Moment Energy Raises $15 Million for Texas Gigafactory

Moment Energy has successfully raised $15 million in a Series A funding round, co-led by the Amazon Climate Pledge Fund and Voyager Ventures, to build the world's first gigafactory dedicated to repurposing electric vehicle (EV) batteries in the U.S. This funding adds to the $52 million raised to date, including a $20.3 million grant from the U.S. Department of Energy, and will enable the company to scale its production of battery energy storage systems (BESS) from second-life EV batteries. With a total addressable market for BESS projected to exceed $150 billion by 2030, Moment Energy aims to create over 250 skilled jobs while addressing the growing demand for sustainable energy solutions. The company focuses on delivering cost-effective BESS solutions, reportedly 30% cheaper than traditional systems, by leveraging used batteries from major automakers. This strategic investment aims to bolster North America's lithium security and support the clean energy transition by integrating renewable sources into the grid. Moment Energy's efforts position it as a leader in the circular economy, enhancing the lifecycle of EV batteries before they are recycled.