Moment Energy has raised $15 million in a Series A funding round to establish the world’s first gigafactory dedicated to repurposing electric vehicle (EV) batteries in the United States.
This funding round, co-led by the Amazon Climate Pledge Fund and Voyager Ventures, will enable the company to scale its production of battery energy storage systems (BESS) made from second-life EV batteries. This milestone adds to Moment Energy’s total funding of $52 million, including a $20.3 million grant from the U.S. Department of Energy.
The upcoming gigafactory aims to repurpose retired EV batteries and create over 250 skilled clean-tech jobs, boosting North America’s lithium security. The facility will contribute to the growing demand for sustainable energy storage solutions, with the total addressable market for BESS expected to exceed $150 billion by 2030. Moment Energy’s BESS solutions are projected to be up to 30% more cost-effective than traditional first-life battery systems.
CEO Edward Chiang expressed the significance of this achievement: “This funding marks a pivotal milestone… By providing a new path for second-life batteries, we’re able to enhance grid stability, increase lithium security in North America, and support renewable energy integration.”
The gigafactory aligns with sustainability goals in the automotive industry by reducing dependency on raw materials, while repurposing EV batteries into scalable and reliable energy storage solutions.
Moment Energy’s technology is poised to address a vital segment of the clean energy market, with BESS ranging from 400 kWh to 10 MWh, serving applications in commercial sectors, renewable energy integration, and EV charging infrastructure.
