NorthX Climate Tech (NorthX) has announced a $3 million follow-on investment in Moment Energy Inc., a British Columbia-based company that repurposes retired electric vehicle batteries into clean, affordable energy storage systems. This marks NorthX's third investment in Moment Energy, bringing total commitments to nearly $4.5 million since 2022.
Investment Targets Financing Gap
The investment provides critical working capital to bridge the gap between upfront deployment costs and project revenues. Moment Energy will use the funds to deliver and install multiple energy storage systems in British Columbia, covering costs until customer payments and incentive reimbursements are received.
BC Hydro's Energy Storage Incentive (ESI) program supports commercial and industrial customers adopting battery storage, but reimburses costs largely after they are incurred. This leaves a financing gap for upfront capital required to design, permit, engineer, procure, and construct projects.
Catalytic Financing Model
NorthX's investment is structured to prove a repeatable financing model. By helping Moment Energy deploy projects backed by customer contracts and government incentives, NorthX aims to demonstrate that these projects can be financed, delivered, and repaid, creating a financing playbook for the entire market.
“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.”
Industry Perspective
“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.”
