ARKANSAS, Nov 30 (Future Headlines)- Modo Energy, a leading software-as-a-service (SaaS) platform specializing in data analytics for renewable energy assets, has successfully secured $15 million in Series A funding in a round led by MMC Ventures, with participation from existing investors Triple Point Ventures, Fred Olsen Limited, and Catalyst Capital. The significant funding injection positions Modo Energy to accelerate its global expansion plans, enhance product offerings, and establish a formidable presence beyond its roots in Great Britain. This comprehensive analysis delves into Modo Energy’s Series A funding, its strategic roadmap for international growth, and the innovative features of its platform that have positioned it as a key player in the renewable energy analytics sector.
Modo Energy has successfully raised $15 million in Series A funding, indicating strong investor confidence in the company’s growth potential. MMC Ventures led the funding round, with continued support from existing investors, including Triple Point Ventures, Fred Olsen Limited, and Catalyst Capital.
The secured capital will primarily fuel Modo Energy’s expansion initiatives, facilitating its entry into global markets, starting with Texas and the ERCOT market. Product enhancement is a key focus, with plans to augment Modo Energy’s existing suite of data-backed tools for renewable energy asset owners and operators.
Founded in 2019 by Quentin Scrimshire and Tim Overton, Modo Energy specializes in providing a SaaS platform for data analytics tailored to renewable energy assets, with a particular emphasis on grid-scale battery energy storage systems. The platform plays a crucial role in the workflow of approximately 90% of Britain’s installed grid-scale battery capacity.
The Series A funding empowers Modo Energy’s expansion plans beyond Great Britain, with a strategic entry into the Texas and ERCOT market as the initial steps. Subsequent phases include further expansion throughout the USA and Europe, showcasing the company’s commitment to becoming a global player in renewable energy analytics.
Modo Energy recently introduced Modo 2.0, an updated version designed to revolutionize revenue benchmarking and forecasting in battery energy storage. New features include long-term, bankable price forecasts; in-depth revenue comparisons and price indices; written research; educational materials; real-time market screens; and downloadable data.
- Flagship Products
Benchmarking Pro: This product offers valuable insights into revenue streams and performance comparisons, utilizing price indices and asset leaderboards to empower renewable energy asset owners and operators.
Forecast Pro: A forward-looking projection tool designed to assist in financing future battery energy storage projects, providing users with autonomy over inputs and transparency of outputs.
Modo Energy’s platform is identified as an essential component in the workflow for owners and operators of a substantial 90% of Britain’s installed grid-scale battery capacity. The platform’s proven efficacy contributes to its standing as a key player in the renewable energy analytics sector.
Modo 2.0, with its advanced features and capabilities, aims to redefine the landscape of revenue benchmarking and forecasting in battery energy storage. The platform’s real-time market screens and comprehensive data offerings further solidify its position as an industry-leading solution.
The initial focus on entering the Texas and ERCOT market strategically positions Modo Energy in regions with substantial renewable energy potential and evolving energy landscapes. Subsequent expansions into the wider U.S. and European markets reinforce the company’s commitment to a global presence.
The expansion reflects the increasing demand for advanced data analytics solutions in the renewable energy sector globally. Modo Energy’s readiness to meet this demand is underscored by the Series A funding and its planned market entry strategies.
Reporting by Kevin Wood; Editing by Sarah White