NorthX invests $3 million in Moment Energy to unlock BC's battery storage market

Follow-on investment provides critical working capital to bridge the gap between deployment costs and project revenues

VANCOUVER, BC, June 24, 2026 /CNW/ - NorthX Climate Tech (NorthX) today announced a $3 million follow-on investment in Moment Energy Inc., a BC-based battery energy storage company that repurposes retired electric vehicle batteries into clean, affordable energy storage systems. This is NorthX's third investment in Moment Energy, bringing its total commitment to the company to nearly $4.5 million since 2022.

The investment helps support Moment Energy's work in delivering and installing multiple energy storage systems in British Columbia, covering the upfront deployment costs until customer payments and incentive reimbursements are received.

BC Hydro's Energy Storage Incentive (ESI) program provides meaningful support to help commercial and industrial customers adopt battery storage systems. However, because the program reimburses costs largely after they are incurred, it leaves a financing gap for the upfront capital required to design, permit, engineer, procure, and construct these projects.

NorthX's $3 million investment is designed to close that financing gap, providing Moment Energy with the working capital to deliver the first deployments under the program.

"This is a challenge we see across the sector," said Sarah Goodman, President & 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. We're proud to support Moment Energy and look forward to continuing to back a BC company leading the way globally in second-life battery storage."

Catalytic by design

NorthX's investment is structured to prove a repeatable financing model.

By helping Moment Energy deploy projects backed by customer contracts and government incentives with known value, NorthX is helping demonstrate that these projects can be financed, delivered, and repaid. In effect, NorthX is helping create the financing playbook that unlocks not just one project, but an entire market.

"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.  Many lenders remain cautious around first-of-a-kind projects, and that's a major constraint holding back the adoption and deployment of important clean energy solutions. NorthX's support in unlocking programs like BC Hydro's ESI helps us deliver on contracts we've already signed and demonstrate to the broader lending market that second-life battery storage is a bankable asset class."

A deepening partnership

NorthX's support of Moment Energy dates back to 2022, when the organization provided $600,000 to support the commercialization of the company's proprietary battery management system. A second investment of nearly $900,000 in 2023 supported the development of storage systems built to perform in extreme weather conditions.

Earlier this month, Moment Energy announced a US$ 40 million Series B round led by Evok Innovations, bringing total capital raised to over US$ 100 million. The company has also built the world's largest certified second-life battery repurposing megafactory in Surrey, BC, 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 the Honourable Randeep Sarai, Secretary of State (International Development) and Member of Parliament for Surrey Centre. "By supporting BC 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."

"Through our Look West strategy, we're focused on building a stronger and more resilient economy, and positioning BC as a leading destination for global investment," said Ravi Kahlon, Minister of Jobs and Economic Growth. "It's fantastic seeing a BC 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."

Building a global leader from BC

With 90 percent of the world's batteries currently manufactured in China, and growing concerns about energy security and supply chain sovereignty, Moment Energy's model of sourcing retired EV batteries exclusively from North American automakers and manufacturing domestically under full UL safety certification represents a strategic advantage for Canada and its allies. The company has active customers spanning data centres, hospitals, industrial facilities, and microgrids across North America.

NorthX's early and sustained investment in Moment Energy shows how catalytic public capital can nurture a BC-born startup into a globally competitive cleantech leader, one now building the infrastructure Canada needs for a secure, resilient, and decarbonized energy future.

By the Numbers:

• NorthX total commitment to Moment Energy: ~$4.5M across three projects (2022–2026)
• This investment: $3M
• Project value: $30M
• Forecasted GHG reduction (at scale): 31,600 tonnes CO₂e/year
• Forecasted jobs at scale: 260, including 200 in BC
• Surrey megafactory: Opening June 2026; 1 GWh capacity by 2030; 100+ jobs

About NorthX Climate Tech

Founded in 2021 with an initial investment from the BC Government, the Government of Canada, through Natural Resources Canada's Energy Innovation Program, and Shell Canada, NorthX Climate Tech (NorthX) is a catalyst for climate action, funding the climate hard tech solutions that transform industries and build lasting prosperity.

Rooted in British Columbia but global in vision, we unite visionaries, investors, industry, government, and partners to scale technologies that drive deep decarbonization and economic growth for Canada. Like the "X" on a map, we pinpoint that pivotal moment when potential is immense, but capital is scarce, that place where local strengths become global solutions.

SOURCE NorthX Climate Tech

Media Contact: SOMA Public Relations, Christina Demare, [email protected], 604-617-5311