NorthX Climate Tech backs Moment Energy with US$2.2M follow-on debt for second-life battery storage
What's the deal? NorthX Climate TechDealroom has a profile for this one. Try Dealroom → has made a US$2.2M follow-on debt investment in Moment Energy, a Vancouver-based company that turns retired electric vehicle batteries into clean energy storage systems.
This is NorthX's third investment in Moment Energy, lifting its total commitment to nearly US$3.3M since 2022.
The money provides working capital to cover upfront costs of deploying battery systems across British Columbia until customer payments and incentive reimbursements arrive.
Why now? BC HydroDealroom has a profile for this one. Try Dealroom →'s Energy Storage Incentive program helps commercial and industrial customers adopt battery storage, but it largely reimburses costs after they are incurred.
That leaves a financing gap for the capital needed to design, permit, engineer, procure, and build projects. NorthX's investment is designed to close it.
The deal also follows a busy stretch for Moment Energy, which announced a US$40 million Series B in June 2026, bringing its total raised to over US$100 million.
What could go wrong? Traditional lenders remain wary of first-of-a-kind clean energy projects, a constraint that holds back wider adoption.
"Many lenders remain cautious around first-of-a-kind projects," said James Brady, vice president of finance at Moment Energy. He added that NorthX's support helps prove second-life battery storage is a "bankable asset class."
The signal: The deal underscores NorthX Climate Tech's role as a government and non-profit investor stepping in where commercial lenders still hesitate, deploying patient capital to de-risk first-of-a-kind clean energy projects. For Moment Energy, still an early-stage company despite topping US$100 million raised, the repeat backing signals confidence that its second-life battery model can scale from signed contracts into a financeable asset class.
Read more: Associated Press
Image credit: Generated with Gemini
