Moment Energy, a Coquitlam, Canada-based developer of battery energy storage systems from repurposed EV batteries, has raised $40M in Series B funding led by Evok Innovations. The company repurposes end-of-life EV batteries into certified commercial-scale BESS like the modular Luna system. The capital will expand operations, including a gigawatt-scale factory in Austin, Texas.
Second-Life Storage Meets AI Power Surge
The raise aligns with surging demand for affordable storage amid AI data center growth. Element Energy, a competitor, received a $7.9M DOE grant for a 50MWh second-life project. Moment Energy's UL-certified approach targets commercial and industrial customers facing peak shaving and backup needs.
EV Retirements Overwhelm New Battery Supply
Rapid EV adoption floods the market with retired batteries at 70-80% capacity, creating abundant supply for repurposing. Data centers report infinite power demand, straining grids and renewables integration. Current solutions rely on expensive new batteries or unproven second-life systems lacking safety certifications.
UL-Certified Systems Unlock Commercial Trust
Moment Energy's Luna BESS, available in 400kWh Half Luna and 1MWh Full Luna configurations, holds first North American UL 1974 certification for repurposing and UL 1973/9540/9540A for safety. Proprietary software replaces OEM battery management systems, enabling 10+ year second lives and 30-year system lifespans. This differentiates from competitors hacking legacy BMS.
As CEO Edward Chiang explained in TechCrunch:
"What most other second life companies are now trying to say is, let’s just lobby to make second life UL certification easier… But at Moment, we say that’s not true. We got it."
Cleantech Investors Back Hard-Tech Scale
Evok Innovations led the round, joined by Liberty Mutual Investments, W23 Global Fund, Acario, and existing backers Amazon Climate Pledge Fund, Voyager Ventures, and In-Q-Tel. This mix signals validation for Moment's hard-tech battery cycling with 20+ years of data. Total funding exceeds $100M, including a $20.3M U.S. DOE award.
BESS Market Grows to $106B by 2030
The battery energy storage market will expand from $50.81B in 2025 to $105.96B by 2030 at 15.8% CAGR. Second-life EV batteries surge from 25-30 GWh in 2025 to 330-350 GWh by 2030 at ~65% CAGR per MarketsandMarkets. Competitors like B2U Storage Solutions ($22M raised) focus on utility-scale, while Moment emphasizes C&I with data centers.
Tesla Vets Bolster Battery Expertise
Recent hires include Dr. Kandler Smith, ex-NREL Technical Fellow with 20 years experience, and Dorian West, ex-Tesla Strategic Advisor. Founders Edward Chiang (CEO) and Sumreen Rattan (COO) drive from garage origins to Global Cleantech 100 recognition. These additions enhance AI-driven BMS and manufacturing scale.
Gigafactory Targets Data Center Boom
Funds support the world's first second-life EV battery gigafactory (~1 GWh/year) in Texas, creating 250 jobs. Partnerships with Nissan and Mercedes-Benz secure supply, while deployments at Vancouver Airport and Amazon validate traction. Moment eyes U.S. expansion amid DOE backing and AI power needs.