Energy data analytics startup Modo Energy has secured a £3.2 million pre-Series A funding round led by Fred Olsen Ltd., with participation from Triple Point Ventures and existing investors, to optimise energy storage for organisations looking towards net-zero targets. Already used by over 80% of owners and operators of battery energy storage in Great Britain, Modo Energy will use the funds to expand its Asset Success Platform across Europe, while broadening its offering within the British market.
Modo Energy’s Asset Success Platform enables companies to be successful with their energy storage assets, leveraging data to offer clarity on how different assets are performing to promote 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.
Beyond this, the startup will also use the funding to further build out the platform with its new battery revenue forecasting software, 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.
Since launching in Summer 2020, more than 80% of the British market has signed up for Modo Energy's paid plans. The company now has over 3000 platform users, from more than 300 businesses and organisations including Gresham House, Gore Street Capital and Harmony Energy. In the long term, Modo Energy has its sights set on further international expansion and becoming the all-in-one SaaS solution for the global energy storage community.
Fasken advised Modo on this funding round, bringing together our experience in UK renewable energy and cleantech venture and growth capital with our extensive track record in battery energy storage projects.
The Fasken team was led by Guy Winter who was supported by Yanal Abul Failat, Lucinda Patrick-Patel and Carlie Marrows (paralegal).
- United Kingdom