AI-Powered Modo Energy Expands with €14.9 Million Growth Investment

With this latest investment, Modo Energy has raised a total of €45.5 million ($52 million). This is the largest single investment the company has received so far.

The new funding comes six months after Modo Energy's Series B round, which Molten Ventures led with support from MMC. Earlier, in November 2023, the company raised €13.6 million in its Series A funding round.

“When forecasts are bankable, capital flows and projects get built. That’s the standard we hold ourselves to — and it’s why CIBC Innovation Banking is backing us. We’ll put this capital straight to work: in Ko, in our team, and in new markets. Raising €45.5 million ($52 million) in six months — capped by CIBC Innovation Banking’s commitment — tells us the people who finance, build, and operate energy assets share our vision for the future,” said Quentin Scrimshire, CEO and co-founder of Modo Energy.

“Modo Energy is building critical infrastructure for the energy transition – a trusted standard for valuing storage and renewable assets. Its growth, and the confidence its customers place in it, reinforced our conviction in the business, and we look forward to supporting the team’s next chapter,” said Sean Duffy, Managing Director and Market Lead, CIBC Innovation Banking.

About Modo Energy

Founded in 2019 by Quentin Scrimshire and Tim Overton, Modo Energy provides tools that help energy companies and infrastructure teams make smart and reliable investment decisions.

The company says it is the world's only FCA-regulated benchmark provider for battery energy storage, giving customers trusted market data.

Its platform brings together market data, forecasts, and expert research in one place to support projects in energy storage, renewable energy, and flexible power systems.

Modo Energy's AI assistant is called Ko, which helps users quickly find answers to complex energy market questions.

Ko can compare a company's portfolio with energy markets around the world in seconds and provides market forecasts and useful insights to support better business decisions.

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