Port Coquitlam, British Columbia-based Moment Energy, a creator of energy storage systems from retired electric vehicle batteries, has raised C$3.5 million in seed financing. The round was led by Version One Ventures, with participation from Fika Ventures, Garage Capital and MCJ Collective. The funds raised will support Moment’s commercialization plans.
Moment Energy closes a $3.5 million seed round to commercialize energy storage systems made from second life electric vehicle (EV) batteries
Nov 16, 2021
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 upcycled 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.
“Moment Energy is uniquely positioned to address three large and rapidly growing global challenges: electric vehicle (EV) battery waste, energy storage demand growth, and global lithium material shortage,” said Sumreen Rattan, co-founder and COO of Moment Energy.
“We are proving that repurposing EV batteries is not only the ethical thing to do, but makes economic sense since there is such a huge demand for energy storage in the market. It prevents the need for premature recycling as many of these batteries can still be used for another decade in applications outside of the vehicle. We are seeing a need for our solution in applications which range from powering remote communities to enabling utilities to meet the power demands for EV charging.”
Moment Energy plans to use the seed funding to grow the team, continue serving the off-grid market, and further commercialize its energy storage solution to expand into on-grid commercial and industrial applications. The company is actively recruiting new candidates to join the team and work together on a mission to provide worldwide access to clean, reliable and affordable energy.
About Moment Energy
Moment Energy is a Vancouver-based clean-tech startup creating sustainable and affordable energy storage systems by repurposing retired electric vehicle batteries. Their solution helps off-grid customers reduce diesel consumption and transition to renewables, and also provides peak shaving and backup power for on-grid commercial and industrial customers.
Moment Energy was co-founded by four tech entrepreneurs who met in the Mechatronic Systems Engineering Program at Simon Fraser University where they co-founded an electric race vehicle team. The team carries experience from Apple, Tesla, Intel, and Microsoft, and is a MaRS and Foresight CleanTech Accelerator portfolio company.
Additionally, Moment Energy was recognized as the Grand Prize Winner of the 2021 National Impact Investor Challenge held by Spring Activator. Moment Energy currently holds a Top Ten Finalist standing in the 2021 New Ventures BC Competition.