Clean energy startup Moment Energy has established a supply agreement with Mercedes-Benz Energy (MBE) for second-life electric vehicle (EV) batteries. This marks the first agreement Mercedes-Benz Energy has signed with a North American second-life energy storage system (ESS) provider.
“Together with Moment Energy we will enable sustainable ESS-solutions for North America based on second-life batteries. We are to combine Mercedes-Benz Energy’s experience with Moment Energy’s pioneering spirit in these exciting times,” said Gordon Gassmann, CEO of Mercedes-Benz Energy.
EVs are expected to make up 70% of US automotive sales by 2030. With this growth comes tens of millions of end-of-life EV batteries that are being improperly managed. On top of that, these batteries still have an average of 80% of their original capacity remaining when removed from vehicles.
“We’re excited to work with Mercedes-Benz Energy to ensure that EV batteries are given a second life in stationary energy storage applications. With this agreement, we are another step closer to closing a circular economy for EV batteries,” said Sumreen Rattan, co-founder and COO of Moment Energy.
Moment Energy has integrated Mercedes-Benz Energy batteries in its latest 60-kilowatt-hour energy storage solution. Moment Energy will deploy two of these systems at God’s Pocket Resort, a Canadian off-grid diesel-dependent scuba diving resort later this year.
Mercedes-Benz Energy was founded in 2016 at the high-performance battery plant in Kamenz, Saxony, and provides innovative solutions in the EV battery storage segment internationally.
Moment Energy was co-founded by Edward Chiang, Sumreen Rattan, Gabriel Soares, and Gurmesh Sidhu (pictured).
Last year they were awarded the $100,000 grand prize as the winner of Spring Activator’s first-ever National Impact Investor Challenge and then raised a $3.5 million seed round by Vancouver’s Version One Ventures in 2021.
Moment Energy is taking pre-orders for their 60-kilowatt-hour second-life energy storage solution.