Moment Energy announced Tuesday that it has raised $4-million in a Series B funding round to expand its grid-scale battery storage solutions. The company, which operates across Canada and the United States, aims to address the rising power demand in North America by repurposing electric vehicle batteries.
According to TechCrunch, the funding round was led by Canadian venture capital firm Evok Innovations. The round also included participation from grocery retailer fund W23, alongside existing investors such as Amazon’s Climate Pledge Fund and the CIA-funded venture firm In-Q-Tel.
This new capital brings the startup's total funding to more than $100 million. The company plans to use the resources to scale its approach to energy storage, which focuses on the dual priorities of safety and modularity.
Scaling North American energy security
CEO Edward Chiang told TechCrunch that the North American electric grid is struggling to keep pace with power demand driven by data center growth, the rise of electric vehicles, and extreme climate conditions. Chiang noted that Chinese companies currently control approximately 72% of the global market for long-duration energy storage, according to BNEF data.
Moment Energy's technology addresses this gap by harvesting battery packs from retired electric vehicles. The company removes the original automakers' battery management systems and replaces them with its own proprietary software.
This process allows the company to package battery modules into larger, grid-scale storage units. The system is designed to host various battery chemistries, enabling customers to integrate future technological advances while minimizing downtime if a specific module fails.
Chiang told TechCrunch that he believes the demand for power in North America is "infinite" and that his company's approach offers a viable solution to the looming energy deficit.
