Moment Energy secures $40 million Series B to build gigawatt-scale EV battery storage facility in Texas
Led by Evok Innovations, the funding round supports supply agreements with Mercedes-Benz and Nissan as the company expands its footprint in Austin
Moment Energy has announced a $40 million Series B funding round to accelerate the development of grid-scale energy storage solutions derived from repurposed electric vehicle batteries. The capital injection, which brings the company's total funding to more than $100 million, is designed to support the construction of a gigawatt-scale manufacturing facility in Austin, Texas. The round was led by Canadian venture capital firm Evok Innovations, with participation from W23, Amazon's Climate Pledge Fund, In-Q-Tel, and Liberty Mutual.
Headquartered in Canada and the United States, Moment Energy specialises in a novel approach to battery repurposing that prioritises safety and modularity. The company's process involves removing original automaker battery management systems from used EV packs and replacing them with proprietary software. This allows the creation of modular, UL-certified storage units that can host various battery chemistries, reducing downtime if a specific module fails while allowing customers to benefit from future technological advances.
CEO Edward Chiang highlighted the strategic importance of this certification, stating that Moment Energy is the first company to obtain full UL Certification for repurposed EV batteries. Chiang noted that many competitors claim to test against standards without securing the actual certification, a distinction he argues is critical for insurability. He suggested that other firms often leave original management systems intact to manipulate discharge rates, a practice he claims renders their products uninsurable or too costly to insure, a point reinforced by Liberty Mutual's involvement in the round.
The funding will also help fulfil existing supply agreements with major automakers Mercedes-Benz and Nissan. In addition to private equity, the company has secured a $20 million loan from the US Department of Energy. These financial milestones come as the North American electric grid faces increasing demand driven by extreme climate events, the rapid rise of electric vehicles, and a boom in data centres.
According to BloombergNEF, Chinese companies currently supply approximately 72 per cent of the global market for such energy storage solutions, raising national security concerns for North America. Moment Energy positions itself as a Canadian-founded entity focused on tangible, profitable business growth rather than the fundraising-centric model often seen in Silicon Valley. With a current workforce of approximately 72 people, the firm aims to deliver a real, profitable business alongside high-growth objectives.
The company has already established a growing book of diverse customers, ranging from utilities and industrial companies to data centres. Chiang expressed confidence in the approach, noting that while many data centre companies have reached out, the firm remains focused on serving real customers rather than signing deals far in the future solely to fundraise. The new Austin facility is intended to scale operations to meet what Chiang describes as an infinite demand for power in the region.
