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Empowering Clean Energy: Modo Energy Secures $15M in Series A Funding

London-based powerhouse in renewable energy analytics, has clinched $15 million in funding Spearheaded by MMC Ventures
By Josefina Dipaolo
November 30, 2023

In a significant stride towards revolutionizing renewable energy analytics, London-based Modo Energy has successfully raised $15 million in its recent Series A funding round. Led by the reputable MMC Ventures, known for strategic investments in TreasurySpring and Qflow, the funding also saw active participation from existing investors Triple Point VenturesFred Olsen Limited, and Catalyst Capital.

The infusion of capital is poised to propel Modo Energy into an expansive phase, with a dedicated focus on product enhancement and global market penetration. With ambitions reaching beyond the UK, the SaaS platform sets its sights on entering the Texas and ERCOT markets, followed by a broader expansion across the USA and Europe.

Founded in 2019 by Quentin Scrimshire and Tim Overton, Modo Energy stands as a beacon in utilizing data analytics to empower battery storage operators and owners. The platform provides invaluable insights, steering stakeholders through the intricacies of the rapidly growing renewable energy market.

The recent unveiling of Modo 2.0 marks a significant milestone, redefining revenue benchmarking and forecasting in battery energy storage. Positioning itself as the all-in-one platform for investors, developers, owners, and operators, Modo Energy's suite of tools includes long-term, bankable price forecasts, revenue comparisons, trusted price indices, real-time market screens, and a wealth of downloadable data.

This injection of funds not only enhances Modo Energy's capabilities but also enables the platform to facilitate a comprehensive tracking system for renewable energy investors. The company's commitment to shaping the future of sustainable energy is evident in its dedication to product evolution and close customer engagement.

Quentin Draper-Scrimshire, Co-founder of Modo Energy, expressed gratitude for the faith MMC Ventures has shown in the company's potential. Simon Menashy at MMC Ventures emphasized how Modo Energy's solutions contribute significantly to the energy transition, enabling organizations to grasp revenue opportunities and navigate the evolving market seamlessly.

As Modo Energy embarks on this transformative journey, the partnership with MMC Ventures opens new avenues for building product lines and expanding into untapped geographies, reaffirming the platform's commitment to the future of clean energy.

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