Helping energy storage owners and operators navigate markets and become more efficient, Modo Energy has just raised over €3.7 million for its data-driven platform.
Whilst Europe, and indeed the wider world, finds itself in the middle of an energy crisis, innovative tech is leading the way in navigating energy markers more sustainably and with more efficiency. Governments and companies alike are icnreasingly looking to data-based solutions in order to optimise energy use and transition to more climate-friendly alternatives.
Providing a data-driven energy platform, Modo Energy is emerging as one of the key players in optimising energy storage. The startup has just announced it’s raised over €3.7 million in pre-Series A funding. The round was led by Fred Olsen Ltd., with participation from Triple Point Ventures and existing investors.
Launched in Summer 2020, Modo Energy’s Asset Success Platform enables companies to be successful with their energy storage assets. It leverages data to give more clarity and transparency on how different assets are performing to promote greater efficiency. By analysing market data and benchmarking the 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.
With such actionable data insights, energy storage owners and operators are able to take more concerted action in the energy transition and help contribute to generating solutions to the energy crisis. It makes their processes smoother, and also means consumers won’t have to deal with the rollercoaster of price fluctuations.
Already more than 80% of the British market has signed up for Modo Energy’s paid plans, highlighting just how much impact the innovation is having. The company now has over 3000 platform users, from more than 300 businesses and organisations including Gresham House, Gore Street Capital and Harmony Energy.
With this fresh funding, the young company has its sights set on further international expansion with the aim to become the leading all-in-one SaaS solution for the global energy storage community.
Beyond these ambitions, the funding will also go towards building the platform further with a new battery revenue forecasting software in the pipeline – 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.
Quentin Draper-Scrimshire, co-founder and CEO commented: “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. 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.”
Lloyd Butterworth, who has joined Modo Energy’s board as Investor Director for Fred Olsen Ltd., added: “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.”