Modo Energy adds $17m debt to close $52m raise in six months
CIBC Innovation Banking has provided a $17m growth funding package to Modo Energy, an AI-powered benchmarking and valuation platform for energy storage and renewable assets. The debt package is the largest single commitment the London-based company has secured to date and brings its total funding to $52m.
The financing lands just six months after Modo Energy's Series B, led by Molten Ventures with follow-on funding from MMC. The company has now raised $52m in six months.
Modo Energy will use the capital to invest in its platform, expand sales and marketing, and hire across a team of more than 75 analysts, data scientists, and engineers. It plans to extend coverage into new markets.
Central to the plan is Ko, the company's AI analyst, which answers users' market questions. The funding aims to turn Ko into a tool that runs data analysis and reporting end to end.
Founded in 2019, Modo Energy covers 15 energy markets and serves more than 200 companies across 30 countries. Its forecasts have helped finance more than $3.8 billion of assets, and it is the only FCA-regulated benchmark provider for battery energy storage.
"When forecasts are bankable, capital flows and projects get built," said Quentin Scrimshire, chief executive officer and co-founder of Modo Energy. "We'll put this capital straight to work: in Ko, in our team, and in new markets."
Debt financing on top of a fresh equity round points to investor confidence as the energy storage market enters what CIBC calls its most capital-intensive phase. For a benchmarking platform, being trusted to value assets is the business — and lenders are treating that trust as bankable.
Read more: finanznachrichten.de
Image credit: Canadian Nuclear Laboratories
