Moment Energy repurposes retired EV battery packs into commercial storage systems. The company just raised a $40 million Series B to expand across North America. The problem is simple: power demand keeps climbing while grid infrastructure and fresh battery supply aren’t keeping pace. Co-founder and CEO Edward Chiang started the company in 2019 with Sumreen Rattan, Gabriel Soares, and Gurmesh Sidhu. The team believed old EV batteries could provide cheaper domestic energy storage instead of heading straight to recycling. That bet just got a lot bigger.
What does Moment Energy do with second-life EV batteries?
Moment Energy takes healthy retired EV battery packs — usually lithium-ion packs with roughly 70% or more state of health — and turns them into battery energy storage systems for commercial and industrial customers. The workflow is pretty direct: the company reviews pack data and handles transport. It runs intake testing at its UL 1974-certified facility, removes the automaker’s original battery management system, installs its own controls, and rebuilds those battery modules into stationary storage products. That last step matters. Moment’s whole pitch is that a reused EV pack shouldn’t pretend it’s still inside a car.
Its flagship product today is Luna BESS, a modular system aimed at businesses that need backup power, peak shaving, EV charging support, or better use of on-site solar and wind. Moment sells it in a 400 kWh “Half Luna” format and a 1 MWh “Full Luna” format, both with 2–4 hour discharge duration, 480 VAC output, plug-and-play deployment, and 24/7 remote monitoring. Luna is also scalable to 10 MWh for larger commercial and industrial sites.
The feature set is less flashy than a lot of startup decks. That’s probably the point. Moment emphasizes a custom battery management system and continuous monitoring. It also highlights electrical and thermal safeguards, plus fire-risk mitigation validated through UL 9540 and UL 9540A testing. In October 2025, Luna became the first repurposed battery system built from second-life lithium-ion batteries to clear UL 1973, UL 9540, and UL 9540A safety milestones together.
For customers, the before-and-after is pretty practical. Instead of just eating ugly peak-demand charges or overbuilding electrical service, a site can charge the system when power is cheaper and discharge during expensive spikes. The same platform can also support fleet charging and add backup power. It can also reduce downtime during grid disruptions. Its newer pack-swapping architecture is meant to make failed modules easier to replace and let customers benefit from newer battery chemistries over time instead of scrapping the whole unit.
How Moment Energy built its second-life EV battery business
Four engineers, one garage, and a battery problem
Moment Energy started in November 2019 in a home garage in Surrey, British Columbia. The four co-founders — Edward Chiang, Sumreen Rattan, Gabriel Soares, and Gurmesh Sidhu — were all engineers, and they’d already worked together building electric race vehicles before starting the company. That’s a relevant origin story for a startup whose core job is figuring out what’s left inside an aging battery pack and how to use it safely.
Chiang is the public face of the company, and his background lines up with the business. He studied mechatronics engineering at Simon Fraser University, later earned a Forbes 30 Under 30 nod, and was named Fasken’s Climate Tech Founder of the Year in 2025. Public details on the rest of the founding team are thinner, but their operating roles are clear: Rattan is COO, Soares is CTO, and Sidhu is CPO.
Traction got there before the hype did
This isn’t a pre-product battery startup. Moment has deployed 10 projects across EV charging, grid, and defence applications, and TechCrunch reported the company now has about 72 employees. It signed battery supply relationships with Nissan North America in 2020 and Mercedes-Benz Energy in 2022. That's a big deal for any business that depends on predictable access to retired packs.
The early deployments are the kind that make sense for second-life systems. Quadra Island was an off-grid proof point. God’s Pocket Resort used Moment’s Flora BESS to cut diesel use, and a later profile said the site had logged 1,000 cycles with a 66% reduction in diesel usage. The company also deployed storage integrated with solar and wind for relocatable camps under the Canadian Department of National Defence.
The funding stack is getting serious
The new round is a $40 million Series B. Evok Innovations led it, with Liberty Mutual Investments, W23 Global Fund, and Acario joining existing backers including Amazon’s Climate Pledge Fund, Voyager Ventures, and In-Q-Tel. Moment says total capital raised is now above $100 million. Earlier rounds included a CAD 3.5 million seed led by Version One Ventures in 2021 and a $15 million Series A co-led by Amazon’s Climate Pledge Fund and Voyager Ventures.
There’s also government-backed capital in the mix. TechCrunch reported the company secured a $20 million loan from the U.S. Department of Energy, and Moment separately announced a $20.3 million DOE award tied to its first certified EV battery repurposing facility in the U.S. That helps explain why the company is building a gigawatt-scale factory in Austin, Texas rather than staying a niche project developer.
Where it sits against competitors
Moment isn’t the only company chasing second-life battery storage. B2U Storage Solutions has built large-scale storage around second-life EV packs using a model that keeps original packs intact with its EV Pack Storage approach. Smartville has pushed a multi-pack platform built around its own battery management hardware and qualification software. That’s real competition, but it also shows the category still hasn’t settled on one standard architecture.
Moment’s differentiation is more conservative than sexy. It strips out the automaker battery management system instead of leaving it in place. It writes its own software and has made certification the center of the pitch. Chiang told TechCrunch that some rivals test against UL standards without actually getting certified, while Moment’s view is simpler: “We got it.” Pair that with a modular design and domestic manufacturing story, and you can see why investors like the setup.
Why this second-life EV batteries round matters
This round matters because it moves Moment closer to being a manufacturer, not just a clever systems integrator. The capital will expand its North American manufacturing footprint, scale specialist teams, and increase production capacity across the U.S. and Canada for utilities, industrial users, and data centers. That’s a different phase of company-building. And it’s a much harder one.
It also gives Moment a shot at turning safety into a commercial advantage instead of just a compliance line item. Chiang’s argument is that certification affects insurance, permitting, and whether serious customers will even touch reused batteries. Liberty Mutual’s investment arm joining the round doesn’t prove the business model works at scale, but it reinforces the idea that Moment is trying to build something underwritable, not just interesting.
There’s another signal here. Chiang told TechCrunch that data center companies have been calling, but he also sounded wary of signing far-off deals just to raise the next round. That’s refreshing, frankly. Battery startups have a habit of selling the 2030 vision before they’ve nailed the 2026 factory. Moment still has a lot to prove.
Why second-life EV batteries are getting real demand
The macro setup is pretty obvious now. In the U.S., cumulative utility-scale battery storage capacity topped 26 GW in 2024 after 10.4 GW of new additions, and EIA said operators planned another 19.6 GW for 2025. That kind of buildout creates room for more than one battery supply model, especially if reuse can lower costs or shorten lead times for commercial projects.
Globally, battery storage is expanding even faster. The IEA said 108 GW of new battery storage capacity was deployed in 2025, up 40% from 2024, with installed capacity now 11 times higher than in 2021. Around 80% of those additions were utility-scale, and battery-based UPS systems used heavily in data centers grew 30% to 45 GW. So yes, Chiang’s “infinite” demand line is an exaggeration. But it’s not a random one.
There’s also a supply-chain angle investors clearly care about. TechCrunch cited BNEF data showing Chinese companies control about 72% of the global market, which turns battery storage into more than a cost issue. It becomes an industrial policy issue too. That’s a big reason second-life systems built from batteries already circulating in North America look less like an environmental side project and more like domestic infrastructure.
The real test for Moment Energy
Moment Energy has a credible story because it isn’t just saying reused batteries are cheaper or greener. It’s saying second-life EV batteries can be safe, insurable, modular, and manufacturable at scale. That’s a much tougher claim.
Now comes the part that matters most: getting the Austin factory built and shipping more certified systems. Then it has to prove this model works outside pilot-scale enthusiasm.
Read how CopilotKit raised $27M in Series A funding to build an agentic frontend stack that lets AI agents interact directly inside apps through actions, state changes, and generative interfaces, helping enterprises move beyond standalone chatbots toward deeply integrated AI workflows.
FAQ
– What did Moment Energy raise in 2026?
Moment Energy announced a $40 million Series B on May 5, 2026. Evok Innovations led the round, and the investor list included Liberty Mutual Investments, W23 Global Fund, and Acario alongside earlier backers such as Amazon’s Climate Pledge Fund, Voyager Ventures, and In-Q-Tel.
– How does Moment Energy turn EV batteries into energy storage systems?
It buys healthy retired EV packs, tests and grades them, removes the automaker battery controls, and rebuilds the modules into stationary battery energy storage systems for commercial and industrial sites. The resulting products can handle things like demand charge reduction and backup power. They can also support on-site renewable integration, with Luna BESS sold in 400 kWh and 1 MWh formats.
– Who founded Moment Energy?
Moment Energy was founded in 2019 by Edward Chiang, Sumreen Rattan, Gabriel Soares, and Gurmesh Sidhu. The team started the company in Surrey, British Columbia after previously working together on electric race vehicles, and Chiang came into the business with a mechatronics engineering background from Simon Fraser University.
– Is Moment Energy a battery recycling company or a battery storage company?
It’s closer to a battery storage company with a repurposing engine at the center. Instead of shredding EV batteries for raw materials right away, Moment tries to extend their useful life in stationary storage first, which puts it in the second-life battery segment rather than pure recycling or conventional new-battery BESS manufacturing.
