9th Dec 2025 11:15
(Clarifying ICEYE location)
(Alliance News) - Molten Ventures PLC on Tuesday said it has led a GBP25 million funding round in its Emerging Portfolio company Modo Energy Ltd and undertaken a partial realisation of its holding in ICEYE Oy.
The technology-focused venture capital firm said it led the series B funding round by investing GBP12.5 million in Modo Energy, which is a company that benchmarks and values electrification assets.
Having first invested in Modo Energy in 2024, Molten said the new funding round is intended to support the company's international expansion and enhance its platform.
The company added on Tuesday that it had undertaken a partial realisation of its holding in ICEYE, an Espoo, Finland-based synthetic aperture radar satellite designer and operator.
This generated approximately GBP17.5 million in cash proceeds, bringing the company's total cash proceeds from realisations in the current financial year to circa GBP104 million, Molten said.
As at September 30, Molten said the fair value of its investment in ICEYE was GBP74 million. At the value of the round, its remaining holding would be valued approximately GBP85 million, resulting in a total multiple on invested cost of 4.6, the company said.
"The deals in today's update bookend our process of value creation, from early deployment, on this occasion at Series B into Modo Energy, to partial realisation in ICEYE, one of the most mature of our Core Portfolio holding," said Chief Executive Ben Wilkinson.
"We continue to demonstrate the continued growth of our assets and our ability to support the scaling journey of the high growth businesses in our portfolio. Having flagged at our recent results that we're working on a pipeline of realisation opportunities, we’re pleased not just for Modo and ICEYE, but also for our investors as our realisations continue to track well against our target for the year."
Shares in Molten Ventures rose 2.0% to 485.20 pence on Tuesday morning in London.
By Roya Shahidi, Alliance News reporter
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