Birmingham-headquartered Modo Energy, an energy data analytics startup, has secured £3.2 million in pre-Series A funding. The investment round was led by Fred Olsen Ltd. and saw participation from Triple Point Ventures (which invested in London-based B2B sales startup trumpet) and existing investors.
UK expansion plans
Modo Energy will deploy the funds to optimise energy storage for organisations looking towards net-zero targets. Already, it is used by over 80% of owners and organisers of battery energy storage in Great Britain. Now, it will focus one expanding its Access Success Platform across Europe while broadening its offering within the British market.
Beyond this, the startup will also use the funding to further build out the platform with its new battery revenue forecasting software, Modo Signal.
Modo Energy aims to further international expansion and become the all-in-one SaaS solution for the global energy storage community.
Quentin Draper-Scrimshire, co-founder and CEO explained, “Fred Olsen and Triple Point are a great match for Modo Energy – they share our big ambitions around net-zero and the massive potential of data within this sector. They’re also completely aligned with our mission – to help companies achieve huge success with their energy storage assets. We’re seeing more and more companies incorporate an Asset Success mindset into their business strategy – particularly the leading funds and investors in the energy storage space.”
Lloyd Butterworth, who has joined Modo Energy’s board as Investor Director for Fred Olsen Ltd., said: “We’re delighted to be working with Modo Energy as it expand its product offering and geographic presence. Modo Energy has taken the market in Great Britain by storm, establishing itself as a leading enabler of the energy transition, and has its sights set on Europe. With many organisations across the continent looking towards net-zero targets, Modo Energy is reducing barriers to entry and providing crucial, data-driven insights into storage assets and markets. By accelerating the build-out of storage and facilitating greater renewables penetration into the grid, the company has a vital role to play in creating a sustainable future.”
Modo Energy’s products
Modo Energy’s Asset Success Platform enables companies to be successful with their energy storage assets, leveraging data to offer clarity on how different assets are performing to promote efficiency.
By analysing market data and benchmarking performance of various energy storage assets, the cloud-based platform helps organisations including funds, banks, investors, and many others to keep track of their energy storage and help them get the best returns while working towards sustainability goals.
Modo Signal allows users to forecast their next moves with regard to energy storage and optimise decision-making by projecting energy storage asset revenues. Also, the company will continue publishing world-leading content, including unique research reports, market updates, educational videos, and podcasts via its dedicated media network Phase.
Data analytics for energy companies
Founded in 2019 by Quentin Scrimshire and Tim Overton, Modo Energy is a leading data analysis platform that provides valuable, unique market insights to help energy companies build, finance and operate the energy system of the future.
The platform includes specialist data, organised so that users can intuitively navigate the wider market. It also provides written and video insights that cut through the complexity of the industry. It provides data, research and benchmarking tools so that owners and operators have everything they need to navigate energy markets.
Currently, the company has over 3,000 platform users from over 300 businesses and organisations, including Gresham House, Gore Street Capital and Harmony Energy.