Moment Energy, a company with headquarters in Canada and the United States, has successfully closed a $40 million Series B funding round, bringing its total capital raised to over $100 million. CEO Edward Chiang emphasizes the escalating demand for power across North America, a challenge he believes his startup is uniquely positioned to address through its innovative approach to repurposing electric vehicle (EV) batteries.

The North American power grid faces immense pressure from an increasingly volatile climate, the proliferation of electric vehicles, and the rapid expansion of data centers. Chiang notes that this growing demand has largely been met by foreign entities, with BNEF data indicating that Chinese companies account for approximately 72% of the global market, raising national security considerations. Moment Energy tackles this by acquiring EV battery packs, replacing the original automakers’ battery management systems (BMS) with its proprietary software, and then integrating these modules into larger, grid-scale energy storage solutions. This modular design supports diverse battery chemistries and minimizes downtime by allowing for individual module replacement.

A key differentiator for Moment Energy is its achievement of UL Certification for its repurposed batteries, making it the first organization to secure this critical safety approval in the sector. Chiang highlights that many competitors claim to test against UL standards but do not obtain the actual certification, which mandates the use of specific, approved components. He cautions that systems lacking proper certification, especially those that attempt to mimic an automaker’s original BMS, could be deemed unsafe, uninsurable, or prohibitively expensive to insure, potentially leading to severe liability issues in the event of a malfunction. The participation of Liberty Mutual’s venture arm in the Series B round underscores confidence in Moment Energy’s rigorously certified solution.

Despite its relatively modest size with around 72 employees, Moment Energy demonstrates significant momentum. The company has secured supply agreements with major automotive manufacturers like Mercedes-Benz and Nissan, obtained a $20 million loan from the Department of Energy, and is developing a gigawatt-scale factory in Austin, Texas. Moment Energy serves a diverse customer base, including utility providers, industrial clients, and data centers. Chiang attributes much of the company’s pragmatic approach—focusing on delivering tangible products and building a profitable business rather than chasing speculative fundraising—to its Canadian roots.