Modo Energy, an innovative SaaS platform specialising in data analytics for renewable energy assets, has raised €13.6 million 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.
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.”
Modo Energy recently unveiled Modo 2.0, a cutting-edge 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 now 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.
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 maximise revenues for their assets.
Among Modo Energy’s flagship products are Benchmarking Pro, which provides insights into revenue streams and performance comparisons across price indices and asset leaderboards; and Forecast Pro, 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.
The €13.6 million in Series A funding will be instrumental in fueling Modo Energy’s expansion beyond Great Britain. The company’s ambitious roadmap centers 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.
Simon Menashy at MMC Ventures, added: “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.”
Read the orginal article: https://www.eu-startups.com/2023/11/london-based-modo-energy-secures-e13-6-million-series-a-to-expand-its-renewable-energy-data-analytics-services/
