(Photo by John Schnobrich on Unsplash)

Modo Energy, a software-as-a-service (SaaS) platform specializing in data analytics for renewable energy assets, has raised $15 million in Series A funding, led by MMC Ventures.

Existing investors Triple Point Ventures, Fred Olsen Limited, and Catalyst Capital also participated in the round. The business will use this new capital to fund its expansion plans, focusing on product enhancement and global market entry.

The $15 million in Series A funding will fuel Modo Energy’s expansion beyond Great Britain. The company’s roadmap centers on its global expansion, starting with entry into the Texas and ERCOT market, followed by the rest of the USA and Europe. It will also enable Modo Energy to boost its product offering, the company said.

Founded in 2019 by Quentin Scrimshire and Tim Overton, Modo Energy offers an integrated suite of data-backed tools for owners and operators of renewable energy assets, particularly grid-scale battery energy storage systems. The company says the platform is an essential part of the workflow for the owners and operators of approximately 90% of Britain’s installed grid-scale battery capacity.

Modo Energy recently unveiled Modo 2.0, an update that is meant to alter the approach to revenue benchmarking and forecasting in battery energy storage. The platform now offers features such as long-term, bankable price forecasts; in-depth revenue comparisons and price indices; written research; educational materials; real-time market screens; and an array of up-to-the-minute downloadable data.

Among Modo Energy’s flagship products are Benchmarking Pro, which provides insights into revenue streams and performance comparisons across price indices and asset leaderboards; and Forecast Pro, a forward-looking projection tool for financing future battery energy storage projects, which the company says gives users autonomy over its inputs, and transparency of its outputs.