Modo Energy, UK data platform for grid-scale batteries, raises USD 15m

Modo Energy, a British data analytics platform for renewable energy assets, has raised USD 15 million (EUR 13.7m) in Series A funding to back its expansion plans.

The company, which specifically assists owners and operators of grid-scale battery energy storage systems in maximising investment and revenue opportunities, will invest in product enhancement and a global market entry. It plans to enter the Texas and ERCOT (the Electric Reliability Council of Texas) market initially, with subsequent expansion into the rest of the US and Europe.

The funding round was led by European venture capital firm MMC Ventures and also included participation from existing investors Triple Point Ventures, Fred Olsen Ltd and Catalyst Capital.

Modo Energy, set up in 2019 by Quentin Scrimshire and Tim Overton, recently unveiled Modo 2.0, an update whose features include long-term price forecasts, in-depth revenue comparisons and real-time market screens, among others. The company says the platform plays an essential role in around 90% of Britain’s installed grid-scale battery capacity.

(USD 1 = EUR 0.913)

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