A software-as-a-service platform specialising in data analytics for renewable energy assets has raised £11.8 million in Series A funding.
Modo Energy, based in London, was founded in 2019 by Quentin Draper-Scrimshire and Tim Overton. It has swiftly emerged as a trusted authority in the rapidly growing battery energy storage market.
The company recently unveiled Modo 2.0, an 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 an array of features such as 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.
The round was led by MMC Ventures. Existing investors Triple Point Ventures, Fred Olsen Limited and Catalyst Capital also participated. The business will use this new capital to fund its ambitious expansion plans, focusing on product enhancement and global market entry.
It will begin with entry into the Texas and ERCOT market, followed by the rest of the USA and Europe.
“We’ve diligently expanded our product offering while maintaining a close connection with our customers, delivering exciting and market-leading features,” said Draper-Scrimshire. “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.”
Simon Menashy at MMC Ventures added: “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.
“Modo helps all these market participants to fully understand revenue opportunities, commercialise new projects, and navigate an ever-evolving market with ease. We are very excited to join Modo Energy on its journey as it builds out its product lines and expands into new geographies.”