Moment Energy launches North America's largest plant to repurpose EV batteries
Moment Energy has opened Megafactory 1 in the Vancouver area, a facility that converts retired electric-vehicle batteries into large-scale storage systems for data centres, hospitals and other users.
Four engineering alumni launched Moment Energy in a British Columbia garage in 2020, and the startup has now inaugurated Megafactory 1, the continent's biggest second-life battery plant. The Vancouver-region facility refurbishes EV batteries that have fallen to roughly 70-80 % capacity, assembling them into large storage modules for backup power at data centres, hospitals, factories and remote microgrids across North America.
Early financing came from a $3.5 million seed round led by Version One Ventures and support from Simon Fraser University's Coast Capital Venture Connection incubator, followed by a $40 million Series B round that lifted total funding past $100 million. Safety certifications UL 1974 and UL 9540 were secured, and a supply agreement with Mercedes-Benz Energy ensures a reliable source of used packs. Provincial backing includes $4.9 million from Pacific Economic Development Canada, while a $20.3 million U.S. Department of Energy award will fund a future gigafactory in Taylor, Texas. The plant is projected to reach 1 GWh of annual output by 2030 and generate more than 100 direct and 1,000 indirect jobs in British Columbia.
Why it matters
The plant shows how used EV batteries can be turned into valuable storage, cutting waste and supporting clean-energy needs.
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