Moment Energy, an electric vehicle (EV) battery repurposing company, raised $15 million in a Series A funding round, bringing the company’s total funding raised to date to $52 million.
The Amazon Climate Pledge Fund and Voyager Ventures co-led the funding round. The round also had participation from In-Q-Tel (IQT), Version One Ventures, Overture Ventures, WovenEarth Ventures, Fika Ventures, MCJ, One Small Planet, and Climate Capital.
The company provides second-life battery energy storage systems (BESS) from repurposed EV batteries, which can be used in projects ranging from 400 kWh to 10 MWh. The products are designed to serve commercial and industrial sectors, as well as EV charging infrastructure and renewable energy integration.
This funding is expected to support the construction of the company’s first gigafactory dedicated to repurposing EV batteries in the U.S. The project was awarded $20.3 million from the U.S. Department of Energy in October 2024.
“This funding marks a pivotal milestone for Moment Energy, enabling us to further advance our operations and lead the charge in transforming retired EV batteries into valuable battery energy storage systems. By providing a new path for second-life batteries, we’re able to enhance grid stability, increase lithium security in North America, and support renewable energy integration. We serve as a catalyst for an exciting new circular economy that increases energy security as energy demand rises,” said Edward Chiang, CEO of Moment Energy.
According to Mercom’s 9M and Q3 2024 Funding and M&A Report for Energy Storage and Smart Grid, VC funding for Energy Storage companies in 9M 2024 came to $2.7 billion in 61 deals, a 69% decrease year-over-year compared to $8.6 billion in 68 deals in 9M 2023.
In November 2024, tozero, a lithium-ion battery recycling company, raised €11 million (~$12 million) in an oversubscribed seed funding round led by NordicNinja. New investors, including In-Q-Tel (IQT), automobile company Honda, and global infrastructure engineering company JGC Group joined the round. Existing investors, including Atlantic Labs, Verve Ventures, and Possible Ventures, also participated in the seed funding.
