Modo Energy, a London-based trailblazer in renewable energy data analytics, has recently secured a significant €13.6 million in Series A funding. Spearheaded by MMC Ventures and supported by existing investors like Triple Point Ventures, Fred Olsen Limited, and Catalyst Capital, this fresh infusion of capital is set to catapult Modo Energy’s global expansion and product enhancement initiatives.
The Rising Star in Renewable Energy Analytics
Since its inception in 2019 by Quentin Scrimshire and Tim Overton, Modo Energy has rapidly gained a reputation as a key player in the UK’s burgeoning battery energy storage market. The company’s innovative suite of tools offers invaluable insights to owners and operators of renewable energy assets, particularly in the realm of grid-scale battery storage. These tools are pivotal in helping clients navigate the fast-evolving energy landscape during a time of unprecedented change.
Quentin Draper-Scrimshire, Co-founder of Modo Energy, emphasizes the company’s dedication to expanding its product range while staying closely attuned to customer needs. The latest funding round is a robust endorsement of Modo Energy’s vision to revolutionize sustainable energy management and analytics.
Introducing Modo 2.0: A Game-Changer in Energy Storage Analytics
Modo Energy’s recent release, Modo 2.0, marks a significant leap in the approach to revenue benchmarking and forecasting for battery energy storage. This platform transformation solidifies Modo Energy’s position as a comprehensive solution provider for those investing, developing, owning, or operating battery storage assets. Modo 2.0 brings a plethora of features, including bankable long-term price forecasts, in-depth revenue comparisons, leading-edge research, educational resources, real-time market data, and extensive downloadable datasets.
With Modo 2.0, approximately 90% of Britain’s installed grid-scale battery capacity is managed more efficiently, allowing stakeholders to stay abreast of industry trends and maximize revenue potential.
Innovative Flagship Products
Among Modo Energy’s standout offerings are Benchmarking Pro and Forecast Pro. Benchmarking Pro delivers critical insights into revenue streams and performance metrics across various indices, while Forecast Pro disrupts traditional forecasting models, offering users unprecedented autonomy and transparency in projecting the financial viability of future battery storage projects.
A Vision for Global Expansion
The Series A funding will fuel Modo Energy’s ambitious global expansion plans, starting with a foray into the Texas and ERCOT market, followed by broader entry into the U.S. and European markets. This expansion is not just geographical but also encompasses enhancing their product suite to better track and index emerging commercial opportunities in renewable energy, facilitating a cleaner energy future.
MMC Ventures’ Vote of Confidence
Simon Menashy from MMC Ventures lauds Modo Energy for its transformational impact on the energy transition. He highlights how Modo Energy enables market players to fully grasp revenue opportunities, commercialize new projects, and adeptly navigate a constantly changing market. MMC Ventures’ investment and support reflect their confidence in Modo Energy’s potential to innovate and expand in the renewable energy analytics sector.
