Modo Energy has secured £3.2 million in its pre-Series A funding round as it looks to expand its Asset Success Platform across Europe and broaden its British offering.
Fred Olsen Ltd. led the funding round, which also saw participation from Triple Point Ventures and existing investors.
The energy data analytics startup’s Asset Success Platform is designed to provide visibility over how different assets are performing to promote efficiency. The cloud-based platform analyses market data and benchmarks performance, allowing organisations including funds, banks and investors amongst others to track their energy storage assets.
Modo Energy is planning to use its funding to build out this platform with its new battery revenue forecasting software, Modo Signal. This allows users to forecast their next move, by providing projections of energy storage asset revenues.
“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,” said Quentin Draper-Scrimshire, co-founder and CEO of Modo Energy.
“They’re also completely aligned with our mission – to help companies achieve huge success with their energy storage assets. We’re seeing more and more companies incorporate an Asset Success mindset into their business strategy – particularly the leading funds and investors in the energy storage space. Asset Success is all about data transparency – understanding markets and assets, forecasting what comes next, and bringing this all together to enable informed, high-quality decision-making.”
Modo Energy was set up in 2020, and now has over 3,000 platform users from more than 300 businesses and organisations including Gresham House, Gore Street Capital and Harmony Energy. More than 80% of the British Market has signed up for its paid plans, according to Modo.
The company’s head of research Alex Done spoke as part of a Current± Briefing webinar earlier this year on the British Energy Security Strategy.
