Moment Energy Raises $40 Million to Repurpose EV Batteries for Storage
Moment Energy has raised $40 million as utilities and data centers chase backup power. The company says demand for its repurposed battery systems already tops 5.6 GWh across North America.
Moment Energy has turned old EV packs into a growing infrastructure bet, raising a $40 million Series B that brings total funding to more than $100 million as demand for backup power and grid support accelerates across North America. The company, which has headquarters in Canada and the United States, says its systems are built to give retired EV batteries 10 to 15 more years of useful life in stationary storage, with commercial and industrial customers using the units to stay online during outages and grid disruptions.
The new money extends a run of financing and buildout that has been unusually fast for a repurposing company. Moment Energy closed a US$15 million Series A in January 2024, backed by Amazon Climate Pledge Fund and Voyager Ventures, after previously saying it would use US$20.3 million to build a gigafactory in Taylor, Texas. The company then said it received a US$6 million tax credit from the U.S. Internal Revenue Service to establish a large-scale UL 1974-certified manufacturing facility in North America, later said its Metro Vancouver manufacturing hub reached full-scale production, and followed with $4.9 million from PacifiCan to expand production in Canada.
The technical pitch is built around safety as much as reuse. Moment Energy said its Luna BESS became the first repurposed battery system to clear key UL milestones, including UL 1973, UL 9540 and UL 9540A. That certification push matters because the company is trying to sell second-life storage into settings where downtime carries a direct cost, from industrial plants to data centers and fast-charging sites. In March 2026, the company said it was exploring clean energy solutions for AI, quantum and data-centre infrastructure with Simon Fraser University, underscoring how quickly second-life batteries are moving into the same power-hungry markets driving new generation and storage projects.
Moment Energy’s own numbers show why the opportunity is drawing capital, but also where the pressure points remain. The company says demand for its battery energy storage systems exceeds 5.6 GWh across North America, and it has framed its product as a way to help businesses avoid years-long waits for transformer and line upgrades. It also says it has a supply-chain relationship with Nissan North America for retired EV batteries, a reminder that scale still depends on a steady stream of usable packs, not just financing.
The field is getting crowded as more companies look at retired EV batteries as grid assets, including Redwood Materials, which launched an energy-storage business aimed at AI data centers in 2025. Moment Energy’s challenge now is to prove that its mix of safety, modularity and manufacturing scale can keep pace with demand. If it can, second-life batteries may become a durable piece of the power system rather than a niche reuse market.
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