Changing the Face of Sustainable Energy: Alumni Startup Moment Energy Closes $3.5 Million Seed Round
Nov 19, 2021
Moment Energy, a sustainable startup transforming second-life electric vehicle batteries and a client of SFU’s Coast Capital Savings Venture Connection incubator program, recently closed a $3.5 million seed funding round led by Version One Ventures.
Co-founded by four graduates from SFU’s Mechatronic Systems Engineering Program, Moment Energy creates sustainable energy storage systems by repurposing retired electric vehicle batteries. The startup’s solution has been installed in off-grid areas to reduce diesel consumption and enables a transition to renewable energy. To date Moment Energy has partnered with world-leading automakers in electric vehicles to pilot its systems in three remote communities, repurposing batteries and displacing the need for generators.
Together, co-founders Edward Chiang, Sumreen Rattan, Gurmesh Sidhu and Gabriel Soares have benefited from many resources and programs through the Charles Chang Institute for Entrepreneurship, SFU’s home of interdisciplinary entrepreneurship education. The team first came together as students in the Chang Institute’s capstone program, Technology Entrepreneurship @ SFU and further developed their venture over two entrepreneurship co-op (eCoop) terms. eCoop is a Chang Institute opportunity that provides student entrepreneurs with $10,000 awards and co-op credit as well as office space, business development services and mentorship through Venture Connection, to develop or launch their business ideas over a co-op semester.
Co-Founder and CEO of Moment Energy, Edward Chiang, shared that “as an engineer by trade, it was really the TechE@SFU program and eCoop that inspired my interest and love of entrepreneurship.” Chiang continued, “the programs helped to open my eyes to what social entrepreneurship is really about.”
Read more at the Venture Connection website.