May 6, 2026:  Canadian second-life battery company Moment Energy has secured US$40 million in a series ‘B’ funding round, bringing its total capital raised to overUS $100 million. 

The financial boost will support funding for the British Columbia (BC) EV battery repurposing firm’s development of a gigafactory in Texas and facilities in BC, Moment said on May 5.

The company said it has advanced battery repurposing from experimental use cases to enterprise-grade commercial deployment — having achieved key safety milestones, including UL 1974 and UL 9540A certifications. Moment claims this makes it the only provider proven capable of deploying second-life battery storage systems in the built environment without special dispensations or regulatory loopholes.

The funding round was led by Evok Innovations, with participation from Liberty Mutual Investments, W23 Global Fund, and Acario (the corporate venture capital arm of Tokyo Gas). They joined Moment’s major investors — Amazon’s Climate Pledge Fund, Voyager Ventures and In-Q-Tel.

Moment said its proprietary pack-swapping architecture extends system lifespans to 30 years — which doubles the typical 15-year lifecycle of conventional systems. Combined with domestic tax incentives, this is said to enable up to 3x lower net costs, reducing cycling costs to a breakthrough 3 cents per kWh for industrial users.

The company said it has engineered the world’s most dense second-life battery system, with a compact footprint that enables up to 164MWh of storage per acre, maximising ROI per square foot in high-value, space-restricted environments.

Edward Chiang, Moment co-founder and CEO, said: “AI is exposing what’s been broken in the grid for years, and the answer isn’t waiting on the next trillion dollar utility upgrade. 

“The era of independent energy is here, energy free from a grid that can’t keep up, supply chains we don’t control, and decades of new extraction. It starts with the batteries already on our roads. We’re certified to put them to work.”