Start of energy data analysis Energy mode secured a £ 3.2 million pre-Serie A funding round led by Fred Olsen Ltd.with the participation of Triple stitch adventures and existing investors, to optimize energy storage for organizations looking to zero-net goals. Already used by over 80% of battery power storage owners and organizers in the UK, Modo Energy will use the funds to expand its Asset Success Platform across Europe, while expanding its offering within the market. British.
Modo Energy’s Asset Success platform allows companies to be successful with their energy storage resources, leveraging data to provide clarity on the performance of different assets to promote efficiency. By analyzing market data and comparing the performance of various energy storage assets, the cloud-based platform helps organizations including funds, banks, investors and many more to track their energy storage and help them achieve the best returns while they work towards sustainability goals.
On top of that, the startup will also use the funding to further develop the platform with its new battery revenue forecasting software, Modo Signal. Building on the industry’s most in-depth asset performance datasets, the software enables users to predict their next moves in energy storage and optimize decision making by projecting energy storage asset revenues. Modo Energy will also continue to publish world-leading content such as exclusive research reports, market updates, instructional videos and podcasts via its dedicated Phase media network.
Since its launch in summer 2020, over 80% of the UK market has subscribed to Modo Energy’s paid plans. The company now has over 3,000 users of the platform, from over 300 companies and organizations including Gresham House, Gore Street Capital, and Harmony Energy. In the long term, Modo Energy aims to further international expansion and to become the all-in-one SaaS solution for the global energy storage community.
Quentin Draper-Scrimshire, co-founder and CEO, explains: “Fred Olsen and Triple Point are a great couple for Modo Energy: they share our great ambitions around net zero and the enormous potential of data in this sector. fully aligned with our mission: to help companies achieve tremendous success with their energy storage assets. We are seeing more and more companies incorporating a wealth success mindset into their business strategy, especially industry-leading funds and investors energy storage. Asset Success is all about data transparency: understanding markets and assets, predicting what’s next and bringing it all together to enable informed, high-quality decision making. “
Lloyd Butterworth, who has joined the board of Modo Energy as Investor Director for Fred Olsen Ltd., said, “We are delighted to be working with Modo Energy to expand its product offering and geographic footprint. Modo Energy has taken the market in Great Britain by storm, establishing itself as one of the main enablers of the energy transition, and has its eyes on Europe. With many organizations across the continent looking to zero-net targets, Modo Energy is lowering barriers to entry and delivering crucial data-driven insights into storage assets and markets. By accelerating the construction of storage and facilitating greater penetration of renewable energy into the grid, the company has a vital role to play in creating a sustainable future. “
About Modo Energy
Modo Energy is an Asset Success company for energy storage. It provides data, research tools and benchmarking so that owners and operators have everything they need to navigate the energy markets and get the most out of their resources. With over 3,000 users from over 300 companies and organizations, Modo’s paid plans serve over 80% of battery storage owners and operators in the UK. The Modo Energy team creates connections and upholds its core corporate values of inclusiveness, transparency and impartiality. Work closely with others in the energy sector to deliver the information and insights people need in sensible ways.
To find out more about how Modo Energy is enabling the transition to net zero, visit the site https://modo.energy/.
About Fred Olsen
Founded in the UK in 1963 but with origins that can be traced back to 1848, when its Norwegian founders started an international shipping business, Fred. Olsen Ltd’s business interests are mainly focused on renewable energy, such as the development and operation of wind farms and offshore wind installation, although its portfolio also includes forest management and travel interests. Subsequent growth and diversification sees the organization made up of public companies, based in Norway, and Fred. Olsen Ltd. based here in the UK. Operating globally, its brands aim to build a reputation based on innovation, service and reliability. Find out more about www.fredolsen.co.uk
Modo Energy Secures £ 3.2m Seed Follow On Investment Led by Fred Olsen Ltd – UK Technology Investment News
Source link Modo Energy Secures £ 3.2m Seed Follow On Investment Led by Fred Olsen Ltd – UK Technology Investment News