Moment Energy raises $40M to scale EV battery storage

Moment Energy has announced a $40 million Series B funding round—a stage of venture capital financing—bringing its total funding to more than $100 million. The round was led by Canadian venture capital firm Evok Innovations, with participation from:

• W23, a grocery retailer fund
• Amazon’s Climate Pledge Fund, an existing investor
• In-Q-Tel, an existing CIA-funded venture capital firm
• Liberty Mutual’s investment arm

The company, which operates in Canada and the United States, differentiates its grid-scale energy storage solutions by repurposing electric vehicle batteries with a focus on safety and modularity. Moment Energy is the first company to repurpose batteries with UL certification, a safety standard from Underwriters Laboratories. According to CEO Edward Chiang, other second-life battery companies claim to test their products against UL standards but do not actually obtain the certifications. “But at Moment, we say that’s not true. We got it,” Chiang said. He asserts that demand for power in North America is infinite, creating an opportunity to challenge Chinese companies, which have filled about 72% of the global market for power demand, according to BNEF.

Chiang argues that other energy storage companies leave automaker battery management systems intact on reused batteries. He claims this practice could make those storage solutions either uninsurable or too costly to insure. Chiang characterizes these competitor practices as an attempt to hack and bootleg my safety systems, warning of the severe safety consequences if a battery catches fire. To avoid this, Moment Energy removes the original battery management systems and writes its own software to manage the battery packs.

With around 72 employees, the company is scaling its operations through commercial partnerships and government support. It has signed supply deals with automakers Mercedes-Benz and Nissan, secured a $20 million loan from the Department of Energy, and is building a factory in Austin, Texas. Management emphasizes a realistic approach to deployment, focusing on building a tangible, profitable business rather than prioritizing the rapid fundraising cycles common among startups in the Bay Area.

Why it matters

Moment Energy’s funding highlights the growing intersection of grid-scale energy storage and rigorous safety certification, signaling a shift toward more mature, infrastructure-focused business models in the battery repurposing sector.