Energy startup Modo Energy closes £12.7m from CIBC Innovation Banking
This article covers Modo Energy, a London-based energy startup, which has closed a £12.7m growth funding round from CIBC Innovation Banking to expand its AI benchmarking and valuation platform for energy storage and renewables. The financing aims to develop its AI analyst, scale its sales and marketing, and provide standardised, auditable forecasts used by developers, owners and investors to underwrite projects and attract finance.
Modo Energy, a London-based energy startup, has closed a £12.7m growth funding round from CIBC Innovation Banking to expand its AI benchmarking and valuation platform for energy storage and renewables, bringing total capital raised to £38.9m. The financing will be used to develop the company’s AI analyst and to scale sales and marketing as the energy storage market moves into a capital-intensive phase.
Why it matters
The deal underlines growing demand for standardised, auditable forecasts in the fast-developing energy storage market. Developers, owners and investors increasingly need reliable, model-driven inputs to underwrite projects and attract finance; Modo Energy says its forecasts have already supported financing for more than £2.8bn of assets. As battery and renewable deployments accelerate, tools that make those cashflows bankable can materially affect which projects get funded.
Inside the product
Modo’s core product is an AI-enabled benchmarking and valuation platform that models storage and renewable assets across markets. The company highlights Ko, its AI analyst, which it says answers complex market questions and will be developed to run end-to-end data analysis and reporting. Modo covers 15 energy markets and counts more than 200 corporate users in 30 countries; it also notes it is the only FCA-regulated benchmark provider for battery energy storage.
The platform is used by investors, developers and operators to value assets, benchmark performance and produce reports intended for financing and operations teams. Modo says it employs more than 75 analysts, data scientists and engineers and plans further hires as it expands into new markets.
Who are the investors?
The round is led by CIBC Innovation Banking, marking the largest single commitment Modo has secured to date. CIBC has a long-standing focus on growth-stage technology and life sciences businesses and says it manages more than £8.2bn in funds. This latest financing follows a Series B six months ago led by Molten Ventures, with follow-on support from MMC.
CIBC framed the investment as a bet on infrastructure needed for the energy transition and on Modo’s ability to create repeatable, finance-ready outputs for storage projects.
In the announcement, Sean Duffy, Managing Director & Market Lead, 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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Founder perspective
In the announcement, Quentin 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 £38.9m ($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.
Scrimshire’s comments underscore the company’s focus on producing outputs that lenders and investors can rely on when underwriting projects.
The bigger picture
Modo’s raise sits at the intersection of two trends: increasing deployment of battery storage and a move by finance markets towards more standardised, transparent valuation methods. Institutional interest in tools that reduce modelling friction is rising as the energy sector requires larger, more complex capital allocations.
For UK and European energy markets, credible, auditable forecasting tools can lower transaction costs and speed up project financing. Modo’s FCA-regulated status and international coverage give it a foothold in both domestic and cross-border financing conversations, which may be significant as Europe targets faster build-out of storage and renewables to meet climate and security goals.
They've invested in Modo Energy
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