Moment Energy raises $40M Series B for EV battery repurposing
Original: Moment Energy raises $40M to meet ‘infinite demand for power’ with EV batteries
Why This Matters
First UL-certified EV battery repurposing addresses grid storage demand and national security concerns
Canadian-US startup Moment Energy raised $40M Series B led by Evok Innovations, bringing total funding over $100M. Company repurposes electric vehicle batteries for grid-scale storage with UL certification.
Moment Energy announced a $40 million Series B funding round led by Evok Innovations, with participation from W23 and existing investors including Amazon's Climate Pledge Fund and In-Q-Tel. The startup, with headquarters in Canada and the US, repurposes electric vehicle battery packs by removing automaker battery management systems and installing proprietary software. CEO Edward Chiang says the company is the first to achieve UL certification for repurposed EV batteries, addressing safety concerns in the grid storage market. The modular approach allows mixing different battery chemistries and reduces downtime. Chiang cites 'infinite demand for power' driven by climate change, EVs, and data centers, noting Chinese companies hold 72% of the global market according to BNEF.