Moment Energy raises $40M to meet ‘infinite demand for power’ with EV batteries

Source: TechCrunch

Overview

Moment Energy CEO Edward Chiang believes demand for power in North America is infinite — and that his startup has the solution.

The company, which has headquarters in Canada and the United States, takes a novel approach to repurposing electric‑vehicle batteries. According to Chiang, the approach is special because of its dual focus on safety and modularity.

Funding Round

On Tuesday, Moment Energy announced a $40 million Series B funding round, bringing its total financing to more than $100 million. The round was led by Canadian VC firm Evok Innovations, with additional participation from grocery‑retailer fund W23, and existing investors such as Amazon’s Climate Pledge Fund and In‑Q‑Tel (the CIA‑funded VC firm).

Market Context

Chiang argues that the North American electric grid is losing the race to keep up with rising power demand, driven by:

• More extreme climate events
• The rapid adoption of electric vehicles
• A booming data‑center sector

He notes that ≈ 72 % of the global long‑duration energy‑storage market is currently supplied by Chinese companies, according to BNEF, adding a national‑security dimension to the challenge.

Technology and Safety Approach

Moment Energy extracts battery packs from EVs, removes the original automakers’ battery‑management systems (BMS), and installs its own software to manage the modules. The repurposed packs are then assembled into larger, grid‑scale storage solutions that can accommodate a mix of chemistries, allowing customers to:

• Benefit from future advances in battery technology
• Reduce downtime if a single module fails

Crucially, the company has obtained UL certification for its repurposed batteries, making it the first to receive a safety‑organization stamp of approval for second‑life packs. Chiang contrasts this with other firms that claim to test against UL standards but do not actually secure the certification, which requires the use of specific components.

“Most other second‑life battery companies lobby to make UL certification easier because it’s impossible to get as it stands,” Chiang said. “But at Moment we say that’s not true. We got it.”

UL certification not only addresses safety concerns but also influences insurance underwriting. Chiang explains that some competitors leave the original BMS intact, effectively “tricking” the pack into thinking it’s still on a vehicle, which can render the storage solution uninsurable or prohibitively expensive to insure. He cites Liberty Mutual’s venture‑arm participation in the Series B as evidence that Moment’s approach meets insurer expectations.

Company Operations and Partnerships

• Employees: ~72
• Supply deals: Mercedes‑Benz and Nissan
• Funding: $20 million loan from the U.S. Department of Energy
• Manufacturing: Building a gigawatt‑scale factory in Austin, Texas
• Customer base: Utilities, industrial firms, and data‑center operators

Outlook and Philosophy

Chiang attributes part of Moment’s focus to its Canadian roots, which he says temper the “base impulses” of Silicon Valley. While data‑center companies are actively reaching out, the company avoids over‑promising in fundraising:

“We’re staying focused on what we know, building real products, and serving actual customers, rather than signing deals five or ten years out just to raise the next round. Many Bay‑Area startups chase the next raise instead of delivering product.”

He adds that Canadian companies tend to prioritize tangible, profitable growth alongside high‑growth ambitions, a mindset that guides Moment Energy’s deployment strategy.