NorthX Invests $3 Million in Moment Energy to Unlock BC's Battery Storage Market

NorthX Climate Tech has announced a $3 million follow-on investment in Moment Energy to accelerate the deployment of second-life battery energy storage systems in British Columbia. The funding is specifically designed to bridge a financing gap in the BC Hydro Energy Storage Incentive program, which requires companies to cover upfront construction and procurement costs before receiving reimbursements. This move supports the commercialization of repurposed electric vehicle batteries, providing a sustainable and affordable energy storage solution for industrial and commercial sectors.

NorthX Climate Tech’s $3 million investment marks its third commitment to Moment Energy, bringing its total support to nearly $4.5 million since 2022. This capital is designated as working capital to cover the immediate costs of materials, assembly, and installation for multiple energy storage projects. By bridging the gap between project commencement and reimbursement from BC Hydro’s Energy Storage Incentive (ESI) program, the investment ensures that commercially ready projects with signed customers can proceed despite the high upfront capital requirements of "hard tech" deployments. Sarah Goodman, President & CEO of NorthX Climate Tech, noted that without capital to bridge these gaps, proven technologies often fail to reach the construction phase despite high market demand.

Moment Energy specializes in repurposing retired electric vehicle (EV) batteries into UL-certified energy storage solutions for data centers, hospitals, and industrial facilities. The company recently completed a US$40 million Series B funding round led by Evok Innovations, pushing its total capital raised beyond US$100 million. To support its scaling efforts, Moment Energy operates a "megafactory" in Surrey, BC, which has the capacity to process 25,000 EV batteries annually. This facility is expected to create more than 100 skilled local jobs while addressing the growing surplus of retired EV power packs through a sustainable, made-in-Canada supply chain.

The partnership aims to establish a repeatable financing model for the energy storage sector, where traditional lenders often remain cautious regarding first-of-a-kind projects and second-life battery assets. James Brady, Vice President of Finance at Moment Energy, stated that NorthX’s support helps demonstrate to the broader lending market that second-life battery storage is a bankable asset class. Furthermore, by sourcing batteries exclusively from North American automakers, Moment Energy provides a strategic alternative to Chinese-dominated supply chains, which currently manufacture 90 percent of the world's batteries. This domestic focus is viewed as a critical advantage for North American energy security and supply chain sovereignty.