LONDON, November 29th, 2023 — Modo Energy, the innovative software-as-a-service (SaaS) platform specialising in data analytics for renewable energy assets, has raised $15 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.
The global market for battery energy storage is predicted to hit $16 billion by 2030. As more intermittent renewables like wind and solar are connected to our transmission network, battery energy storage will be vital in ensuring that the supply and demand of electricity remains balanced at all times - to prevent blackouts and keep consumer costs down. Modo Energy’s years of expertise in this particular field, alongside its verticalised media and software solutions built specifically for players in the battery energy storage industry, make the business uniquely positioned to take advantage of the global boom and help existing and potential battery energy storage owners and investors to make the most of their assets.
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, battery energy storage-specific 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 $15 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.
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.”
About Modo Energy:
Modo Energy is a leading software-as-a-service (SaaS) platform specialising in data analytics for renewable energy assets, particularly grid-scale battery energy storage systems. Founded in 2019, Modo Energy has become a trusted partner for owners and operators in the battery energy storage sector, offering a comprehensive suite of tools and solutions for maximising investment and revenue opportunities.
The company was represented by Silicon Valley law firm, Wilson Sonsini Goodrich & Rosati on the transaction. For more than six decades, Wilson Sonsini has represented the technology pioneers associated with virtually every milestone innovation.
About MMC Ventures:
MMC is a leading European venture capital firm with a focus on early stage transformative technology companies that utilise AI and data science across sectors including enterprise AI, fintech, data-driven health and cloud & data infrastructure. Examples of companies MMC has backed include: Synthesia, Signal AI, Copper, Interactive Investor, Snowplow, Current Health, YuLife and Ably.