#Canada #Vancouver #Moment Energy #Copec #second-life batteries

Moment Energy Secures Strategic Partnership with Copec WIND Ventures

Moment Energy, recognized as a leader in repurposing EV batteries in North America, has recently clinched a significant investment from Copec WIND Ventures, the venture capital arm of the prominent Latin American energy company, Copec. This collaboration aims to launch an impressive initiative focusing on deploying gigawatt-hours of second-life energy storage solutions in both Latin America and Europe, making it one of the largest repurposing efforts outside of China.

Overview of the Strategic Investment

So far, Moment Energy has amassed close to $60 million in funding, which includes contributions from notable investors such as the Amazon Climate Pledge Fund and Voyager Ventures. With Copec WIND Ventures joining the mix, the company's financial backing is set to soar, allowing the development of cutting-edge projects designed to convert retired EV batteries into sustainable energy solutions.

In the immediate future, the partnership aims to mitigate energy demands by implementing 45 megawatt-hours of projects specifically tailored for commercial and industrial applications. The broader goal is to repurpose up to 300 megawatt-hours by utilizing batteries from Chile's electric bus fleet, which holds the title for the second largest globally.

A Sustainable Energy Future

This partnership signifies a monumental step towards the establishment of a local second-life battery supply chain across Latin America and Europe. The initiative aligns with global trends aimed at reducing reliance on imports from Asia, thereby laying a groundwork for a more resilient and sustainable energy infrastructure across both regions. Copec itself is responsible for distributing an astounding 1 terawatt-hour of energy every year, showcasing the scale and impact of its operations.

"At WIND Ventures, we recognize a critical shortage in stationary energy storage as the manufacturing of lithium-ion batteries primarily centers on electric vehicles," stated Brian Walsh, head of Copec WIND Ventures. He further emphasized that Moment Energy has successfully transformed what once was considered waste into safe and cost-effective UL-certified energy storage systems.

Driving the Circular Economy

Edward Chiang, CEO and Co-Founder of Moment Energy, also commented on this partnership, highlighting its significance in the realm of energy security and sustainability. He noted that through this collaboration, they could minimize supply chain dependencies and accelerate the transition towards cleaner, more affordable energy solutions.

Moment Energy's innovative Luna battery energy storage system is designed to be the first globally recognized repurposed battery system to meet stringent safety standards, including UL certifications 1973, 9540, and 9540A. Powered by a proprietary AI-driven Battery Management System, it guarantees optimal performance and safety while simultaneously reducing costs by over 30% compared to traditional battery systems.

"This partnership establishes essential connections to the global EV-battery supply chain, enabling us to leverage gigawatt-hours of repurposable supply," remarked Sumreen Rattan, COO at Moment Energy.

The collaboration aligns seamlessly with the increasing global focus on repurposing end-of-life electric vehicle batteries for stationary energy applications, a market expected to soar to 965 GWh annually by 2035. Given Chile's expanding fleet of electric buses retiring and Copec's dominance in the regional electrification landscape, this partnership positions Moment Energy to lead in scaling second-life battery initiatives effectively.

About Moment Energy

Moment Energy is at the forefront of the global EV battery repurposing movement, focusing on sustainability by transforming retired batteries into reliable, affordable energy storage systems. Collaborating with major automotive names like Mercedes Benz Energy, they passionately work towards achieving circular economy objectives.

To learn more about Moment Energy and its initiatives, visit Moment Energy's website.

About Copec WIND Ventures

Copec WIND Ventures is San Francisco-based, representing the strategic investment arm of Copec. It aims to fuel growth particularly in Latin America, supporting startups and scale-ups in the energy, mobility, and retail sectors. For further insights on Copec, visit WIND Ventures' LinkedIn.