Renewable energy asset specialist fuels expansion via eight-figure funding round
Modo Energy, a London based software-as-a-service (SaaS) platform specialising in data analytics for renewable energy assets, has raised $15m (approx. £11.8m) 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 rapidly growing battery energy storage market in the UK.
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 a period of unprecedented change.
Modo Energy 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 is an ‘essential part’ of the workflow for the owners and operators of approximately 90 per cent 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 Series A funding will be instrumental in fueling 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 market, followed by the rest of the USA and Europe.
It will also enable Modo Energy to boost its product offering, to allow renewable energy investors and owners to comprehensively track and index existing and emerging commercial opportunities, facilitating the clean energy revolution.
Quentin Draper-Scrimshire, Co-founder of Modo Energy, commented: “We’ve diligently expanded our product offering while maintaining a close connection with our customers, delivering exciting and market-leading features.
“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.”
By Matthew Neville – Senior Correspondent, Bdaily
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