Key Takeaways
- • Moment Energy closed a US$40 million oversubscribed Series B funding round led by Evok Innovations, bringing total capital raised to over US$100 million, with participation from Liberty Mutual Investments, W23 Global Fund, and Acario (Tokyo Gas venture arm).
- • Funding will accelerate North American manufacturing operations, scale production capacity in the United States and Canada, and expand deployment of commercial battery energy storage systems (BESS) to address data center and grid infrastructure demand.
- • The company holds UL 1974 certification (first in North America for EV battery repurposing processes) and UL 9540A certification; the latter's March 2026 update introduces large-scale fire testing requirements for thermal runaway scenarios.
- • Moment Energy's proprietary pack-swapping system claims to extend system lifespan to 30 years versus the typical 15-year lifecycle, positioning the company to capitalize on untapped supply from electric vehicles already in circulation across North America.
- • The funding targets scaling operations at a Texas Gigafactory and British Columbia facilities to address battery supply chain bottlenecks and meet growing demand from data centers facing aging grid infrastructure challenges.
Summary
Moment Energy, a Vancouver-based second-life battery storage specialist, announced a US$40 million Series B funding round on May 5, 2026, marking a significant milestone in the commercial deployment of repurposed electric vehicle batteries for energy storage applications. The round was oversubscribed and led by venture capital firm Evok Innovations, with co-investors including Liberty Mutual Investments, W23 Global Fund, and Acario, the venture capital arm of Tokyo Gas. This latest capital raise brings the company's total funding to over US$100 million.
The financing will primarily support expansion of Moment Energy's manufacturing footprint across North America, with capital directed toward scaling production at its Texas Gigafactory and British Columbia facilities. Management plans to deploy capital toward hiring specialist technical teams, increasing production capacity in both the United States and Canada, and accelerating the deployment of commercial battery energy storage systems (BESS) to serve institutional clients. The company identified three core market drivers: surging demand from data centers requiring grid-independent power solutions, deteriorating legacy grid infrastructure requiring distributed storage capacity, and persistent battery supply chain bottlenecks that constrain traditional battery manufacturers.
Moment Energy's competitive positioning rests on its proprietary pack-swapping technology and regulatory credentials. In 2023, the company became the first North American operator to achieve UL 1974 certification, which governs collection, storage, and manufacturing processes for repurposing EV batteries into BESS solutions. The company also holds UL 9540A certification; notably, a new edition published March 13, 2026, introduced enhanced large-scale fire testing requirements for thermal runaway fire propagation scenarios—a regulatory shift that underscores industry maturation and safety standardization. Moment's proprietary system claims to extend operational lifespan to 30 years, compared to a 15-year typical lifecycle for competing second-life battery storage systems, providing a meaningful cost advantage over system lifetime.
The company's strategic thesis centers on unlocking what management describes as the largest untapped domestic resource: the existing installed base of electric vehicle batteries circulating across North American roads. As EV adoption accelerates and battery packs reach end-of-vehicle-life, second-life applications in stationary energy storage present a capital-efficient alternative to primary cell manufacturing, addressing both sustainability objectives and supply chain resilience concerns across the institutional energy storage market.
The financing will primarily support expansion of Moment Energy's manufacturing footprint across North America, with capital directed toward scaling production at its Texas Gigafactory and British Columbia facilities. Management plans to deploy capital toward hiring specialist technical teams, increasing production capacity in both the United States and Canada, and accelerating the deployment of commercial battery energy storage systems (BESS) to serve institutional clients. The company identified three core market drivers: surging demand from data centers requiring grid-independent power solutions, deteriorating legacy grid infrastructure requiring distributed storage capacity, and persistent battery supply chain bottlenecks that constrain traditional battery manufacturers.
Moment Energy's competitive positioning rests on its proprietary pack-swapping technology and regulatory credentials. In 2023, the company became the first North American operator to achieve UL 1974 certification, which governs collection, storage, and manufacturing processes for repurposing EV batteries into BESS solutions. The company also holds UL 9540A certification; notably, a new edition published March 13, 2026, introduced enhanced large-scale fire testing requirements for thermal runaway fire propagation scenarios—a regulatory shift that underscores industry maturation and safety standardization. Moment's proprietary system claims to extend operational lifespan to 30 years, compared to a 15-year typical lifecycle for competing second-life battery storage systems, providing a meaningful cost advantage over system lifetime.
The company's strategic thesis centers on unlocking what management describes as the largest untapped domestic resource: the existing installed base of electric vehicle batteries circulating across North American roads. As EV adoption accelerates and battery packs reach end-of-vehicle-life, second-life applications in stationary energy storage present a capital-efficient alternative to primary cell manufacturing, addressing both sustainability objectives and supply chain resilience concerns across the institutional energy storage market.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.