British Columbia-based cleantech startup Moment Energy has secured $21.5 million CAD ($15 million USD) in a Series A funding round, as it accelerates plans to establish a gigafactory in Texas dedicated to producing battery energy storage systems from repurposed EV batteries.
The round was co-led by the Amazon Climate Pledge Fund and Voyager Ventures, with participation from investors including In-Q-Tel, Overture Ventures, WovenEarth Ventures, Fika Ventures, MCJ Collective, One Small Planet, Climate Capital, and returning backer Version One Ventures, which also led Moment’s seed round in 2021.
This funding comes at a challenging time for cleantech hardware startups, as investment in the sector has declined. Despite these market conditions, Moment Energy continues to attract significant investor interest, having raised $52 million USD to date, including a $28.1 million CAD grant from the U.S. Department of Energy to support its Texas facility.
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Scaling Production and Operations
Moment Energy plans to use the fresh capital to:
- Expand its Vancouver headquarters, doubling its current size and workforce.
- Advance the development of its Texas gigafactory, which, once fully operational, will have an annual production capacity of 1 GWh, enough to power 750,000 homes annually.
Moment’s gigafactory will focus on repurposing EV batteries into energy storage solutions, helping off-grid customers reduce diesel consumption and transition to renewable energy sources.
Challenges in Cleantech Funding
A recent MaRS report highlights the difficulties faced by Canadian cleantech startups, noting a decline in investment from a peak of 101 deals in 2021 to 75 deals in 2023. The report also revealed a widening funding gap between Canadian and U.S. cleantech companies, with American firms attracting 2–3 times the capital.
Despite these challenges, Moment Energy remains committed to growth and innovation in the energy storage sector.
A Strong Vision for the Future
Founded in 2020 by Edward Chiang (CEO), Sumreen Rattan (COO), Gabriel Soares (CTO), and Gurmesh Sidhu (CPO), Moment Energy is poised to become a key player in sustainable energy storage. The company aims to make clean energy accessible by giving a second life to retired EV batteries.
“This funding will help us accelerate our mission to provide reliable and affordable clean energy solutions,” said Chiang.
With strong backing and a clear vision, Moment Energy is positioned to lead the charge in the circular economy for energy storage, offering scalable solutions to meet the growing demand for renewable energy.
