UK-based Modo Energy, a battery analytics platform developer, has raised $15 million to finance new product development and develop international markets.
Modo Energy, a data analytics platform provider for grid-scale battery energy storage system (BESS) analysts, raised $15 million to expand into the United States, starting with Texas, and to add functionality to its subscription-based platform.
The London-based company delivers to battery storage owners and operators information about revenue, performance, price forecasts, real-time data and research via its subscription-based platform. Users can access data analytics, downloadable data, and educational material.
So far Modo Energy has a few solar and wind co-located BESS customers, according to Shaniyaa Holness-Mckenzie, a Modo Energy Market Analyst, noting that the trend amongst UK customers has been to build standalone battery storage assets. But the market is evolving.
“We expect to see between 700 and 1,500 MW of new battery energy storage capacity built alongside solar and wind in the next three years,” Holness-Mckenzie told pv magazine.
The company, which was founded in 2019, claims a high penetration of the UK market, with the development of the Texas and Electric Reliability Council of Texas (ERCOT) market initiated, it has plans for growth in the rest of the US and Europe.
The financing round was led by London, England-based venture capital firm MMC Ventures, joined by earlier investors, investment company, Fred Olsen Limited, asset manager Catalyst Capital and UK-based early stage investor Triple Point Ventures.
This post appeared first on PV Magazine.