Moment Energy has raised $15 million in a Series A funding round to construct the world’s first gigafactory for repurposing electric vehicle (EV) batteries in the United States. The funding, co-led by the Amazon Climate Pledge Fund and Voyager Ventures, positions the company to scale production of battery energy storage systems (BESS) made from second-life EV batteries. This milestone builds on a total of $52 million raised to date, including a $20.3 million grant from the U.S. Department of Energy.
Key Highlights
- Gigafactory Plans: The facility will repurpose retired EV batteries, creating over 250 skilled clean-tech jobs and bolstering North America’s lithium security.
- Market Opportunity: The total addressable market (TAM) for BESS exceeds $150 billion by 2030, driven by rising global energy storage demand and the availability of 953 GWh of second-life batteries for repurposing.
- Economic Advantage: Moment Energy offers BESS solutions at costs up to 30% lower than traditional first-life battery systems, enhancing sustainability and cost-efficiency.
- Strategic Backing: Investors include Amazon Climate Pledge Fund, Voyager Ventures, and others such as In-Q-Tel, Version One Ventures, and Overture Ventures.
Scaling Sustainable Energy Solutions
Moment Energy’s advanced battery management technology enables the development of BESS for applications ranging from 400 kWh to 10 MWh. These systems serve commercial and industrial sectors, renewable energy integration, and EV charging infrastructure, addressing an underserved yet vital segment of the clean energy market.
CEO Edward Chiang highlighted the significance of the funding:
“This funding marks a pivotal milestone… By providing a new path for second-life batteries, we’re able to enhance grid stability, increase lithium security in North America, and support renewable energy integration.”
The gigafactory’s creation aligns with the automotive industry’s sustainability goals, reducing dependency on raw materials while repurposing EV batteries into scalable, reliable energy storage systems.
Industry and Investor Support
Nick Ellis, Principal at Amazon Climate Pledge Fund, emphasized the solution’s scalability and sustainability:
“Moment’s second-life battery solution addresses a growing recycling challenge… reshaping the energy landscape.”
Leonardo Banchik, Investment Director at Voyager Ventures, praised the company’s approach to lowering costs and offering reliable energy storage:
“Moment Energy’s approach tackles two pressing challenges – reducing the cost of energy storage deployment while creating a sustainable solution for end-of-life EV batteries.”
About Moment Energy
Moment Energy is a leader in EV battery repurposing, offering clean, affordable, and reliable BESS solutions. Collaborating with major automakers such as Mercedes-Benz Energy, the company supports a circular economy, ensuring retired batteries find a second life before recycling. Moment Energy’s systems improve grid reliability, power EV charging stations, and reduce demand charges, paving the way for a more sustainable energy future.
For more information, visit: Moment Energy.
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