Modo Energy raises £3m to expand its energy storage asset success platform
Energy data analytics startup Modo Energy has secured a £3.2m pre-Series A funding round led by Fred Olsen Ltd., with participation from Triple Point Ventures and existing investors, to optimise energy storage for organisations looking towards net-zero targets.
Already used by over 80 per cent of owners and organisers of battery energy storage in Great Britain, Modo Energy will use the funds to expand its Asset Success Platform across Europe, while broadening its offering within the British market.
Modo Energy’s Asset Success Platform enables companies to be successful with their energy storage assets, leveraging data to offer clarity on how different assets are performing to promote efficiency.
By analysing market data and benchmarking performance of various energy storage assets, the cloud-based platform helps organisations including funds, banks, investors, and many others to keep track of their energy storage and help them get the best returns while working towards sustainability goals.
Beyond this, the startup will also use the funding to further build out the platform with its new battery revenue forecasting software, Modo Signal. Building on the industry’s most in-depth datasets on asset performance, the software allows users to forecast their next moves with regard to energy storage and optimise decision-making by projecting energy storage asset revenues.
Modo Energy will also continue publishing world-leading content such as unique research reports, market updates, educational videos, and podcasts via its dedicated media network Phase.
Since launching in Summer 2020, more than 80 per cent of the British market has signed up for Modo Energy’s paid plans. The company now has over 3000 platform users, from more than 300 businesses and organisations including Gresham House, Gore Street Capital and Harmony Energy.
Quentin Draper-Scrimshire, co-founder and CEO explains, “Fred Olsen and Triple Point are a great match for Modo Energy - they share our big ambitions around net-zero and the massive potential of data within this sector. They’re also completely aligned with our mission - to help companies achieve huge success with their energy storage assets.”
Lloyd Butterworth, who has joined Modo Energy’s board as Investor Director for Fred Olsen Ltd., said, “we’re delighted to be working with Modo Energy as it expand its product offering and geographic presence. Modo Energy has taken the market in Great Britain by storm, establishing itself as a leading enabler of the energy transition, and has its sights set on Europe.
“With many organisations across the continent looking towards net-zero targets, Modo Energy is reducing barriers to entry and providing crucial, data-driven insights into storage assets and markets. By accelerating the build-out of storage and facilitating greater renewables penetration into the grid, the company has a vital role to play in creating a sustainable future.”
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