Energy analytics platform Modo Energy has its sights on European expansion following its £3.2m pre-Series A round of funding led by Fred Olsen Ltd.
Birmingham-based Modo Energy is an energy asset analysis platform that provides users with data, research and benchmarking tools for energy storage.
“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,” said Quentin Draper-Scrimshire, co-founder and CEO, Modo Energy.
According to the firm, the platform is used by more than 80% of battery energy storage owners and organisers in Great Britain.
In addition, Modo Energy will use the investment to expand in Britain and implement its new battery revenue forecasting software, dubbed Modo Signal.
“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,” added Draper-Scrimshire.
Founded in 2020, the service has over 300 customers such as Gresham House – which this week invested in Rotageek’s £3m funding round – Gore Street Capital and Harmony Energy.
Lloyd Butterworth, investment manager, Fred Olsen Ltd said: “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.
Butterworth join the board of Modo Energy as part of the deal.
“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.”
Triple Point Ventures and previous investors also joined in the pre-Series A round.
In a recent report, it was found that UK companies attracted 18% of Europe’s cleantech investment.