London’s Modo Energy, a company specializing in data analytics for renewable energy assets, has secured a significant boost with a $15 million injection in Series A funding. This funding round was spearheaded by MMC Ventures, known for backing TreasurySpring and Qflow, and saw continued support from existing investors Triple Point Ventures, Fred Olsen Limited, and Catalyst Capital.
The infusion of $15 million will propel Modo Energy towards its ambitious expansion goals, primarily focusing on enhancing its products and making a mark in the global market. The Software as a Service (SaaS) platform has plans to extend beyond the UK, targeting entry into the Texas and ERCOT markets, followed by further expansion into the USA and Europe.
This financial backing positions Modo Energy to enhance its product suite, enabling renewable energy investors and asset owners to effectively track and index existing and emerging commercial opportunities. The aim is to contribute significantly to the clean energy revolution.
Founded in 2019 by Quentin Scrimshire and Tim Overton, Modo Energy utilizes data-backed tools to empower battery storage operators and owners with valuable insights in navigating the rapidly-growing renewable energy market.
Recently, Modo Energy introduced Modo 2.0, a groundbreaking update that transforms the approach to revenue benchmarking and forecasting in battery energy storage. This latest version establishes the company as an all-in-one platform for investors, developers, owners, and operators of battery energy storage assets. Among its features are long-term, bankable price forecasts; in-depth revenue comparisons; trusted price indices; leading research; educational materials; real-time market screens; and up-to-the-minute downloadable data.
Modo Energy offers a suite of tools to maximize investment and revenue opportunities for operators and owners in the battery energy storage sector. Notable among these tools is Benchmarking Pro, providing insights into revenue streams and performance comparisons, and Forecast Pro, a forward-looking projection tool crucial for financing future battery energy storage projects.
Quentin Draper-Scrimshire, Co-founder of Modo Energy, expressed enthusiasm, stating, “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.”
Simon Menashy at MMC Ventures emphasized the transformative impact of Modo Energy, stating, “Modo Energy has enabled its users – organizations 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, commercialize 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
