London-based Modo Energy secures €13.6M in Series A funding to expand its renewable energy data analytics services
Modo Energy, the innovative software-as-a-service (SaaS) platform specialising in data analytics for renewable energy assets, has raised €13.6M ($15M) in Series A funding, led by MMC Ventures.
Existing investors Triple Point Ventures, Fred Olsen Limited, and Catalyst Capital also participated in the round. The business will use this new capital to fund its ambitious expansion plans, focusing on product enhancement and global market entry.
Founded in 2019 by Quentin Scrimshire and Tim Overton, Modo Energy has swiftly emerged as a trusted authority in the UK’s rapidly growing battery energy storage market. The company’s integrated suite of data-backed tools empowers owners and operators of renewable energy assets, particularly grid-scale battery energy storage systems, with the insights needed to navigate the dynamic landscape of the energy market during unprecedented change.
Modo Energy recently unveiled Modo 2.0, a cutting-edge update that revolutionises the approach to revenue benchmarking and forecasting in battery energy storage. This new iteration reinforces the company’s position as the all-in-one platform for investors, developers, owners, and operators of battery energy storage assets.
The platform now offers long-term, bankable price forecasts, in-depth revenue comparisons and trusted price indices, world-leading written research, educational materials, real-time market screens, and a comprehensive array of up-to-the-minute downloadable data.
The platform is an essential part of the workflow for the owners and operators of approximately 90% of Britain’s installed grid-scale battery capacity, enabling them to stay ahead of industry trends and make informed decisions on how best to maximise revenues for their assets.
Among Modo Energy’s flagship products are Benchmarking Pro, which provides insights into revenue streams and performance comparisons across price indices and asset leaderboards, and Forecast Pro, a forward-looking projection tool crucial for financing future battery energy storage projects, which disrupts the consultant-led legacy forecast model and gives users complete autonomy over its inputs, and full transparency of its outputs.
The $15 million in Series A funding will fuel Modo Energy’s expansion beyond Great Britain. The company’s ambitious roadmap centres on its global expansion, starting with entry into the Texas and ERCOT markets, followed by the rest of the USA and Europe. It will also enable Modo Energy to boost its product offering, allowing renewable energy investors and owners to track comprehensively and index existing and emerging commercial opportunities, facilitating the clean energy revolution.
We’ve diligently expanded our product offering while maintaining a close connection with our customers, delivering exciting and market-leading features.
said Quentin Draper-Scrimshire, Co-founder of Modo Energy
This investment from MMC Ventures is a testament to their faith in our products, our team, and the limitless potential Modo Energy’s solutions offer, shaping the future of sustainable energy for the better.
Modo Energy has enabled its users – organisations who invest in, develop, own, and operate renewable energy assets – to make a transformational contribution to the energy transition.
said Simon Menashy at MMC Ventures
Modo helps all these market participants fully understand revenue opportunities, commercialise new projects, and easily navigate an ever-evolving market.
We are excited to join Modo Energy on its journey as it builds its product lines and expands into new geographies.