Ottawa invests $6.8M in Coquitlam firms to boost energy storage, textile recycling

The federal government says it is investing more than $6.8 million in two Coquitlam companies to support innovation in energy storage and textile recycling.

The announcement was made Monday, Aug. 25 by Pacific Economic Development Canada (PacifiCan) – the federal government’s regional development agency focused on promoting economic growth and diversification in B.C. – under its Business Scale-up and Productivity program.

“B.C. is home to a powerful ecosystem of innovators and entrepreneurs, including right here in Coquitlam,” said Gregor Robertson, Minister of Housing and Infrastructure. “By investing in local businesses, PacifiCan is helping entrepreneurs advance sustainable technologies, drive business growth and build a strong, resilient Canadian economy.”

According to PacifiCan, the largest share of the funding – $4.9 million – will go to Moment Energy, a firm that repurposes end-of-life electric vehicle batteries into modular storage systems.

The agency said the technology can enhance power reliability, lower energy costs for businesses, and provide backup solutions for facilities such as data centres and EV charging stations. PacifiCan also noted that the process extends the life of EV batteries by an estimated 10 to 15 years, keeping valuable materials in Canada while reducing demand for new production.

Founded in 2020 by Simon Fraser University students, Moment Energy grew out of their work on electric race cars and a vision to repurpose EV batteries for energy storage.

PacifiCan states that when EV batteries reach their end of life, it still usually contains 80 percent of its storage capacity which can be repurposed as a stationary power source.

Another $1.8 million is earmarked for Novo Textile Company, which PacifiCan said is working to expand recycling capacity by blending recovered fibres with B.C. wood pulp to create domestically made textiles.

The company, which was incorporated in 1991 as a supplier of fibre-filled home goods, shifted into mask production during the pandemic and is now among Canada’s largest manufacturers of medical-grade surgical masks. 

More recently, the company has added a textile recycling line, a move it says reflects its continued evolution in the industry. 

The government claims the initiative could divert up to 15 million pounds of garment waste from landfills each year and strengthen Canadian supply chains. It estimates that 92 million tonnes of textile waste ends up in landfills annually, causing a significant environmental impact.

Both investments are being delivered as repayable contributions. PacifiCan said its Business Scale-up and Productivity program is designed to help high-growth businesses expand operations and commercialize their products.

Zoe Royer, MP for Port–Moody Coquitlam, who was also present at the announcement, stated the federal investment will help local businesses expand globally and will strengthen B.C.’s economy.

“Coquitlam innovators like Moment Energy and Novo Textile are driving growth, creating jobs, and advancing sustainable technologies,” she said.