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Moment Energy, a startup repurposing EV batteries, has raised a $15 million Series A round to help finance a big factory in Texas. 

Why it matters: The market for energy storage is booming.

Zoom in: Amazon's Climate Pledge Fund and Voyager Ventures co-led the deal.

Participating investors included In-Q-Tel, Version One Ventures, Overture Ventures, WovenEarth Ventures, Fika Ventures, MCJ, One Small Planet, and Climate Capital.

Moment Energy, based in Coquitlam, British Columbia, says with this funding, it's raised $52 million to date, including a $20.3 million grant from the Department of Energy to build its factory.

Between the lines: The company is the only one certified in North America by UL Solutions for the standard of repurposing batteries — an industry standard known as UL 1974. The standard governs the safe disassembling, testing, and reassembling of EV batteries into stationary energy storage. 

How it works: Moment Energy collects retired EV batteries mostly from automakers across the globe, including in Europe and Asia. The company says it has over 20 automaker and battery manufacturer partners. 

The startup disassembles, tests and reassembles the EV batteries into stationary storage packs that it's first selling to commercial and industrial customers. Down the road Moment plans to sell larger battery projects to energy companies for grid-connected batteries. 

Moment Energy says its battery systems are typically 30% cheaper than systems using new lithium-ion batteries. 

Because the batteries are made for EVs, they can deliver two to four times greater power than the standard batteries used in stationary storage projects.

Zoom out: Moment Energy isn't the first company to repackage EV batteries. Other startups include Element Energy, B2U, Smartville, Zenobe, Betteries, and RePurpose Energy.

Automakers and energy companies have also been investigating this market for years. 

Moment Energy plans to build a factory in Taylor, Texas, that can make up to two gigawatt-hours of storage products per year, which is enough batteries to power tens of thousands of EVs. When finished, it will be the biggest factory of its kind in the world. 

CEO and co-founder Edward Chiang called 2025 "a planning phase" for the company as it orders equipment, with a plan to start factory construction in early 2026.

The big picture: Companies, utilities and data center operators are aggressively buying battery storage to help manage grid and onsite power. 

Second-life battery systems could play a key role in that demand if providers like Moment Energy can grow their supply fast enough. 

Exclusive: Amazon backs second-life EV battery startup Moment Energy

The company is building a second-life gigafactory in Texas

Moment Energy repurposes EV batteries to use for buildings and the grid

Moment Energy repurposes EV batteries to use for buildings and the grid. Photo: Courtesy of Moment Energy

Moment Energy, a startup repurposing EV batteries, has raised a $15 million Series A round to help finance a big factory in Texas. Why it matters: The market for energy storage is booming.

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Exclusive: Amazon backs second-life EV battery startup Moment Energy

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