Modo Energy: data to transform the energy industry

Team

Since 2019, Birmingham-based Modo Energy has sought to “transform the energy industry through transparency of data”. The leadership team has strong expertise in this sector. CEO Quentin Scrimshire was previously Head of Energy Storage at Kiwi Power and also spent four years working on battery energy storage projects at Centrica. Tim Overton, Modo’s Chief Operating Officer, spent six years with energy engineering
consultancy Fichtner.

Product

Renewable energy relies on batteries to store energy when the sun doesn’t shine, or the wind doesn’t blow. Modo’s ‘all-in-one’ technology platform helps companies, investors and energy consultants see how battery energy storage systems save energy and money. Data gathered from over 15 independent sources delivers focused and actionable insights on energy markets and energy asset performance, including historical revenue performance, current market trends and future potential.

Market fit

Battery energy storage systems don’t just help with lowering carbon emissions. They also ensure a consistent and reliable supply of renewable energy, provide backup power during emergencies and help the grid cope with periods of high energy consumption. As the demand for cleaner energy sources accelerates, the global market for battery storage is predicted to grow to $16 billion by 2030.12

Investment

We participated in a funding round for Modo in March 2023, and made a follow-on Series A investment in October 2023. We see Modo as extremely well-positioned within its market, and our continued investment demonstrates our belief in backing winners.

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