NorthX Climate Tech is doubling down on Moment Energy with a $3 million follow-on investment aimed at helping the Vancouver-area battery storage company deliver its first projects under BC Hydro’s Energy Storage Incentive program.
The investment marks NorthX’s third commitment to Moment Energy since 2022, bringing its total backing of the B.C.-based company to nearly $4.5 million.
Moment Energy repurposes retired electric vehicle batteries into clean, affordable energy storage systems. The latest financing is designed to provide the working capital needed to deliver and install multiple battery storage projects in British Columbia, covering upfront deployment costs until customer payments and incentive reimbursements are received.
BC Hydro’s Energy Storage Incentive program helps commercial and industrial customers adopt battery storage systems, but because costs are largely reimbursed after they are incurred, companies still need capital to design, permit, engineer, procure, and construct projects before revenue arrives.
“This is a challenge we see across the sector,” said Sarah Goodman, President and CEO of NorthX Climate Tech. “A fast-growing hard tech company has to spend on materials, assembly, and installation months before it gets paid. Without capital to bridge that gap, commercially ready projects with signed customers and proven technology don’t get built — not for lack of demand, but for lack of financing.”
Goodman said NorthX is proud to continue backing a B.C. company “leading the way globally in second-life battery storage.”
The investment is structured as $500,000 in grant funding and $2.5 million in repayable capital, supporting a total project budget of $8 million. NorthX says the approach is intended to help prove a repeatable financing model for battery storage projects backed by customer contracts and government incentives.
“When you’re building and deploying physical systems, the cash goes out long before it comes back,” said James Brady, Vice President of Finance at Moment Energy. “NorthX understands the financial challenges facing emerging clean energy technologies and has been willing to invest where traditional lenders are still building familiarity with the sector.”
Brady added that lenders remain cautious around first-of-a-kind projects, which can slow the adoption of clean energy solutions. NorthX’s support, he said, will help Moment Energy deliver on contracts already signed and demonstrate that second-life battery storage can become a bankable asset class.
NorthX first backed Moment Energy in 2022 with $600,000 to support commercialization of the company’s proprietary battery management system. A second investment of nearly $900,000 followed in 2023 to support the development of storage systems designed for extreme weather conditions.
The new funding comes shortly after Moment Energy announced a US$40 million Series B round led by Evok Innovations, bringing total capital raised to more than US$100 million.
The company has also built what it describes as the world’s largest certified second-life battery repurposing megafactory in Surrey. The facility is expected to be fully operational by the end of June 2026, with capacity to repurpose 25,000 EV batteries annually and create more than 100 skilled local jobs.
“Canada has what the world needs to power the clean economy; from critical minerals to cutting-edge battery innovation,” said Randeep Sarai, Secretary of State for International Development and Member of Parliament for Surrey Centre. “By supporting B.C. companies like Moment Energy through NorthX, we’re creating good-paying jobs, strengthening our economy, and building a more secure, made-in-Canada battery supply chain.”
Ravi Kahlon, B.C.’s Minister of Jobs and Economic Growth, said the company reflects the province’s push to position itself as a destination for global investment.
“It’s fantastic seeing a B.C. startup like Moment Energy becoming a globally competitive clean tech leader that is building the infrastructure Canada needs for a secure, more independent and environmentally friendly energy future,” said Kahlon.
Moment Energy sources retired EV batteries exclusively from North American automakers and manufactures domestically under full UL safety certification. The company serves customers across data centres, hospitals, industrial facilities, and microgrids across North America.
At scale, the NorthX-backed project is expected to reduce greenhouse gas emissions by 31,600 tonnes of CO₂e per year and support 260 jobs, including 200 in British Columbia.
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NorthX Invests $3 Million In Moment Energy To Help Unlock B.C.’s Battery Storage Market was first posted on June 24, 2026 at 8:00 am.
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