Moment Energy, an electric vehicle battery repurposing company, has raised $40 million in its Series B funding round, bringing the total capital raised to more than $100 million.

Evok Innovations led the funding round, with participation from Liberty Mutual Investments, W23 Global Fund, and Acario, the corporate venture capital arm of Tokyo Gas. The new investors join Moment Energy’s existing major investors, including Amazon’s Climate Pledge Fund, Voyager Ventures, and In-Q-Tel.

The funding will help expand its second-life battery manufacturing footprint in North America. Moment Energy plans to use the capital to scale specialist teams and increase production capacity across the U.S. and Canada.

Previously, in 2025, the company secured $5 million in growth financing from TD Innovation Partners, the innovation banking division of The Toronto-Dominion Bank, to accelerate the repurposing of lithium-ion batteries into safe, high-performance, and compliant energy storage systems for commercial, industrial, and utility applications.

“As energy demand continues to increase, Moment Energy is focused on one mission: improving grid resilience and reducing energy costs,” said Edward Chiang, Co-Founder and CEO of Moment Energy. “We are building a new generation of energy infrastructure that can be deployed rapidly, manufactured domestically, and powered by existing battery resources.”

The company said the expansion is aimed at meeting demand from data centers, utilities, and industrial customers. It added that the funding will support the deployment of its commercial energy storage systems.

Moment Energy repurposes electric vehicle batteries for stationary energy storage applications. The company’s proprietary pack-swapping architecture is said to extend system life to 30 years, compared with 15 years for conventional systems. The company claimed that, when combined with domestic tax incentives, the system can lower net costs by up to three times and reduce cycling costs to as low as 3 cents/kWh for industrial users.

According to Mercom’s Annual and Q4 2025 Funding and M&A for Energy Storage report, VC funding for the battery recycling sector increased by around 8% in 2025 compared to 2024.

In 2025, Renewable Metals, an Australia-based lithium-ion battery recycling company, secured AU$12 million (~$8.6 million) in an oversubscribed Series A funding round.