British Columbia (BC)-based startup Moment Energy has secured a $15-million USD ($21.5-million CAD) Series A round as it continues to load up funding for its planned gigafactory in the United States.
A gigafactory refers to a facility designed for the production of batteries, particularly those used in electric vehicles (EVs). Moment’s new facility will be dedicated to producing battery energy storage systems from repurposed EV batteries, the company has previously said in a statement.
The round was co-led by the Amazon Climate Pledge Fund and Voyager Ventures, with participation from In-Q-Tel, Overture Ventures, WovenEarth Ventures, Fika Ventures, MCJ, One Small Planet, Climate Capital, and Version One Ventures. In addition to supporting the gigafactory development, the startup also said it would use its Series A capital to double the size of its Vancouver headquarters and team.
Moment was awarded $20.3-million USD ($28.1-million CAD) by the United States Department of Energy to establish the gigafactory in Taylor, Texas this past October. According to Moment, once fully operational the factory will have an annual production capacity of one gigawatt hour, roughly enough electricity to supply 750,000 homes for one year.
Version One, which led Moment’s $3.5-million CAD seed round in 2021, is the only disclosed Canadian investor in the round. The round comes at a difficult time to raise capital for hard cleantech in Canada, especially at the early stage, according to a recent MaRS report.
The report found that cleantech investment volume in Canada has steadily decreased from a peak of 101 deals in 2021 to 75 deals in 2023. The report also found that the discrepancy between the median deal size of Canadian and American companies on the Global Cleantech 100 has grown significantly in recent years, with American cleantech companies receiving double to triple the amount of capital.
Founded in 2020 by CEO Edward Chiang, COO Sumreen Rattan, CTO Gabriel Soares, and CPO Gurmesh Sidhu, Moment Energy has developed an EV battery-powered energy storage solution designed to help off-grid customers reduce diesel consumption and transition to renewable energy sources.
The company said in a statement that it has raised $52 million USD to date, $40-million USD of which came in the last three months alone.
Despite its funding momentum, Moment was notably cut from the 2025 Global Cleantech 100 after featuring on the list in the previous two years. This year’s list, which showcases private cleantech companies predicted to make a substantial impact on the market in the next five to 10 years, represented the first time Canada had fewer than 10 companies featured since 2015.
Feature image courtesy Moment Energy.