Market intelligence firm Modo Energy has achieved direct authorisation from the UK's Financial Conduct Authority (FCA) to administer benchmarks, effective from 13 January 2026.
The London-based firm specialises in data analytics for grid-scale battery energy storage systems (BESS) and broader electrification assets. Having adopted IOSCO Principles globally, the authorisation establishes the firm's ME BESS GB Index Family as the energy industry’s first FCA-regulated BESS revenue benchmarks.
Commenting on the authorisation, Chief Executive Officer Quentin Scrimshire stated in a LinkedIn post: "We’ve always believed that efficient capital markets need trusted benchmarks. Modo Energy is now authorised and regulated by the FCA to administer benchmarks [...] This is a step towards battery storage having proper, trusted reference points."
Established in 2019, Modo Energy provides software designed to track and compare the historical and active revenue performance of energy assets. Its core platform, the Modo Energy Terminal, processes complex power market data—including nodal pricing and grid congestion signals—to allow developers and financiers to stress-test project viability based on real-world outcomes rather than theoretical models.
Co-founder Quentin Scrimshire holds the regulated SMF1 Chief Executive role, while co-founder Timothy Overton holds the SMF3 Executive Director position, both effective from 13 January 2026.
Both founders bring extensive engineering and commercial experience within the energy sector to the firm. Prior to launching Modo Energy, Scrimshire served as Head of Energy Storage at ENGIE's KiWi Power subsidiary, following a four-year tenure at Centrica spanning engineering and commercial roles across power generation, offshore wind, and energy storage. Overton joined Modo Energy after spending over six years at Fichtner Consulting Engineers. He has since held both Chief Technology Officer and Chief Operating Officer positions at Modo.
The regulatory milestone follows the firm securing a $30m Series B funding round in December 2025. The investment was led by Molten Ventures, with participation from ETF Partners, MMC Ventures, and Fred. Olsen Limited.
