British data analytics platform Modo Energy has successfully raised USD 15 million (EUR 13.7m) in its latest Series A funding round, aimed at supporting the company's ambitious expansion plans. Specializing in providing data-driven solutions for owners and operators of grid-scale battery energy storage systems, Modo Energy is poised to utilize the funding to enhance its product offerings and embark on a global market entry strategy.
Led by European venture capital firm MMC Ventures, the funding round also saw participation from existing investors Triple Point Ventures, Fred Olsen Ltd, and Catalyst Capital.
The capital injection will enable Modo Energy to amplify its presence, with initial plans focusing on entering the Texas and ERCOT (the Electric Reliability Council of Texas) market. Subsequent phases of expansion are earmarked for other regions within the United States and Europe.
Established in 2019 by Quentin Scrimshire and Tim Overton, Modo Energy recently introduced Modo 2.0, an updated platform boasting features such as long-term price forecasts, in-depth revenue comparisons, and real-time market screens. The platform plays a pivotal role, contributing to approximately 90% of Britain's installed grid-scale battery capacity.
Modo Energy's strategic move to broaden its geographical footprint aligns with the company's commitment to assisting renewable energy asset owners and operators in maximizing investment and revenue opportunities.
The Series A funding signifies a vote of confidence from investors in Modo Energy's innovative approach to data analytics within the renewable energy sector. As the company sets its sights on global markets, industry observers anticipate the platform's continued impact on optimizing grid-scale battery operations.
