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Moment Energy

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Overview

Moment Energy is a pioneering company in the clean energy sector, specializing in repurposing retired electric vehicle (EV) batteries to create affordable and reliable energy storage solutions. Founded in 2019 and based in Port Coquitlam, British Columbia, Canada, the company addresses critical global challenges, including EV battery recycling, increasing energy storage demand, and the global lithium shortage.

Business Model and Partnerships

Moment Energy's innovative approach involves repurposing EV batteries that retain approximately 80% of their original capacity. The company has established partnerships with major automotive manufacturers, including Nissan and Mercedes Benz, to source retired EV batteries directly.

Products and Solutions

The company offers Battery Energy Storage Systems (BESS) under two brand names:

  1. Luna
  2. Flora These systems range from 60kWh to 5MWh and are designed for various applications, including:
  • On-grid and microgrid systems
  • EV charging support
  • Renewable energy integration
  • Backup power for critical infrastructure
  • Load shifting and peak shaving for energy optimization

Technology and Innovation

Moment Energy is developing a proprietary AI management system to enhance the safety and longevity of battery energy storage. This technology supports circular economy goals by extending the life of EV batteries and reducing the need for new raw materials.

Expansion and Funding

The U.S. Department of Energy has awarded Moment Energy $20.3 million in grant funding to construct its first gigawatt-scale factory in Taylor, Texas. This facility will:

  • Produce 1 GWh of repurposed batteries annually
  • Support a wider range of customers, including utilities, microgrids, and commercial and industrial clients
  • Complement the company's existing manufacturing plant in British Columbia

Environmental Impact

By repurposing EV batteries, Moment Energy:

  • Reduces the need for complex and potentially dangerous recycling processes
  • Conserves valuable materials like nickel and cobalt
  • Supports a more sustainable energy ecosystem Through its innovative approach, Moment Energy is positioned at the forefront of the sustainable energy revolution, offering solutions that address both environmental concerns and energy storage needs.

Leadership Team

Moment Energy's leadership team consists of visionary individuals driving the company's mission to provide clean, affordable, and reliable battery energy storage systems through the repurposing of retired electric vehicle batteries.

Co-Founders

  1. Edward Chiang - Co-Founder and CEO
    • One of four mechatronic system engineers who founded Moment Energy
    • Leads the company's overall strategy and vision
  2. Sumreen Rattan - Co-Founder and COO
    • Plays a crucial role in overseeing the company's operations
    • Ensures efficient execution of business processes
  3. Gabriel Soares - Co-Founder and CTO
    • Responsible for the technical direction and innovation at Moment Energy
    • Drives the development of the company's proprietary technologies

Key Executive

Chris Benson - Vice President of Partnerships and Projects

  • Manages strategic partnerships
  • Oversees various projects within the company This leadership team combines technical expertise, operational acumen, and innovative thinking to guide Moment Energy's growth and commitment to sustainable energy solutions. Their diverse skill sets and shared vision for a cleaner energy future position the company as a leader in the repurposed battery energy storage market.

History

Moment Energy's journey in revolutionizing energy storage through repurposed electric vehicle (EV) batteries is marked by significant milestones and rapid growth.

Founding and Early Days (2019)

  • Founded by Edward Chiang, Gurmesh, Sumreen, and Gabe
  • All co-founders are mechatronics systems engineers from Simon Fraser University, Canada
  • Idea evolved from their passion for electric vehicles and experience in building an electric racing car

Initial Focus and Partnerships

  • Specialized in repurposing retired EV batteries with 80% remaining capacity
  • Established partnerships with major automotive companies, including Nissan North America and Mercedes-Benz Energy GmbH

Funding and Recognition (2021)

  • Closed a $3.5 million seed round led by Version One Ventures
  • Won the $100K grand prize at Spring Activator's 2021 National Impact Investor Challenge
  • Placed third at the 2021 New Ventures BC Competition, winning a $35K prize package

Certifications and Milestones

  • October 2023: Became the first North American company to achieve UL 1974 certification for battery repurposing

Recent Developments (2024)

  • Awarded $20.3 million by the U.S. Department of Energy
  • Plans to establish the first certified EV battery repurposing facility in the U.S.
    • Expected to create 250 jobs
    • Projected to produce 1 GWh of storage annually
  • Selected for the AWS Clean Energy Accelerator 4.0
  • Named on the Cleantech Group's 2024 Global Cleantech 100
  • Collaborated with Hydro Ottawa and BluWave-ai on intelligent distributed energy resource management systems

Current Activities

Moment Energy continues to expand its operations, working with:

  • Utilities
  • Microgrids
  • Commercial customers The company focuses on improving grid reliability, powering EV charging stations, and reducing demand charges using their sustainable battery energy storage systems. Through its innovative approach and rapid growth, Moment Energy has positioned itself as a key player in the sustainable energy sector, particularly in the repurposing of EV batteries for energy storage solutions.

Products & Solutions

Moment Energy specializes in creating clean, affordable, and reliable battery energy storage systems (BESS) by repurposing retired electric vehicle (EV) batteries. Their key offerings include:

Battery Energy Storage Systems (BESS)

Moment Energy's BESS, such as the Luna system, are scalable from 400 kilowatt hours (kWh) to 10 megawatt hours (MWh). These systems cater to various applications:

  • Commercial and Industrial Sectors: Improving grid reliability, reducing demand charges, and providing backup power.
  • EV Charging Infrastructure: Supporting level 2 and DC fast chargers, minimizing costly infrastructure upgrades.
  • Renewable Energy Integration: Enhancing grid stability and supporting sustainable micro-grids.

Applications

Their BESS solutions are utilized across multiple industries:

  • Airports: Backup power, load shifting, and renewable integration
  • Healthcare: Reliable backup power and grid stability support
  • Data Centers: Backup power, load shifting, and arbitrage opportunities
  • Mining Sites: EV charging support, renewable integration, and backup power
  • Remote Communities: Grid stability enhancement and backup power
  • Manufacturing: Peak shaving, load shifting, and renewable energy integration

Key Features

  • Peak Shaving: Using stored energy during high demand periods to reduce utility peak demand charges
  • Load Shifting: Storing low-cost, off-peak electricity for use during high-cost times
  • Arbitrage: Leveraging stored energy to reduce infrastructure upgrade costs
  • Backup Power: Providing reliable emergency power during outages
  • Renewable Integration: Boosting grid stability and fortifying sustainable systems

Cost and Sustainability

Moment Energy's second-life battery approach offers energy storage solutions at prices up to 30% lower than traditional, first-life battery systems. This aligns with automakers' sustainability goals and reduces dependency on newly mined raw materials.

Technology and Partnerships

The company employs advanced battery management technology and maintains strategic partnerships with leading automakers, such as Mercedes Benz Energy, ensuring the safe and effective use of second-life batteries.

Core Technology

Moment Energy's core technology centers on repurposing retired electric vehicle (EV) batteries for energy storage applications. Key aspects include:

Repurposing EV Batteries

The company utilizes EV batteries that retain approximately 80% of their original capacity after retirement from vehicles. This approach addresses EV battery recycling challenges and the global lithium material shortage.

Battery Energy Storage System (BESS)

Moment Energy's proprietary BESS, known as Flora, provides reliable and efficient energy storage solutions for:

  • Peak shaving to reduce utility peak demand charges
  • EV charging support for level 2 and DC fast chargers
  • Load shifting to optimize energy use
  • Arbitrage to cut infrastructure upgrade costs
  • Renewable integration to boost grid stability
  • Backup power during outages

Upscaling Process

The company employs a battery 'upscaling' process to enhance the performance and longevity of repurposed batteries, supporting circular economy goals and improving grid reliability.

AI Management System

Moment Energy is developing a proprietary AI management system to enhance the safety and longevity of battery energy storage, further improving the efficiency and reliability of their solutions.

Manufacturing and Partnerships

The company sources retired EV batteries directly from major automotive partners like Nissan and others in Europe and North America. They are expanding manufacturing capabilities, including a new gigawatt-scale factory in Taylor, Texas, supported by a $20.3 million grant from the U.S. Department of Energy.

Industry Peers

Moment Energy, specializing in repurposing retired electric vehicle batteries for energy storage, operates in a competitive cleantech landscape. Notable peers and competitors include:

Second-Life Battery Companies

  • B2U Storage Solutions: Based in Santa Monica, California, focuses on large-scale energy storage using second-life EV batteries.
  • Element Energy: Located in Menlo Park, California, develops adaptive battery management systems for large-scale battery systems.

Other Cleantech and Energy Storage Companies

  • Axine Water Technologies: Primarily focused on water treatment but competes in the broader environmental industry.
  • SSG (Sustainability Solutions Group): A sustainability consulting firm competing in the environmental and energy sector.
  • PGL Environmental Consultants: An environmental consulting firm operating in the same sector.
  • Rhombus Energy Solutions, Relectrify, and Titan Advanced Energy Solutions: Identified as outperformers in the second-life battery tech market.

Additional Competitors

  • Selantro and Zinc8: Competitors in the electronics and manufacturing industry.
  • HiSEL Power, TROES, Solarwyse, and SAW Technology: Also listed as competitors, though specific details are limited. These companies operate in energy storage, sustainability, and environmental solutions, competing with Moment Energy in the cleantech and energy storage sectors. The competitive landscape underscores the growing importance of sustainable energy solutions and the circular economy in the tech industry.

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