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Modo Energy

Energy · Birmingham, United Kingdom · Founded 2019

Modo Energy is a software-as-a-service (SaaS) platform specializing in data analytics and market intelligence for renewable energy assets, with a particular focus on grid-scale battery energy storage systems. The company was founded in 2019 by Quentin Scrimshire and Tim Overton. Scrimshire previously served as the head of energy storage at Kiwi Power, a virtual power plant startup, while Overton worked as an engineering consultant, bringing deep expertise in the energy storage sector to their venture. The firm operates on a subscription-based business model, providing data-backed tools that empower owners, operators, investors, and developers of renewable energy assets to make informed decisions. Its platform offers features such as revenue benchmarking, performance comparisons, price indices, long-term bankable price forecasts, and real-time market data. Modo Energy's products, including Benchmarking Pro and Forecast Pro, enable clients to track asset performance, analyze revenue streams, and project future earnings, disrupting traditional consultant-led forecasting models. The company's services are utilized by the owners and operators of approximately 90% of Great Britain's installed grid-scale battery capacity. In November 2023, Modo Energy secured approximately €13.6 million ($15 million) in a Series A funding round led by MMC Ventures, with participation from existing investors. This capital is intended to fuel product development and international expansion, with initial plans to enter the Texas and ERCOT market in the United States, followed by a broader rollout across the US and Europe. The company also has a strong media presence, using educational content like its Energy Academy and Transmission Podcast to explain complex market dynamics, which has become its primary marketing strategy. Keywords: battery energy storage, renewable energy analytics, grid-scale batteries, energy asset management, SaaS, data analytics, revenue benchmarking, energy market intelligence, price forecasting, project financing, energy transition, asset optimization, power markets, ERCOT, electricity grid, financial performance, investment analysis, renewable infrastructure, energy trading, market data