Moment Energy, a leader in repurposing electric vehicle batteries, has secured $40 million in a Series B funding round, bringing its total capital to over $100 million. The round, led by Evok Innovations, will fuel the company's mission to address the growing energy demands of AI and data centers. This investment aims to scale domestic manufacturing and deploy advanced energy storage systems across North America.
Addressing a Critical Energy Bottleneck
The rapid expansion of artificial intelligence and data centers is placing unprecedented strain on aging power grid infrastructure. Power availability has emerged as a critical bottleneck, constraining technological growth and highlighting the need for innovative solutions. This energy deficit requires new approaches to bolster grid capacity and resilience.
Moment Energy confronts this challenge by unlocking a vast, untapped domestic resource: used EV batteries. By repurposing these batteries, the company creates a reliable, North American-based supply chain for energy storage. This strategy is central to its mission of enhancing grid stability and reducing energy costs.
A Focus on Safety and Scalability
A key differentiator for the company is its commitment to safety, evidenced by achieving UL 1974 and UL 9540A certifications. This makes Moment Energy the only provider certified to deploy second-life battery systems in built environments without special dispensations. This unique regulatory approval provides a significant competitive advantage.
The company develops its own software to manage the repurposed battery packs, rather than relying on original automaker systems. This proprietary approach ensures enhanced safety, reliability, and performance for grid-scale applications. The investment from Liberty Mutual Investments validates the insurability and commercial viability of this technology.
Strategic Expansion and Economic Impact
The new $40 million in capital will accelerate the expansion of Moment Energy's North American manufacturing footprint. The funding will scale specialist teams and increase production capacity in both the US and Canada. This growth is designed to satisfy the rapidly increasing demand from data centers, utilities, and industrial clients.
Moment Energy is redefining the economics of energy storage with its innovative pack-swapping architecture. This technology extends system lifespan to 30 years, double that of conventional systems, which lowers long-term costs. Combined with domestic tax incentives, this can reduce cycling costs to as low as 3 cents per kWh.
Investor Confidence and Market Position
The funding round was led by Evok Innovations, whose partner, Marty Reed, praised the company's ability to merge safety with scalability. He highlighted Moment's deep understanding of battery health as a unique advantage for deploying high-performance systems. This strong investor backing signals confidence in the company's vision and execution.
The company is also supported by major investors like Amazon's Climate Pledge Fund and has secured supply deals with automakers like Mercedes-Benz and Nissan. These strategic partnerships and a diverse customer base solidify its leadership position. Moment is building a gigawatt-scale factory in Austin, Texas, to further expand its operations.
This Series B funding positions Moment Energy to play a pivotal role in the future of North America's energy infrastructure. By transforming used EV batteries into a critical grid asset, the company provides a scalable and domestic solution to modern power challenges. Its continued growth will be essential in building a more resilient and cost-effective energy system.