his startup has the solution. The company, which has headquarters in Canada and the United States, takes a novel approach to repurposing electric vehicle batteries, Chiang told TechCrunch. The company’s approach is special, he said, because of its dual focus on safety and modularity. Investors apparently agree. On Tuesday, Moment Energy announced it has raised a $40 million Series B funding round, bringing its total funding to more than $100 million. The round was led by Canadian VC firm Evok Innovations, with additional funding from grocery retailer fund W23, joining existing investors like Amazon’s Climate Pledge Fund and In-Q-Tel, the CIA-funded VC firm.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at TechCrunch.
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