Canadian battery startup Moment Energy has closed a Series B financing of more than US$40 million to scale what it calls North America's largest second-life battery platform and accelerate construction of a Texas gigafactory built from repurposed electric-vehicle batteries.
Evok Innovations Leads, Tokyo Gas and Liberty Mutual Join
The round, announced on May 5, 2026, was led by Evok Innovations, with participation from Liberty Mutual Investments, W23 Global Fund and Acario—the corporate venture arm of Tokyo Gas. The new financing brings Moment Energy's total capital raised to more than US$100 million, including a US$20.3 million U.S. Department of Energy award earlier received to establish the first certified EV-battery repurposing facility in the United States.
200,000-Square-Foot Gigafactory in Taylor, Texas
Founded in 2020 in British Columbia, Moment Energy plans to deploy the capital to complete its 200,000-square-foot Taylor, Texas gigafactory, triple its headcount and continue commercial roll-out of its Flora and Lattice battery energy storage systems. The company says the Taylor plant will be the largest second-life EV battery facility in North America, repurposing packs from automakers including Nissan, Mercedes-Benz and other OEM partners.
UL Certification and Data-Center Demand
Moment Energy has secured UL 1974 (repurposed battery cells) and UL 9540A (battery system safety) certifications, two key milestones that allow its products to be sold into utility, commercial and industrial markets. The company says demand has surged from data centers, utilities and microgrids racing to add storage to support generative-AI workloads and stricter grid reliability requirements.
Why It Matters
Recycling and second-life EV batteries are emerging as a critical bridge for the energy transition as automakers scale electric-vehicle production. By turning what is effectively waste into grid-ready storage, Moment Energy is positioning itself alongside utility-scale storage rivals such as Tesla Megapack and Fluence—at a fraction of the cost. The round lands as solid-state battery makers race to commercialize new chemistries and M&A in the BESS market heats up.
Reporting based on coverage from Moment Energy's announcement, GeekWire, PR Newswire and Batteries International.