Modo Energy, a London-based AI-powered benchmarking and valuation platform for energy storage and renewable assets, has secured a €14.9 million ($17 million) growth funding package from CIBC Innovation Banking, bringing the total amount of funding raised by the company to €45.5 million ($52 million). CIBC Innovation Banking is the lead
Rahul Raj
Modo Energy, a London-based AI-powered benchmarking and valuation platform for energy storage and renewable assets, has secured a €14.9 million ($17 million) growth funding package from CIBC Innovation Banking, bringing the total amount of funding raised by the company to €45.5 million ($52 million).
CIBC Innovation Banking is the lead backer in the new capital, and this represents the largest single commitment Modo Energy has secured to date. This follows the company’s Series B funding six months ago, which was led by Molten Ventures and included follow-on funding from MMC. In November 2023, the company raised €13.6 million in Series A funding.
“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 €45.5 million ($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,” said Quentin Scrimshire, CEO and co-founder of Modo Energy.
Founded in 2019 by Quentin Scrimshire and Tim Overton, Modo Energy states that it equips the energy and infrastructure teams with the tools they need to make bankable decisions. It claims to be the world’s only FCA-regulated benchmark provider for battery energy storage.
It delivers the insight that underpins project finance, investment due diligence, and operational strategy across the electrification space, including energy storage, renewables, and flexible loads. Its platform blends data, forecasts, and expert research in one purpose-built environment.
The company’s AI analyst is called Ko, and Modo Energy claims that it already answers users’ most complex market questions, helps them compare their portfolio to any market in the world in seconds, and provides forecasts and insights.
Modo Energy plans to use this funding to invest in the platform and expand sales and marketing operations. It will also accelerate its evolution into a tool that runs data analysis and reporting from start to finish.
The company operates in 15 energy markets and serves over 200 companies in 30 countries. It states that its forecasts have supported financing for assets exceeding €3.3 billion ($3.8 billion). Modo Energy plans to continue hiring across its team of more than 75 analysts, data scientists, and engineers, and expand coverage into new markets.
“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,” said Sean Duffy, Managing Director and Market Lead, CIBC Innovation Banking.
Toronto-based CIBC Innovation Banking has 25 years of specialised experience in growth-stage tech and life science companies across North America. It currently manages over €9.6 billion ($11 billion) in funds, including those for life sciences, health care, and CleanTech companies, as well as investors and entrepreneurs, and has assisted over 700 venture and private equity-backed businesses over the past six and a half years.
The bank has 14 global locations, including San Francisco, Menlo Park, New York, Toronto, London, Austin, Boston, Chicago, Seattle, Vancouver, Montreal, Atlanta, Reston, and Durham.
