London-based Modo Energy, a platform specialising in data analytics for renewable energy assets, has raised $15 million in Series A funding. The round was led by MMC Ventures known for investing in TreasurySpring and Qflow. Also, existing investors Triple Point Ventures, Fred Olsen Limited, and Catalyst Capital participated in the round.
Modo Energy will use this new capital to fund its ambitious expansion plans, focusing on product enhancement and global market entry. The SaaS platform plans to expand beyond the UK and move 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 to allow renewable energy investors and owners to comprehensively track and index existing and emerging commercial opportunities, facilitating the clean energy revolution.
Data analytics for renewable energy assets
Founded in 2019 by Quentin Scrimshire and Tim Overton, Modo Energy uses data-backed tools to empower and inform battery storage operators and owners of valuable insights into navigating this rapidly-growing market and informing them of renewable energy assets.
Recently, Modo Energy unveiled Modo 2.0, an update that revolutionises the approach to revenue benchmarking and forecasting in battery energy storage. This new iteration positions the company as the all-in-one platform for investors, developers, owners, and operators of battery energy storage assets. The platform 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.
Modo Energy offers a suite of tools that enables operators and owners in the battery energy storage sector to maximise their investment and revenue opportunities.
One of its products – Benchmarking Pro provides insights into revenue streams and performance comparisons across price indices and asset leaderboards. On the other hand, Forecast Pro is 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.
Quentin Draper-Scrimshire, Co-founder of Modo Energy, said: “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 said: “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.”