Modo Energy’s £3.2 Million Series A Funding Round

In UK Fasken Martineau, advised on the matter.

Fasken Martineau advised Modo Energy Limited with a team including Guy Winter (Picture – Corporate M&A).

Energy data analytics startup Modo Energy has secured a £3.2 million pre-Series A funding round led by Fred Olsen Ltd., with participation from Triple Point Ventures and existing investors, to optimise energy storage for organisations looking towards net-zero targets.

Already used by over 80% of owners and operators of battery energy storage in Great Britain, Modo Energy will use the funds to expand its Asset Success Platform across Europe, while broadening its offering within the British market.

Beyond this, the startup will also use the funding to further build out the platform with its new battery revenue forecasting software, Modo Signal. Building on the industry’s most in-depth datasets on asset performance, the software allows users to forecast their next moves with regard to energy storage and optimise decision-making by projecting energy storage asset revenues. Modo Energy will also continue publishing world-leading content such as unique research reports, market updates, educational videos, and podcasts via its dedicated media network Phase.

Modo Energy’s Asset Success Platform enables companies to be successful with their energy storage assets, leveraging data to offer clarity on how different assets are performing to promote efficiency. By analysing market data and benchmarking the performance of various energy storage assets, the cloud-based platform helps organisations including funds, banks, investors, and many others to keep track of their energy storage and help them get the best returns while working towards sustainability goals.

The Fasken team was led by Guy Winter (Picture) who was supported by Lucinda Patrick-Patel and Carlie Marrows (paralegal).

 

Involved fees earner: Lucinda Patrick-Patel – Fasken Martineau; Guy Winter – Fasken Martineau;

Law Firms: Fasken Martineau;

Clients: Modo Energy Limited;

Author: Giulia Di Palma