Modo Energy Secures $17 Million In Growth Funding From CIBC Innovation Banking

Modo Energy has secured a $17 million growth funding package from CIBC Innovation Banking to expand its AI-powered energy data and valuation platform. The financing brings the London-based company’s total capital raised to $52 million.

Modo Energy develops benchmarking, forecasting and valuation tools for battery storage and renewable energy assets. Investors, developers, owners and operators use the platform to assess project economics, support financing decisions and manage assets participating in energy markets.

Modo Energy plans to invest the funding in its technology platform while expanding its sales and marketing operations. The company will also continue hiring across its team of more than 75 analysts, data scientists and engineers and extend its coverage into additional energy markets.

The new capital arrives as the energy storage industry enters a period requiring infrastructure investment. Modo Energy plans to expand its geographic reach while strengthening the data, analytics and AI capabilities available to customers.

Quentin ‘Q’ Scrimshire, CEO and Co-Founder of Modo Energy, said, “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.”

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, and we look forward to supporting the team’s next chapter.”

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