Modo Energy plans to scale battery data analytics platform

Modo Energy, a London-based data analytics platform provider for the battery storage and renewable energy industry, has secured a $24.34 million (USD 17 million) growth funding package to finance product development and expand coverage and operations into new markets.

Founded in the United Kingdom in 2019, Modo Energy provides benchmark, forecasting and modelling services for owners and operators of battery energy storage and renewable energy assets in Europe, the United States, and Australia.

The company said its AI-powered analyst, Ko, is used by major asset owners, operators and financiers in more than more than 200 investors, developers, owners, and operators in 30 countries.

Modo Energy co-founder and Chief Executive Officer Quentin Scrimshire said Ko already answers users’ most complex market questions but this new financing will accelerate the evolution of the platform into a tool that runs data analysis and reporting from start to finish, giving energy professionals a bankable foundation for every decision.

“When forecasts are bankable, capital flows and projects get built,” he said. “We’ll put this capital straight to work: in Ko, in our team, and in new markets.”

The new financing, the largest single commitment in Modo Energy’s history, comes just six months after the company secured $50 million in a Series B investment round, which itself followed a $15 million Series A raise in late 2023. 

Scrimshire said the sustained institutional confidence in the business comes as the he energy storage market enters its most capital-intensive phase.

“This tells us the people who finance, build, and operate energy assets share our vision for the future,” he said.

The financing round was led by Canada-headquartered growth lender CIBC Innovation Banking.

“Modo Energy is building critical infrastructure for the energy transition – a trusted standard for valuing storage and renewable assets,” CIBC Managing Director Sean Duffy said. “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.”