Moment Energy, a North American leader in repurposing electric vehicle (EV) batteries, has closed a $15 million Series A funding round. The round was co-led by the Amazon Climate Pledge Fund and Voyager Ventures.
Moment Energy focuses on the intermediate market for battery energy storage systems (BESS), with scalable solutions ranging from 400 kWh to 10 MWh. These systems are tailored for commercial and industrial applications, renewable energy integration, and EV charging infrastructure—markets that are critical to the clean energy transition yet often underserved.
With a projected total addressable market (TAM) of $150 billion by 2030 and 953 GWh of second-life batteries expected to be available for repurposing, Moment Energy is well-positioned to capitalize on this growing demand.
The Series A funding will support the construction of the world’s first gigafactory dedicated to repurposing EV batteries in the U.S. The project, bolstered by a $20.3 million grant from the U.S. Department of Energy, will create over 250 skilled jobs and strengthen North America’s lithium supply chain.
The gigafactory will produce battery systems that enhance grid stability and energy security while advancing a circular economy for lithium resources.
“This funding marks a pivotal milestone for Moment Energy,” said Edward Chiang, CEO of Moment Energy. “By transforming retired EV batteries into valuable energy storage systems, we’re enhancing grid stability, supporting renewable energy integration, and bolstering lithium security in North America. Our mission is to catalyze a sustainable circular economy as global energy demand rises.”
Moment Energy’s systems address the convergence of rising EV adoption and renewable energy needs. With a focus on innovation and sustainability, the company is set to play a key role in meeting the energy storage demands of a clean energy future.
The new funding and gigafactory project underscore Moment Energy’s commitment to driving the circular economy for EV batteries and ensuring energy resilience in the transition to a greener grid.