Vancouver clean energy startup Moment Energy has raised a $3.5 million seed round of funding led by Vancouver’s Version One Ventures with major involvement from Fika Ventures, Garage Capital and MCJ Collective.
Co-founded by four young and diverse entrepreneurs from British Columbia, Moment Energy creates sustainable energy storage systems by repurposing retired electric vehicle batteries. Their solution has been installed in off-grid areas to reduce diesel consumption and enables a transition to renewable energy.
“At Version One, we’ve been focused on investing in companies tackling the climate crisis, and one way to do this is to reduce waste of what we already use,” Version One Ventures General Partner Angela Tran told Techcouver.
“With that said, we like the team’s mission of repurposing all EV batteries for second-life use versus simply recycling them when these batteries still have an average of 80% capacity when retired from the cars.”
The investment will allow Moment Energy to deploy even more upcycled EV batteries to industries in need of clean and reliable energy through our partnerships with the world leading automakers in electric vehicles.
“We are really excited to have met so many investors that are passionate about making Gigawatt-hours worth of positive environmental and social impact through investing in our team and technology,” said Moment Energy co-founder Edward Chiang.
“We believe that clean energy is a fundamental right for everyone around the world, and we are working hard to make this a reality.”
RELATED: Moment Energy is hiring in Vancouver
Chiang co-founded Moment Energy with his best friends Sumreen Rattan, Gabriel Soares, and Gurmesh Sidhu (pictured) in early 2020. The team has since tripled their team size and established an office and manufacturing facility in Port Coquitlam.
“The energy storage solution we’ve designed is unique in that it’s developed with sustainability at the forefront,” said Sumreen Rattan, co-founder and COO of Moment Energy.
“For the past few months, we’ve been discussing our growth and all the positions we’d hire for if we had the funding. It’s incredible to make this a reality. With the close of this round, we’re looking forward to expanding our team and deploying more energy storage systems in places of need.”
Moment Energy plans to use the seed funding to continue serving the off-grid market, and further commercialize its energy storage solution to expand into on-grid commercial and industrial applications. The company is actively recruiting new candidates to join the team and work together on a mission to provide worldwide access to clean, reliable and affordable energy.
In June 2021 Moment Energy won the $100K grand prize in Spring Activator’s first-ever National Impact Investor Challenge.