From pv magazine Energy Storage
Modo Energy has secured $50 million (USD 33 million) in a Series B investment round that’s expected to support further expansion of the battery energy storage system (BESS) benchmarking and valuation platform.
The investment was led by venture capital firm Molten Ventures, in partnership with ETF Partners, MMC Ventures, and Fred. Olsen Limited. It follows a successful $23.8 million series A fundraising round completed in November 2023.
Modo Energy provides benchmark, forecasting and modelling services for BESS assets in Europe, North America, and Australia. The British company’s output is used by major asset owners, operators and financiers across markets.
Molten Ventures said the investment will be used to accelerate Modo Energy’s growth and “scale its impact globally.”
Plans also include deploying artificial intelligence (AI)-powered valuation systems.
In a press release, George Chalmers, head of climate at Molten Ventures, said that AI has the potential to “transform how the world values and finances electrification”.
“Modo Energy is uniquely positioned to lead this shift because it owns the entire modelling stack and has already established the trust required across the financial ecosystem,” said Chalmers.
Modo Energy co-founder and Chief Executive Officer Quentin Scrimshire added: “We’re building the benchmarking and valuation operating system for global electrification – and AI is central to that mission. Because we own our entire modelling stack, we can deliver AI-powered, explainable valuation workflows that replace static analysis with dynamic intelligence systems. It’s a privilege to support our customers with tools worthy of the decisions they’re making.”
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