Dear everyone,
Firstly, kudos 🙌
2021 was another record-breaking year for energy storage with many new assets developed, funded, constructed, operated, transacted, managed and optimised in GB. These assets are fundamental to decarbonising the power sector and ultimately ensuring our planet is habitable in the future. To everybody who has helped make this happen: we salute you.
Modo’s 2021
In 2021 we welcomed four new team members; two of us had children; and one member of the team bleached their hair on the morning of the Euros final (guess who). We moved to our new HQ in central Birmingham and pretty much re-built our whole product (again). We created new markets pages, launched Insights (the Netflix of market analysis?), enabled data downloads, released our new asset benchmarking, made Modo easy-to-use on mobile, and oversaw plenty of improvements to our platform’s speed and security. We formed our research team, and our written pieces are now some of the most viewed pages on the platform. 2021 was... big.
Platform users 🚀
In 2021, the usage of Modo has increased 6x-10x depending on how you measure it. At the time of writing (21 December 2021), we can proudly say that we have:
- 350+ monthly active users (with 170+ logging in at least weekly).
- 41 organisations have 4+ users on their account.
- An average of 12 users per paying subscriber (and this is growing quickly).
- Almost 500 views of our Insights pages a week.
This is awesome, but we’re not stopping there - in 2022, we will be investing heavily in new features, pages, content and more.
New use cases for Modo
This year, we were inspired by customers using our data in lots of new ways, including:
- Transactions - Asset managers, an oil supermajor and several utilities used our data to appraise the performance of potential acquisitions.
- Financial reporting - Asset owners and utilities use Modo to compare asset and portfolio performance against the competition.
- Insurance claims - For the first time, a leading UK insurer used Modo’s leaderboard data as a benchmark for business interruption insurance.
- Education - Subscribing companies use Modo to upskill new and existing staff about energy markets, legislation and the wider industry.
- Tenders for optimisers - Four asset owners used our data when running tenders for optimisation services to support their decision making. Our optimisation fee dataset has now been used by all of the major optimisers to demonstrate their fee structures.
What’s next?
Our plan for 2022 has two sides. Firstly, we will keep iterating with new features and improvements across the platform. We’re going to remain laser-focused on energy storage in GB for the foreseeable, so expect more of the deep analysis and thought-provoking research that helps you maximise the effectiveness of your business. Secondly, we’re going to make some big, bold bets that we believe will help our customers build the future energy system ASAP. Some of these will work, some of them might not, but we’re going to do them anyway, and we can’t wait to share them with you!
It’s been a privilege to help you build and operate the future energy system. We can’t wait to add even more value to you and your business in 2022.
From all of us at Modo, we’d like to wish you a very Merry Christmas!
Yours,
Quentin, Tim and the Modo team.