Moment Energy secures funding to build Texas battery repurposing plant

Moment Energy is embarking on a new phase in its expansion strategy with the announcement that it will be building the world's first second-life gigafactory in Taylor, Texas, dedicated to repurposing retired electric vehicle (EV) batteries.

The news comes after the Coquitlam, B.C.-based company secured $22 million in Series A funding in December, enabling it to begin work on the facility expected to become operational in 2028 and provide up to two gigawatt-hours (gW-h) of battery energy storage systems (BESS) annually.

This latest funding round was co-led by Amazon Climate Pledge Fund and Voyager Ventures to enable Moment Energy to plug an environmental and systemic gap in the EV ecosystem by giving new life to batteries that would otherwise be discarded to landfills.