Moment Energy Secures $40M to Scale Reused EV Battery Storage, Eyes Austin Factory

Moment Energy announced Tuesday that it has closed a $40 million Series B round to expand its business of converting electric vehicle batteries into grid-scale energy systems, bringing the company’s lifetime capital to north of $100 million. The financing was led by Canadian venture firm Evok Innovations and included a contribution from grocery-retailer investor W23, with participation from prior backers such as Amazon’s Climate Pledge Fund, In-Q-Tel and the investment arm of Liberty Mutual. The company, headquartered in both Canada and the U.S., says the new cash will help accelerate a planned gigawatt-capacity manufacturing site in Austin, Texas.

Company leaders argue their timing is driven by runaway demand for electricity across North America — pushed by worsening weather, more electric vehicles on the road and a booming data center sector — and by worries about supply concentration in Asia. Recent industry research, they note, indicates roughly three out of four megawatt-scale storage systems today come from Chinese suppliers, a dynamic that adds strategic complications for utilities and regulators. Moment Energy positions its product as a domestic alternative that can be deployed near load centers to shore up reliability.

Moment’s technical approach centers on reconditioning EV battery packs: engineers extract the vehicle maker’s control electronics and install proprietary management firmware, then reconfigure modules into larger storage arrays that can accept a variety of cell chemistries. The startup emphasizes modularity as a way to swap out failing units quickly and to upgrade as battery technology improves. Importantly, Moment says it has obtained UL safety approval for its repurposed systems — a distinction it argues separates it from other second-life companies that test to UL standards but do not carry formal certification.

The safety credential is more than paperwork, the company says. Moment’s leadership contends retaining an automaker’s original control system in a stationary installation can complicate coverage and code compliance; in their account, insurers and municipal inspectors prefer equipment that conforms to recognized standards and uses components intended for the application. An independent energy-safety consultant who reviewed the company’s claims told this reporter that formal certification can materially affect underwriting and permitting timelines, while also reducing perceived risk for large commercial buyers.

On the commercial side, Moment has secured supply agreements with several automakers and a $20 million loan from the U.S. Department of Energy, and it counts utilities, industrial firms and hyperscale data centers among its early customers. The firm employs about 70 people and says its Austin factory will be built to scale production quickly as demand materializes. Executives describe a cautious growth strategy focused on delivering working projects rather than betting on far-off commitments to boost valuations.

Chief Executive Edward Chiang framed part of the company’s culture as shaped by Canadian business practices — a preference, he said, for steady, revenue-generating growth over speculative fundraising. Outside analysts warn the second-life battery market faces technical and regulatory hurdles, but they also see near-term opportunities for installations that can avoid transmission bottlenecks and provide backup in heat waves and storms. For communities and grid operators in energy-tight regions, Moment’s model could offer a locally sourced way to add capacity without waiting years for new transmission or generation projects.