LONDON — Venture capital firm Molten Ventures PLC said Tuesday it invested 12.5 million pounds ($15.8 million) in energy analytics company Modo Energy and sold part of its stake in satellite operator ICEYE, generating about 17.5 million pounds ($22.1 million) in cash.
The deals highlight the firm’s strategy of funding high-growth technology businesses and managing returns for its investors.
Molten led a 25-million-pound ($31.6 million) Series B investment round for Modo Energy, a company that provides data and benchmarking for battery storage and renewable energy assets. Molten first invested in the company in 2024. The new capital will fund Modo’s expansion into 20 international markets.
Separately, Molten said it sold a portion of its shares in ICEYE, which operates a fleet of synthetic aperture radar satellites. The sale occurred as ICEYE raised 150 million euros ($162 million) in new funding and completed a 50-million-euro ($54 million) secondary share placement, valuing the company at 2.4 billion euros ($2.6 billion).
Molten first invested in ICEYE in 2018. Despite the partial sale, the firm said its remaining stake in the satellite company is valued at approximately 85 million pounds ($107 million), resulting in a total multiple of 4.6 times its original invested cost.
The cash proceeds from the ICEYE sale bring Molten’s total realizations for its current financial year, which ends March 31, 2026, to about 104 million pounds ($131 million). The firm said this tracks toward its internal annual target.
“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,” said Molten CEO Ben Wilkinson.
The company said the realizations support new investments and its ongoing share buyback program.