LONDON: CIBC Innovation Banking announced today that it has provided a $17m growth funding package for Modo Energy, bringing the total amount of funding raised by the company to $52m. The company will use the financing to invest in the platform and expand sales and marketing operations.

Ko, Modo Energy's AI analyst, is becoming a trusted leader in energy analysis, and already answers users' most complex market questions. This funding will accelerate its evolution into a tool that runs data analysis and reporting from start to finish, giving energy professionals a bankable foundation for every decision.

“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,” 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 - capped by CIBC Innovation Banking’s commitment - tells us the people who finance, build, and operate energy assets share our vision for the future.”

CIBC Innovation Banking, which has spent more than 25 years backing growth-stage technology companies across North America, the UK, and beyond, is the lead backer in the new capital - the largest single commitment Modo Energy has secured to date. This follows the company’s Series B six months ago led by Molten Ventures, with follow-on funding from MMC, reflecting sustained institutional confidence in the business as the energy storage market enters its most capital-intensive phase.

“Modo Energy is building critical infrastructure for the energy transition – a trusted standard for valuing storage and renewable assets,” said Sean Duffy, Managing Director & Market Lead, CIBC Innovation Banking. “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.”

Modo Energy will continue hiring across its team of more than 75 analysts, data scientists, and engineers, and expand coverage into new markets.

About CIBC Innovation Banking

CIBC Innovation Banking has 25 years of specialized experience in growth-stage tech and life science companies across North America – a longer track record than most banks. CIBC Innovation Banking now has over $11 billion in funds managed including life sciences, health care, cleantech companies, investors, and entrepreneurs, and has assisted over 700 venture and private equity-backed businesses over the past six and a half years. The bank operates out of 14 global locations in San Francisco, Menlo Park, New York, Toronto, London, Austin, Boston, Chicago, Seattle, Vancouver, Montreal, Atlanta, Reston, and Durham. Connect with us today to start the conversation. Innovationbanking.cibc.com

About Modo Energy

Modo Energy is the AI-powered benchmarking and valuation platform for energy storage and renewable assets. Founded in 2019 and headquartered in London, it provides the trusted, transparent standard that investors, developers, owners, and operators rely on to value and operate assets across the energy transition - including Ko, its AI analyst. Modo Energy covers 15 energy markets and is used by more than 200 companies across 30 countries; its forecasts have helped finance more than $3.8 billion of assets. It is the only FCA-regulated benchmark provider for battery energy storage in the world. modoenergy.com

Fonte: Business Wire