technology
Moment Energy Raises $40 Million in Series B Funding for EV Battery Repurposing
Canadian startup Moment Energy has secured $40 million in Series B funding to expand its operations in repurposing electric vehicle batteries for grid-scale storage. The round was led by Evok Innovations and included participation from new and existing investors. CEO Edward Chiang stated that the company's focus on safety and modularity addresses growing power demands in North America.
app.buzzsumo.comAudio version
Tap play to generate a narrated version.
Developing·Limited corroboration so far. This page will refresh as more sources emerge.
Moment Energy, a startup with headquarters in Canada and the United States, announced on Tuesday that it raised $40 million in a Series B funding round. The investment brings the company's total funding to more than $100 million. The round was led by Canadian venture capital firm Evok Innovations, with additional funding from a grocery retailer fund and existing investors including Amazon’s Climate Pledge Fund and In-Q-Tel.
CEO Edward Chiang told TechCrunch that the company repurposes electric vehicle batteries by removing the original battery management systems and replacing them with its own software. This approach allows the batteries to be packaged into larger grid-scale storage solutions that support multiple battery chemistries.
Chiang stated that this modularity reduces downtime if a module fails and enables customers to incorporate future technological advances.
Energy has obtained UL certification for its repurposed battery systems, which Chiang described as a key differentiator. He said that the certification requires specific components and ensures safety standards are met. According to Chiang, this certification can affect how energy storage products are insured, and he noted that other companies often do not obtain full certification despite testing against UL standards.
Chiang added that leaving an automaker's battery management system intact in repurposed batteries could lead to issues with insurability or higher costs. He cited participation from Liberty Mutual’s venture arm in the funding round as an indicator of the company's compliance.
