Modo Energy, a London-based energy storage data and research software platform, has secured $15 million in Series A funding led by MMC Ventures along with existing investors Triple Point Ventures and Fred Olsen Limited. The funding will be used for expanding the business, product enhancement, and global expansion plans.
Modo Energy provides an integrated suite of data-backed software tools that provide insights to owners and operators of renewable energy assets, particularly grid-scale battery energy storage systems.
The company recently launched Modo 2.0, which offers users battery energy storage-specific price forecasts, revenue comparisons, price indices, and other features.
Modo aims to cater to this growing demand for batteries to manage intermittent renewable sources like solar and wind.
The company is expected to fund its entry into the Texas and ERCOT markets, followed by the rest of the U.S., and expand to Europe.
Simon Menashy, at MMC Ventures, said, “Modo Energy has enabled its users – organizations 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, commercialize 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.”
According to Mercom’s 9M And Q3 2023 Funding and M&A Report for Storage & Smart Grid, VC funding in Energy Storage in the first nine months (9M) 2023 was up by 115% YoY with $8.6 billion in 68 deals compared to $4 billion in 74 deals in 9M 2022.
Earlier this year, Peaxy, a cloud software company specializing in battery lifecycle analytics, secured $12 million in a Series B2 funding round to transform battery lifecycle analytics and digital twins.