Canadian startup secures $15M to repurpose EV batteries

A Canadian startup has secured $15M in funding from Amazon and other investors to repurpose EV batteries, extending their lifespan and reducing waste. By giving used batteries a second life, the company aims to promote sustainability and support the circular economy. This investment will help scale operations and develop innovative energy storage solutions for a greener future.

Moment Energy, a company that transforms used electric vehicle batteries into energy storage solutions, has secured $15 million in funding, with the Amazon Climate Pledge Fund and Voyager Ventures leading the investment.

This new funding will be combined with a $20.3 million grant from the U.S. Department of Energy to support the development of what could become the first large-scale battery repurposing facility. The grant was awarded in October to the Coquitlam, B.C.-based firm, which plans to establish the factory in Texas, creating over 250 clean energy jobs.

To maximize battery reuse, Moment Energy is collaborating with Mercedes-Benz and other partners to repurpose battery packs that are no longer suitable for vehicles but still hold enough capacity for applications such as utilities, microgrids, and EV charging stations.

Nick Ellis, principal at the Amazon Climate Pledge Fund, highlighted that Moment Energy’s approach provides a scalable energy storage solution while tackling the growing issue of battery recycling.

The startup has secured a total of $52 million through venture capital funding and government grants.

Additional Series A investors include In-Q-Tel, Version One Ventures, Overture Ventures, WovenEarth Ventures, Fika Ventures, MCJ, One Small Planet, and Climate Capital.

Other companies in the same sector include Element Energy, B2U Storage Solutions, and RePurpose Energy, among others.

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Source: geekwire‍