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Moment Energy raises $40M to meet ‘infinite demand for power’ with EV batteries
Moment Energy has raised $40M in Series B funding to repurpose EV batteries for grid-scale storage, believing in the infinite demand for power in North America. The company stands out with its UL certification for safety and unique battery management approach. This funding includes support from major investors, reflecting confidence in the growth potential as energy demands rise amidst climate challenges.
Key points
- Moment Energy raised $40M in Series B funding, totaling over $100M.
- Led by Evok Innovations, with contributions from Amazon’s Climate Pledge Fund and In-Q-Tel.
- Company's focus: repurposing electric vehicle batteries into modular energy storage solutions.
- Provides UL Certification, a first in the market, ensuring safety and insurance viability.
- Competes against a predominantly Chinese market, aiming to dominate the local sector.
- Partnered with Mercedes-Benz and Nissan for battery supply deals.
- Building a gigawatt-scale factory in Austin, Texas.
Why it matters
- The shift towards renewable energy sources is driving demand for innovative storage solutions.
- The electric vehicle market is rapidly growing, pushing companies to develop sustainable energy practices.
- Increased focus on climate change resilience is prompting reforms in how power is stored and managed.
- 2025 IT trends show a push for IoT and Sustainable Technologies, aligning with Moment Energy's model.
Moment Energy's innovative approach to repurposing EV batteries, validated by notable funding and partnerships, is timely as power demand surges in North America. Its focus on safety and modular solutions positions it well to capitalize on the burgeoning energy storage market amidst ongoing climate concerns.