We’re excited to have led the $15 million Series A for Modo Energy, the innovative software-as-a-service (SaaS) platform specialising in data analytics for renewable energy assets, alongside existing investors Triple Point Ventures, Fred Olsen Limited, and Catalyst Capital. This substantial injection of capital will propel Modo Energy’s 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 Great Britain. 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.
Revolutionizing Energy Storage Analytics with Modo 2.0
Modo Energy recently unveiled Modo 2.0, a cutting-edge update that revolutionizes the approach to revenue benchmarking and forecasting in battery energy storage. This new iteration reinforces Modo Energy’s position as the all-in-one platform for investors, developers, owners, and operators of battery energy storage assets, offering 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 maximize revenues for their assets.
International Expansion and Product Development
The $15 million in Series A funding will be instrumental in fuelling 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.
MMC’ Endorsement
MMC, a capital fund known for investing in early-stage, high-growth businesses, commended Modo Energy’s rapid rise in the battery energy storage sector. In a statement, MMC noted,
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