Forecasting revenue for your battery assets doesn't need to take weeks.
You can now generate a custom revenue forecast in 1 business day with the exact specifications of your planned projects. Options to customise across:
Consistent with existing runs in the Modo Energy forecasting library, all custom runs will show monthly revenue forecasts from the project start date out to 2050.
Each custom run uses 1 credit, which can be purchased individually or in bulk depending on your needs.
Over the next 8 weeks, all of the data currently available over the API will be available through downloadable data sets. Some of the new data sets live now include:
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.
Just understanding the basics of the Balancing Mechanism is a big challenge.
But truly understanding the market is almost impossible until you’ve seen the mechanisms in action in real-time.
For analysts looking at past or future opportunities in the Balancing Mechanism, a real-time view of the market unlocks a whole new world of decision making...
So that's what we've built...
All of the charts in the new, curated view of the Balancing Mechanism are also ready for you to bring into your own custom views.
It's really important to us that we remain focused on building tools that genuinely and materially solve problems for analysts working across the energy industry.
If you want to make sure we're building tools that make a difference to you then we'd love to chat.
The release on Thursday 09 November 2023 included two key improvements:
You can now view the GB BESS Indices for individual months when you're in the All view.
But don't worry, the more granular week-by-week view is still available when you view a year at a time.
Feeling lazy? We've brought all of the key data from the Electric Reliability Council of Texas (ERCOT) into a single, easy-to-use API, that's accessible from across the globe.
Want to know more about the landscape for battery energy storage in ERCOT?
You can now create fully custom views of energy market data with Modo. Helping you to spot the opportunities and trends that matter most to your team.
With this early release you have access to data from across Great Britain's electricity system and data on frequency response services relevant to battery energy storage.
Right now you have access to 36 charts, but with every release we'll be bringing more and more into the library. We'd love to hear more about the data you want to see and how you want to see it.
You can now compare the performance of battery energy storage systems with ease.
This release also includes a step change in how we provide forecasted revenues, the ability to pin assets, and more.
Quickly understand differences in revenue strategies and performance of battery energy storage with the new comparison tool (only available to Benchmarking Pro users).
Pin individual BMUs, batteries, or comparisons and save time on searching for your favorite assets.
Plug numbers into your business case knowing that it reflects real operational performance.
We've spent the time comparing best-case revenues against the numbers in the Leaderboard so that you can see the full range of revenue outlooks.
We've also added way more pre-loaded scenarios so you can dig deeper into how duration, location, and degradation impacts the future.
We'd love to chat about how you use the platform and how we can make your work-life as an analyst in the energy industry even better.
Our latest release probably went unnoticed to most people. But that doesn't stop us wanting to keep you all informed on our efforts to make an amazing tool for you...
The release on Thursday 19 October 2023 included a load of fixes and improvements across the platform, including:
After a period of our releases being hidden from view, since the launch of Modo Energy 2.0 we're aiming to ship new products, features, and improvements at least every two weeks.
If you want to help make sure the tools we're building work best for you, then we'd love to chat through our roadmap and make sure you have your say.
It's only been 8 days since we launched Modo Energy 2.0. But with releases to the platform every two weeks, we're already ready for Update 2.1.
You can now:
and more!
Build a full picture of battery energy storage assets in Electric Reliability Council of Texas (ERCOT)
Understand, compare, and track revenue performance in ERCOT like never before with the ERCOT BESS Indices, ERCOT Leaderboard, and Asset Explorer.
All available via API.
Navigate the run library with ease with filters on key input data
As more pre-loaded runs get added, filters help you compare asset configurations and future scenarios like never before.
Want to compare the future for 2-hr assets compared to 4-hrs? In just a few clicks you've got all the data you need without having to trawl through slide decks or commission another report.
Get Modo Energy research updates in real-time with the new RSS feed.
Bring the latest Modo Energy Research into your systems and dashboards in real-time. Try it out
We'd love to chat about how you use the platform and how we can make your work life as an analyst in the energy industry better!
We’re on a mission to build the information architecture for the energy transition.
Today, we’re excited to announce Modo Energy 2.0 - the next phase of our product to help us achieve this mission.
The BESS Index goes realtime.
Now running every settlement period, 24/7/365.
Say goodbye to black-box forecasts and market consultants.
Trusted by the biggest banks in the world. Configurable for your asset.
Whatever you need. Find it with Dynamic Search.
Search assets, markets, benchmarks, datasets, research articles and more. All in one place.
Prefer keyboard shortcuts? Hit cmd/ctrl +K to turbocharge your workflow.
Explore assets with incredible detail.
Monitor revenues, markets, physical and dynamic data - all in one place.
Whether you’re an asset owner, optimiser, trading desk, or financial institution, API 2.0 has it all.
Unlimited API calls as standard.
The Netflix of the energy transition.
World-class updates and insights, delivered directly from Modo Energy Studios.
And, there’s so much more. Head to modoenergy.com to get started.