Funding

[Funding alert] London-based Modo Energy Raises €13.6 Million in Series A Round Funding

Nov 29, 2023 | By Startup Rise EU

London-based Modo Energy raises €13.6 million in series A round funding.MMC Ventures led this round of funding. In the round were existing investors Catalyst Capital, Fred Olsen Limited, and Triple Point Ventures.

London-based Modo Energy raises €13.6 million in series A round funding.MMC Ventures led this round of funding. In the round were existing investors Catalyst Capital, Fred Olsen Limited, and Triple Point Ventures.

This new funding will be utilised by the company to support its aggressive ambitions for growth, which will concentrate on product improvement and entering international markets.

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Quentin Draper-Scrimshire, Co-founder of Modo Energy, said: “We’ve diligently expanded our product offering while maintaining a close connection with our customers, delivering exciting and market-leading features. This investment from MMC Ventures is a testament to their faith in our products, our team, and the limitless potential Modo Energy’s solutions offer, shaping the future of sustainable energy for the better.”

Recently, Modo Energy established Modo 2.0, a revolutionary update that changes the way battery energy storage revenue benchmarking and forecasting are done. The company's position as the one-stop shop for owners, developers, investors, and operators of battery energy storage assets has been reinforced by this latest version.

For the owners and operators of almost 90% of the installed grid-scale batteries in Britain, the platform is a crucial component of their workflow since it helps them stay on top of industry trends and make well-informed decisions about how to optimise earnings from their assets.

Read also - Stockholm-based Lassie Secures €23 Million in Series B Round Funding

The €13.6 million in Series A funding will play a crucial role in driving Modo Energy's global growth. The company's aggressive growth plan is focused on entering new markets throughout the world, starting with Texas and ERCOT and moving on to the rest of the USA and Europe.

Simon Menashy at MMC Ventures, added: “Modo Energy has enabled its users – organisations who invest in, develop, own, and operate renewable energy assets – to make a transformational contribution to the energy transition. Modo helps all these market participants to fully understand revenue opportunities, commercialise new projects, and navigate an ever-evolving market with ease. We are very excited to join Modo Energy on its journey as it builds out its product lines and expands into new geographies.”

About Modo Energy

Modo Energy, which was founded in 2019 by Quentin Scrimshire and Tim Overton, has quickly become an acknowledged leader in the UK's fast expanding battery energy storage business.

Read also - Hexa Secures €20M for Launching 30 Startups Annually by 2030

Owners and operators of renewable energy assets, in particular grid-scale battery energy storage systems, are given power by the company's integrated suite of data-backed solutions, which provide them with the information they need to navigate the energy market's dynamic terrain during a time of unparalleled change.

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