Seed30 June 2022

Modo Energy raises £3.2m led by Fred Olsen to expand its energy storage platform across Europe

Fred Olsen led the pre-Series A round, which will fund European expansion and new product development.

£3.2MSeed

Modo Energy provides data analytics software for renewable energy assets. The platform helps operators and owners of grid-scale battery systems navigate market changes.

Energy data analytics startup Modo Energy has secured £3.2m in pre-Series A funding led by Fred Olsen, with participation from Triple Point Ventures and existing backers. The capital will be deployed to expand the Asset Success Platform across Europe and broaden the domestic product offering, including the new battery revenue forecasting software, Modo Signal.

Founded in the summer of 2020, the company already serves over 80% of battery energy storage owners and operators in Great Britain. The fresh capital supports the firm as it targets wider international markets and scales its suite of forecasting and research tools for the global energy storage community.

From the founder

"Fred Olsen and Triple Point are a great match for Modo Energy – they share our big ambitions around net-zero and the massive potential of data within this sector. They’re also completely aligned with our mission – to help companies achieve huge success with their energy storage assets. We’re seeing more and more companies incorporate an Asset Success mindset into their business strategy – particularly the leading funds and investors in the energy storage space. Asset Success is all about data transparency – understanding markets and assets, forecasting what comes next, and bringing this all together to enable informed, high-quality decision-making."

Quentin Draper-Scrimshire

Co-founder at Modo Energy

Investor perspective

"We’re delighted to be working with Modo Energy as it expand its product offering and geographic presence. Modo Energy has taken the market in Great Britain by storm, establishing itself as a leading enabler of the energy transition, and has its sights set on Europe. With many organisations across the continent looking towards net-zero targets, Modo Energy is reducing barriers to entry and providing crucial, data-driven insights into storage assets and markets. By accelerating the build-out of storage and facilitating greater renewables penetration into the grid, the company has a vital role to play in creating a sustainable future."

Lloyd Butterworth

Investor Director, Fred Olsen