How Modo Energy Raised $52 Million to Make Renewable Energy Forecasts Bankable

Jan de Vries · 2026-07-22

Modo Energy, an AI-powered platform that benchmarks and values energy storage and renewable assets, just locked down a $17 million growth funding package from CIBC Innovation Banking. That brings the London-based company's total funding to $52 million. This is the biggest single check Modo Energy has ever taken. It comes just six months after the company's Series B round, led by Molten Ventures with follow-on from MMC. Before that, in November 2023, Modo raised $15.6 million in Series A funding. ### Why This Matters for the Energy Transition When you're trying to finance a big renewable energy project, investors need to trust the numbers. If they can't, the money doesn't flow and the project doesn't get built. Modo Energy's whole pitch is that it makes those forecasts bankable. "When forecasts are bankable, capital flows and projects get built," said Quentin Scrimshire, CEO and co-founder of Modo Energy. "We'll put this capital straight to work: in Ko, in our team, and in new markets. Raising $52 million in six months tells us the people who finance, build, and operate energy assets share our vision for the future." ### What Modo Energy Actually Does Founded in 2019 by Quentin Scrimshire and Tim Overton, Modo Energy gives energy and infrastructure teams the tools they need to make decisions that banks will actually finance. It claims to be the world's only FCA-regulated benchmark provider for battery energy storage. The platform blends data, forecasts, and expert research in one place. It helps with: - Project finance - Investment due diligence - Operational strategy for energy storage, renewables, and flexible loads ### Meet Ko: Modo's AI Analyst Modo Energy's AI analyst is called Ko. The company says Ko 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. ### What the New Money Will Fund Modo Energy plans to use this funding to invest in the platform itself and expand sales and marketing operations. The company also wants to accelerate its evolution into a tool that runs data analysis and reporting from start to finish. Right now, Modo Energy operates in 15 energy markets and serves over 200 companies in 30 countries. Its forecasts have supported financing for assets worth more than $3.8 billion. The company plans to keep hiring across its team of over 75 analysts, data scientists, and engineers, and expand into new markets. ### The Backer: CIBC Innovation Banking CIBC Innovation Banking is based in Toronto and has 25 years of experience with growth-stage tech and life science companies across North America. It manages over $11 billion in funds and has helped more than 700 venture and private equity-backed businesses over the past six and a half years. Sean Duffy, Managing Director and Market Lead at CIBC Innovation Banking, said: "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." The bank has 14 global locations, including San Francisco, New York, London, Austin, Boston, Chicago, Seattle, Vancouver, Montreal, Atlanta, Reston, and Durham. ### The Big Picture Modo Energy's rapid fundraising – $52 million in six months – signals strong investor confidence in the company's approach. As the energy transition accelerates, having reliable, bankable data on renewable assets becomes more critical. Modo Energy is betting that its AI-powered platform will become the industry standard for valuing storage and renewable assets.