Home / Business and Economy / EV Batteries Get New Life: Moment Energy Raises $40M
EV Batteries Get New Life: Moment Energy Raises $40M
5 May
Summary
- Moment Energy repurposes EV batteries with dual focus on safety and modularity.
- The company secured $40 million in Series B funding, led by Evok Innovations.
- Moment Energy is the first company to repurpose batteries with UL Certification.
Moment Energy is addressing North America's surging demand for power by repurposing electric vehicle batteries. The startup has secured $40 million in Series B funding, led by Evok Innovations, with participation from W23, Amazon's Climate Pledge Fund, and In-Q-Tel. This latest round brings their total funding to over $100 million.
CEO Edward Chiang highlighted the company's unique approach, which prioritizes safety and modularity in repurposing battery packs. They develop proprietary software to manage these repurposed modules, creating grid-scale storage solutions. Crucially, Moment Energy is the first company to achieve UL Certification for its repurposed batteries, a significant safety and insurability milestone.
The company, which has supply deals with Mercedes-Benz and Nissan, is also building a gigawatt-scale factory in Austin, Texas. Their diverse clientele includes utilities, industrial firms, and data centers, demonstrating broad market acceptance for their sustainable energy storage solutions.
