Moment Energy has secured $40 million in new funding to expand its innovative approach to energy storage using repurposed electric vehicle batteries. As global electricity demand surges due to data centers, climate pressures, and EV adoption, the company is positioning itself as a key player in solving one of the grid’s biggest challenges. With safety-certified systems, major partnerships, and growing investor confidence, Moment Energy’s latest funding round signals a major shift in how the world could store and distribute power more efficiently.
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| Credit: Moment Energy |
Moment Energy Raises $40M to Scale EV Battery Storage
Energy storage startup Moment Energy has announced a $40 million Series B funding round, pushing its total funding past $100 million. The round was led by Evok Innovations, with participation from major backers including Amazon Climate Pledge Fund and In-Q-Tel. Additional support came from retail-focused fund W23, highlighting broad investor confidence in the company’s mission.
The fresh capital will help Moment Energy scale its battery energy storage systems (BESS), which are built using repurposed electric vehicle batteries. These systems are designed to support utilities, industrial operations, and data centers facing increasing strain from rising energy demand.
CEO Edward Chiang believes the opportunity is massive. He describes the demand for electricity as “infinite,” driven by a combination of electrification, digital infrastructure growth, and climate-related disruptions. His company aims to meet that demand by turning used EV batteries into reliable, large-scale storage solutions.
Why EV Battery Reuse Is Becoming Critical
As electric vehicle adoption accelerates, millions of batteries will eventually reach the end of their automotive life. However, many of these batteries still retain significant capacity, making them ideal candidates for second-life applications.
Moment Energy’s approach focuses on extracting these batteries, removing the original battery management systems, and replacing them with proprietary software. This allows the company to safely integrate different battery chemistries into modular storage units that can be deployed at scale.
This flexibility is a major advantage. Unlike traditional storage systems that rely on uniform battery types, Moment Energy’s modular design allows for upgrades and replacements without shutting down entire systems. That reduces downtime and extends the overall lifespan of energy infrastructure.
The company’s model also addresses sustainability concerns. By reusing batteries instead of recycling them immediately, Moment Energy helps reduce waste and lowers the environmental impact of battery production.
UL Certification Sets Moment Energy Apart
One of the most important differentiators for Moment Energy is its achievement of UL certification, a rigorous safety standard for energy systems. According to Chiang, this makes the company the first to fully certify repurposed EV battery systems under these guidelines.
This certification is not just a technical milestone—it has real-world implications for adoption. Safety standards play a critical role in determining whether energy storage systems can be insured, deployed in urban areas, or integrated into critical infrastructure.
Chiang has criticized other companies in the space for bypassing certification by leaving original battery systems intact and modifying them in unofficial ways. While this may speed up deployment, it raises serious concerns about safety, compliance, and insurability.
Moment Energy’s approach, in contrast, prioritizes transparency and compliance. The company’s partnership with Liberty Mutual’s venture arm further reinforces its credibility in the eyes of insurers and regulators.
Rising Energy Demand Creates Massive Opportunity
The timing of Moment Energy’s growth is no coincidence. Electricity demand is surging across North America and globally, fueled by several converging trends.
First, the rapid expansion of data centers—driven by AI and cloud computing—has significantly increased energy consumption. Second, extreme weather events linked to climate change are putting additional stress on power grids. Third, the transition to electric vehicles is adding new layers of demand to already strained systems.
Currently, much of the global energy storage market is dominated by Chinese manufacturers, which account for a significant share of production. This has raised concerns about supply chain security and national resilience, particularly in North America.
Moment Energy’s localized approach offers an alternative. By sourcing batteries domestically and building systems closer to end users, the company aims to reduce reliance on foreign supply chains while improving grid stability.
Strategic Partnerships Strengthen Growth
Despite its relatively small size—around 70 employees—Moment Energy has secured partnerships with major automotive players like Mercedes-Benz and Nissan. These agreements provide a steady supply of used EV batteries, ensuring the company can scale production as demand grows.
In addition, the company has received financial backing from government sources, including a $20 million loan from the U.S. Department of Energy. This support underscores the strategic importance of energy storage in national infrastructure planning.
Moment Energy is also investing in manufacturing capacity. It is currently building a gigawatt-scale factory in Austin, Texas, which will significantly increase its ability to produce large-scale storage systems.
These developments position the company as a serious contender in the rapidly evolving energy storage market.
Serving Diverse Customers Across Industries
Moment Energy’s customer base is expanding across multiple sectors. Utilities are using its systems to stabilize grids and manage peak demand. Industrial companies are deploying storage solutions to reduce energy costs and improve resilience. Data centers, in particular, have shown strong interest due to their massive and growing power needs.
Chiang notes that demand from data center operators has been especially intense. However, he emphasizes that the company is taking a disciplined approach to growth, focusing on delivering real solutions rather than overpromising future capacity.
This strategy reflects a broader philosophy that sets Moment Energy apart from many startups. Instead of chasing rapid fundraising cycles, the company is prioritizing sustainable growth and long-term value creation.
A Different Approach to Startup Growth
Moment Energy’s leadership believes its Canadian roots have influenced its approach to business. Chiang contrasts this mindset with what he يرى as a more aggressive fundraising culture in Silicon Valley, where companies sometimes prioritize valuations over execution.
By focusing on building a profitable, scalable business, Moment Energy aims to avoid the pitfalls that have affected other startups in the EV and energy sectors. This includes overexpansion, unrealistic projections, and reliance on speculative future deals.
The company’s measured strategy may prove to be a competitive advantage as the energy storage market matures. Investors are increasingly looking for companies that can deliver real results, not just ambitious visions.
What This Means for the Future of Energy Storage
Moment Energy’s $40 million funding round is more than just a financial milestone—it’s a signal of where the energy industry is heading. As the world transitions to cleaner energy systems, storage will play a critical role in ensuring reliability and efficiency.
Repurposed EV batteries offer a practical and scalable solution to this challenge. They provide a second life for valuable materials while addressing the growing need for grid stability.
If Moment Energy can continue to execute on its strategy, it could become a key player in reshaping how energy is stored and distributed. Its focus on safety, modularity, and sustainability positions it well for long-term success.
At the same time, the broader market is likely to see increased competition as more companies enter the space. Innovation, regulation, and partnerships will all play a role in determining which players emerge as leaders.
For now, Moment Energy’s latest funding round puts it firmly on the map—and highlights the immense potential of turning yesterday’s EV batteries into tomorrow’s energy backbone.
