Modo Energy, a London, UK-based provider of a software-as-a-service (SaaS) platform specialising in data analytics for renewable energy assets, raised $15M in Series A funding.
The round was led by MMC Ventures. Existing investors Triple Point Ventures, Fred Olsen Limited, and Catalyst Capital also participated.
The company intends to use the funds to further enhance its expansion plans, focusing on product enhancement and global market entry.
Founded in 2019 by Quentin Scrimshire and Tim Overton, Modo Energy specializes in battery energy storage market in the UK. Its integrated suite of data-backed tools empowers owners and operators of renewable energy assets, scale battery energy storage systems, with the insights needed to navigate the dynamic landscape of the energy market. 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 projection tool for financing future battery energy storage projects.
The company recently launched Modo 2.0, an update that aims to upgrade 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; written research; educational materials; real-time market screens; and a comprehensive array of up-to-the-minute downloadable data.
FinSMEs
29/11/2023