Moment Energy Raises $40M+ in Series B to Scale Second-Life Battery Energy Storage Systems

Most people look at a retired EV battery and see a liability sitting on borrowed time. Moment Energy looked at the same asset and saw stored power waiting for a second deployment, and they just raised $40M+ in Series B to prove the point hits harder at scale.

From a garage in Surrey to full-scale production in Metro Vancouver, this crew didn’t stumble into cleantech. Co-Founders Edward Chiang, CEO, and Gabriel Soares, CTO, alongside Sumreen Rattan, COO and Gurmesh Sidhu, CPO, built this like engineers who’ve actually gotten their hands dirty. Simon Fraser University roots, race car batteries, real-world scars. The kind of background that doesn’t just talk energy transition, it wires it.

Evok Innovations led the round, with Liberty Mutual Investments, W23 Global Fund, and Acario stepping in, while Amazon’s Climate Pledge Fund, Voyager Ventures, and In-Q-Tel continue backing the vision. That’s not a casual table. That’s a room full of capital that knows the grid is under pressure and AI isn’t exactly known for sipping electricity politely.

Moment Energy is playing a different game. Their Luna BESS systems take retired EV batteries and drop them into commercial and industrial environments that actually need resilience. Data centers choking on demand, hospitals that can’t blink, airports that don’t get a second chance. This is where theory gets replaced by uptime.

The business lesson here isn’t subtle. They didn’t invent batteries. They rethought the lifecycle. While everyone else chased the next shiny chemistry, Moment Energy asked a better question. What happens to the millions of batteries already built? Turns out, that question is worth over $100M+ in total funding and counting.

And behind the scenes, it’s not just founders carrying weight. Operators and technical minds across the org, people like Kandler Smith, are part of the deeper bench shaping how second-life batteries actually perform when the stakes are high. Because repurposing sounds nice in a pitch, but in the field, it better work every single time.

Now they’re pushing into Texas, building a second-life battery gigafactory, expanding a North American footprint that feels less like expansion and more like inevitability. Because when AI demand spikes and grids start sweating, the winners won’t just be the ones who generate power. It’ll be the ones who know how to store it, stretch it, and squeeze every last electron out of what already exists.