Energy data analytics startup Modo Energy secures over £1m of investment as it closes its latest funding round. With the new funds, Modo will further scale its software for owners and operators of energy storage and flexible generation assets. Since launching in 2019, Modo has moved fast and snapped up market share - now, some of the largest energy companies, asset managers, and utilities in Europe have signed up to Modo.
Modo is a SaaS company that provides powerful analytics software for owners and operators of grid-scale energy storage assets and flexible power generation. The Modo Platform is full of innovative technologies such as asset performance benchmarking, optimiser revenue leaderboards, and tools to analyse ancillary services markets. Modo helps entire teams (from CEO to analysts) get the data they need quickly and increases the impact of their decisions.
Co-founder and CEO Quentin Scrimshire explains why customers use Modo:
“Batteries, flexibility and renewables are transformational technologies, but we need to leverage data to unlock their true potential. We build cutting edge analytics tools and get the right information into the hands of the people that need it most: the people delivering the energy transition.”
Investment from a consortium of investors
Modo Energy secured investment in a ‘Seed+’ funding round from new and existing investors, including Michael Liebreich (Founder of New Energy Finance, now BloombergNEF).
This investment is a significant milestone for Modo, which has quickly grown a large customer base in the GB energy storage market, including asset owners, utilities, operators, and optimisers since launching their platform in BETA last summer.
Quentin Scrimshire, CEO and Co-founder, said
“It’s only been 10 months since we launched our platform in BETA, but we’re already seeing Modo’s datasets and analytics add tons of value across operations, asset management and transactions. This investment enables us to keep pushing the boundaries of innovation, accelerate software development and build amazing features that we’re incredibly excited to share with our users. Watch this space.”
Modo Energy was advised by White Lake Group (Corporate Finance) and Seedlegals Ltd (Legal Advisory) for the fundraise.
Earlier investments
In 2019/20, Modo Energy raised early-stage capital from a group of investors, including Yoav Zingher (Founder and ex-CEO of KiWi Power) and Michael Liebreich (Founder of New Energy Finance, now BloombergNEF).
About Modo Energy
Quentin and Tim founded Modo Energy in 2019 after spending 7 years developing, building, and operating assets. Frustrated with the energy storage sector's opacity, they built software to calculate the real returns of battery energy storage assets in GB. They’ve been down the rabbit hole ever since, and Modo has evolved into a complete data analytics solution for energy companies, investors, asset owners, utilities, and operators. You can find more information at modo.energy.
Contact information:
Quentin ‘Q’ Scrimshire, Co-founder & CEO
Tel +44 7875 263 989
quentin@modo.energy
Tim Overton, Co-founder & CTO
Tel +447590 443 376
tim@modo.energy