Moment Energy closes a $3.5 million seed round to commercialize energy storage systems made from second life electric vehicle (EV) batteries

Source: · MOMENT ENERGY · | November 17, 2021

Source: Moment Energy

Vancouver, BC -  Clean energy startup Moment Energy has raised a $3.5 million seed round of funding. The company creates sustainable energy storage systems by repurposing retired electric vehicle batteries. The investment round was led by Version One Ventures with participation from Fika Ventures, Garage Capital and MCJ Collective.  

“We are really excited to have investors that are passionate about making Gigawatt-hours worth of positive environmental and social impact through investing in our team and technology. We believe that clean energy is a fundamental right for everyone around the world, and we are working hard to make this a reality,” said Edward Chiang. co-founder and CEO of Moment Energy.

“This investment allows us to deploy even more up-cycled EV batteries to industries in need of clean and reliable energy through our partnerships with the world leading automakers for electric vehicles.” 

Chiang co-founded Moment Energy in early 2020 with Sumreen Rattan, Gabriel Soares, and Gurmesh Sidhu, a team of technology entrepreneurs who previously worked together to design and create electric race vehicles. The team has since tripled their team size and established an office and manufacturing facility in British Columbia, Canada. Their battery energy storage systems have been deployed at multiple remote sites across Canada to help reduce diesel consumption and enable the use of renewable energy.