B.C.’s Moment Energy is earning international recognition for giving electric vehicle batteries a second life.
The company’s Megafactory 1 in Surrey has been named to TIME’s Best Inventions of 2026. The recognition highlights a manufacturing model that turns retired EV batteries into stationary energy storage.
Founded by Simon Fraser University alumni Edward Chiang, Sumreen Rattan, Gurmesh Sidhu and Gabriel Soares, Moment Energy has grown from a student entrepreneurial venture into a manufacturer serving the expanding market for battery storage. Its systems support applications including data centres, hospitals, manufacturing facilities and microgrids.
The company opened Megafactory 1 on June 23, just six weeks after announcing the project. Moment Energy describes it as the world’s largest EV battery repurposing facility and expects the operation to create more than 100 direct jobs while supporting over 1,000 indirect jobs across British Columbia.
The expansion followed a US$40 million Series B led by Evok Innovations, with participation from Liberty Mutual Investments, W23 Global Fund and Acario. The financing brought total capital raised to more than US$100 million.
In a LinkedIn post marking the TIME recognition, Chiang credited the company’s emphasis on speed. He described an opportunity to connect two developments: EV batteries leaving vehicles with useful life remaining, and growing demand for reliable power.
“Every pack we repurpose sooner becomes energy storage on the grid sooner,” Chiang wrote.
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