Megafactory 1, Vancouver, BC. Photo: Moment Energy
Moment Energy has officially opened what it says is the world’s largest second-life EV battery factory, bringing new battery energy storage manufacturing capacity online just six weeks after announcing the project.
The Vancouver, BC-based company marked the opening of Megafactory 1 with a ribbon-cutting ceremony on June 23.
Rather than manufacturing new battery cells, the facility repurposes retired EV batteries into commercial-scale battery energy storage systems. Those systems can store power for use at data centers, hospitals, factories, microgrids, and other critical infrastructure.
Electricity demand is climbing, while the first wave of EV batteries is beginning to reach retirement age. Instead of recycling those batteries immediately, Moment Energy repurposes them into stationary battery storage that can continue operating for years.
While retired EV batteries typically no longer have enough capacity for vehicle use, many still have plenty of life left for stationary energy storage, where weight and size are less important.
The company expects Megafactory 1 to produce 1 gigawatt-hour (GWh) of battery energy storage systems annually by 2030. It says the factory will create more than 100 direct jobs and support more than 1,000 indirect jobs across British Columbia.
“We announced this project six weeks ago. Today it’s operational,” said Edward Chiang, cofounder and CEO of Moment Energy. “Demand for energy storage is accelerating, and so is the supply of retired EV batteries. We show that the right technology can enable North America to re-onshore domestic manufacturing in weeks, not decades, creating thousands of jobs and economic prosperity.”
Founded in 2020, Moment Energy has grown from a university startup into a commercial battery storage company, supported by both private investors and government programs.
The Canadian government, through Pacific Economic Development Canada (PacifiCan), invested CA$4.9 million in the company. Earlier this year, the company closed a US$40 million Series B funding round, bringing its total funding to more than US$100 million.
It also says it became the first company to earn both product safety and functional safety certification for a battery management system designed specifically for second-life EV batteries.
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