Modo Energy wants to become the Morningstar of the renewable energy market. It just raised $15 million with this 9-slide pitch deck.

  • Modo Energy’s vision is to create “the information architecture for the energy transition.”
  • It recently raised $15 million for its data platform in a Series A funding round led by MMC Ventures.
  • Business Insider obtained an exclusive look at the redacted 9-slide pitch deck used to raise the funds.

A British firm aiming to become the go-to data platform for renewable energy recently raised $15 million in a Series A funding round.

Modo Energy, based in London, was founded in 2019 and has created a software-as-a-service data platform to assist renewable energy owners, operators, and investors in navigating the market and ultimately making more money.

“If we’re going to create $100 trillion in new physical renewable assets, there will be an ecosystem of companies with data on top of that, and we’re trying to be all of those companies in one place.” So Reuters, Bloomberg, Morningstar, the indices, the benchmark, everything is in one place,” said cofounder and CEO Quentin Scrimshire.

“We’re on a mission to build the information architecture for the energy transition.”

Through its platform, the startup offers long-term price forecasts, revenue comparisons, price indices, and real-time market screens. It also includes written research and what Scrimshire refers to as a media company, which produces videos and articles about the energy market in order to attract more people to the industry.

Banks, investors, and insurers can use the data to determine what to lend against, invest in, or insure, while asset owners and operators can use it to determine when to sell energy to the grid.

Depending on where you are in the world, grid-connected battery storage infrastructure is a mix of public and private ownership. Modo Energy is aiming for the latter as customers, with operators typically charging batteries when energy is cheap and renewable in order to sell it back to the grid for a profit later.

The startup has a three-tiered “freemium” software-as-a-service business model, including free access to a paid version for university students.

MMC Ventures led the cash injection, with participation from existing investors Triple Point Ventures, Fred Olsen Limited, and Catalyst Capital.

Modo Energy is also collaborating with co-located solar and storage facilities to charge batteries with solar energy before selling it to the grid. In addition, wind will be introduced in 2025, providing renewable energy producers with the data they need to capitalize on the best price when selling energy generated to the grid.

It is currently based in the United Kingdom and plans to use the new funds to expand into Texas, which has emerged as a leader in renewable energy. Aside from that, the startup plans to expand throughout the United States and Europe.

Scrimshire expects the 63-person team to more than double in the next 18 months as the company establishes a presence in each region in which it operates.

It brings the total venture capital raised by the company to $20 million.

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