PacifiCan invests over $6.8 million to grow innovative businesses in Coquitlam, B.C.
COQUITLAM, BC, Aug. 25, 2025 /CNW/ - Across British Columbia, ambitious entrepreneurs and small businesses are tackling today's challenges with new ideas and seizing opportunities that will grow our economy.
Today, the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada (PacifiCan), announced an investment of over $6.8 million for two Coquitlam-based businesses that are developing technologies to reduce waste and advance sustainability in the energy and textile sectors.
Moment Energy is receiving an investment of $4.9 million to expand production of modular battery energy storage systems made from repurposed electric vehicle (EV) batteries. These systems improve power reliability, lower energy costs for businesses, and can be set up quickly to support data centres, EV charging, and other high-demand energy needs.
Moment Energy is the first company in North America certified for safely repurposing EV batteries. By extending the life of EV batteries for an additional 10–15 years and putting them to use in new applications, the company reduces the need to produce new batteries, keeps valuable minerals in Canada, and showcases Canadian leadership in clean energy.
Novo Textile Company is receiving an investment of over $1.8 million to expand its textile recycling capacity. Novo plans to bind recycled fibres with B.C. wood pulp fibres to produce Canadian-made textiles at a competitive price. This will strengthen Canadian supply chains and divert 15 million pounds of garment waste from landfills annually.
This repayable funding is provided through PacifiCan's Business Scale-up and Productivity program, which helps high-growth B.C. businesses expand and deliver innovative products and services. Through investments like these, British Columbians are growing their businesses, and with them, a strong, resilient Canadian economy.
Quotes
"British Columbia is home to a powerful ecosystem of innovators and entrepreneurs, including right here in Coquitlam. By investing in local businesses, PacifiCan is helping entrepreneurs advance sustainable technologies, drive business growth and build a strong, resilient Canadian economy."
-The Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada
"Coquitlam innovators like Moment Energy and Novo Textile are driving growth, creating jobs, and advancing sustainable technologies. Today's federal investment helps local businesses expand their presence around the world, while strengthening BC's economy."
-Zoe Royer, Member of Parliament for Port Moody—Coquitlam
"This funding will accelerate our expansion across Canada, allowing us to scale as a homegrown battery energy storage manufacturer ready to power the future. Our systems can support the surge in AI data centres, quantum computers, and advanced EV charging, while ensuring critical infrastructure like airports and hospitals are powered. Just as importantly, we are investing in developing local talent to ensure Canada can lead in clean, reliable energy solutions and remain competitive on the global stage."
-Edward Chiang, Chief Executive Officer, Moment Energy
"PacifiCan's support of Novo's scale-up into textile-to-textile recycling is greatly appreciated and marks a major step towards building a truly B.C.-based, advanced manufacturing circular economy."
-Jason Zanatta, Chief Executive Officer and President, Novo Textile Company, Ltd.
Quick Facts
- Moment Energy was established in 2020 when a group of students from Simon Fraser University leveraged their expertise from building electric race cars to spark the idea of repurposing EV batteries into energy storage systems.
- When an EV battery reaches the end of its automotive life, it typically still has 80% of its storage capacity which can be used in a second life as a stationary power source.
- Novo Textiles was incorporated in 1991 as a supplier of fibre-filled home textiles. In 2021, the company pivoted to manufacturing masks and has since become one of Canada's largest producers of medical-grade surgical masks. Most recently, Novo introduced a textile recycling production line, continuing its evolution within the textile sector.
- It is estimated that 92 million tonnes of textile waste ends up in landfills annually, causing a significant environmental impact.
- PacifiCan is the federal economic development agency dedicated to British Columbians.
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SOURCE Pacific Economic Development Canada
Contacts: Renée LeBlanc Proctor, Senior Communications Advisor and Press Secretary, Office of the Minister of Housing, Infrastructure and Communities and Minister responsible for PacifiCan, Renee.Proctor@infc.gc.ca; Lynsey Brothers, Communications Manager, PacifiCan, lynsey.brothers@pacifican.gc.ca
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