Modo Energy, a benchmarking and valuation platform for energy storage and renewable assets, has raised a £13 million growth funding package from CIBC Innovation Banking, bringing total funding raised to £40 million. The financing follows the company's Series B six months ago, led by Molten Ventures with follow-on funding from MMC.
At the centre of the platform is Ko, the company's AI analyst, which answers users' most complex market questions and is evolving into a tool that runs data analysis and reporting from start to finish, giving energy professionals a bankable foundation for every decision. Modo Energy provides a trusted, transparent standard that investors, developers, owners and operators rely on to value and operate assets across the energy transition. The platform covers 15 energy markets, is used by more than 200 companies across 30 countries, and is the only FCA-regulated benchmark provider for battery energy storage in the world, with forecasts that have helped finance more than $3.8 billion of assets.
Proceeds will fund the expansion of sales and marketing operations, with continued hiring across a team of more than 75 analysts, data scientists and engineers and expanded coverage into new markets.
When forecasts are bankable, capital flows and projects get built. That's the standard we hold ourselves to - and it's why CIBC Innovation Banking is backing us. We'll put this capital straight to work: in Ko, in our team, and in new markets. Raising $52 million in six months - capped by CIBC Innovation Banking's commitment - tells us the people who finance, build, and operate energy assets share our vision for the future.
Modo Energy is building critical infrastructure for the energy transition - a trusted standard for valuing storage and renewable assets. Its growth, and the confidence its customers place in it, reinforced our conviction in the business, and we look forward to supporting the team's next chapter.
