January 30, 2025: Moment Energy has secured $15 million in a series ‘A’ funding to push ahead with plans to build what it said will be the world’s first second-life battery gigafactory.

The funding round, co-led by the Amazon Climate Pledge Fund and Voyager Ventures, will support plans to repurpose EV batteries at the planned 1GWh Texas plant and bolster lithium supply security for North America.

Canada-based Moment said on January 16 its repurposed BESS systems can be deployed in projects ranging from 400kWh to 10MWh — such as those supporting grid stability and EV charging stations — which the company said is an under-served intermediate market segment crucial to the clean energy transition.

This market presents a projected total addressable market for battery energy storage exceeding $150 billion by 2030, fuelled by an anticipated global demand of 1.2 terawatt hours, Moment said.

The company forecasts that 953GWh of second-life batteries will be available for repurposing as BESS batteries by 2030. Moment already works with auto giants including Mercedes Benz Energy.

Series ‘A’ brings Moment’s financing in the last three months to over $40 million. A total of $52 million has been raised to date — including more than $20 million awarded from the US Department of Energy last October.

Work to prepare for the design and development of the Texas facility is set to start in the first quarter of this year.

Moment is also developing a proprietary AI management system that it claims will enable all battery energy storage to become safer and longer lasting.