Moment Energy announced today that the Vancouver-based company has successfully raised a more than $40 million USD Series B round led by fellow Vancouverites Evok Innovations.
Founded in 2020, Moment Energy is a cleantech company that repurposes electric vehicle (EV) batteries into commercial-scale battery energy storage systems (BESS). Its proprietary technology claims to have extended system lifespans from 15 years to 30 years, and keep used EV batteries out of the landfill.
“Along with our facility development, funding will help us scale to multiple hundreds of employees across Canada and the US.”
Josh Stanbury on behalf of Moment Energy.
Alongside VC firm Evok Innovations, the Series B included participation from Liberty Mutual Investments, W23 Global Fund, and Acario, the VC arm of Tokyo Gas. Additional support came from Amazon’s Climate Pledge Fund, Voyager Venture, In-Q-Tel, and several smaller funds including MCJ, Overture Ventures, Fika Ventures, and Garage Capital.
Evok Innovation’s partner Marty Reed is joining the company’s board of directors.
Moment Energy’s Series B brings the company’s total capital raised to more than $100 million USD.
A majority of the proceeds from the Series B will be deployed to build out Moment Energy’s facilities in both Canada and the US, according to a spokesperson for the company, with additional plans to hire 300 positions over the next 18 months.
“Along with our facility development, funding will help us scale to multiple hundreds of employees across Canada and the US,” Josh Stanbury, a communications agent speaking on behalf of Moment Energy, told BetaKit.
Moment Energy is also in the process of building a battery factory in Austin, Tex., where it will repurpose EV batteries. That project is already in development, with a building currently being retrofitted and a US team being scaled. BetaKit asked Moment Energy’s representative how much of the $40 million would be sequestered for that project, but it did not disclose a dollar figure.
In a press release, the company said by expanding its manufacturing footprint in North America, it will aid in addressing the increasing demands artificial intelligence (AI) and data centres have on North America’s energy grid.
“This capital will scale specialist teams and boost production capacity across the US and Canada to satisfy the rapidly increasing demand from data centres, utilities, and industrial customers,” a statement released by Moment Energy reads. “It will also fuel the scaled deployment of state-of-the-art commercial energy storage systems, positioning the company as a key infrastructure provider in the transition to more resilient, domestically-powered energy systems.”
The company also plans to invest some of the proceeds in scaling its IP and advancing the “safety, life tension and reduction of [operation and maintenance] costs at the project level.”
Feature image courtesy of Moment Energy.