The federal government is investing in Coquitlam’s Moment Energy.
Canada this week announced $4.9 million for Moment, which recycles retired electric vehicle batteries into battery energy storage systems.
When an EV battery reaches the end of its automotive life, it often still has up to 80% of its storage capacity which can be used in a second life as a stationary power source.
The funding, which hails from Pacific Economic Development Canada, is earmarked for Moment to expand production of modular battery energy storage systems made from repurposed electric vehicle batteries.
The Canadian cleantech already has a full-scale production hub in Coquitlam.
“British Columbia is home to a powerful ecosystem of innovators and entrepreneurs, including right here in Coquitlam,” stated Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada.
“By investing in local businesses, PacifiCan is helping entrepreneurs advance sustainable technologies, drive business growth and build a strong, resilient Canadian economy,” he said.
The repayable funding is provided through PacifiCan’s Business Scale-up and Productivity program, which helps high-growth B.C. businesses expand and deliver innovative products and services.
“This funding will accelerate our expansion across Canada, allowing us to scale as a homegrown battery energy storage manufacturer ready to power the future,” remarked Edward Chiang, Moment’s Chief Executive Officer.
“Our systems can support the surge in AI data centres, quantum computers, and advanced EV charging, while ensuring critical infrastructure like airports and hospitals are powered,” the CEO said. “Just as importantly, we are investing in developing local talent to ensure Canada can lead in clean, reliable energy solutions and remain competitive on the global stage.”
Earlier this year, Moment Energy closed a $21.6 million Series A funding round, co-led by the Amazon Climate Pledge Fund and Voyager Ventures, to support the construction of Moment Energy’s groundbreaking gigafactory in the United States, the world’s first facility dedicated to repurposing EV batteries.
Moment Energy was established in 2020 by students from Simon Fraser University.
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