Modo Energy Series B investment, and ICEYE fundraise with partial realisation

Molten Ventures plc
(“Molten Ventures”, “Molten”, or the “Company”)

Modo Energy Series B investment, and ICEYE fundraise with partial realisation

Molten Ventures (LSE: GROW), a leading venture capital firm investing in and developing high-growth digital technology businesses, is pleased to announce a Series B investment in Modo Energy and partial realisation of its holding in ICEYE.

Emerging Portfolio investment

Molten has led a £25 million Series B round by investing £12.5 million in its Emerging Portfolio company Modo Energy, a company building the global standard for benchmarking and valuing electrification assets. Molten first invested in Modo Energy in 2024; this new funding round will support Modo Energy’s international expansion into 20 markets and further enhance its platform. AI has the potential to transform how the world values and finances electrification; Modo Energy is uniquely positioned to lead this transformation through its ownership of the entire modelling stack and has already established the trust required across the financial ecosystem. This investment is in line with Molten’s articulated strategy of concentrating on its core expertise of leading Series A and B investments.

Core Portfolio update

ICEYE has raised additional capital at an increased valuation following strong commercial traction. ICEYE operates the world’s largest synthetic aperture radar (“SAR”) satellite constellation, providing objective, near real-time insights to detect, understand, and respond to change on Earth, day or night, in any weather. SAR technology enables persistent monitoring by using radar pulses that penetrate clouds, smoke and darkness, supporting rapid response across defence and intelligence, security, disaster response and recovery, insurance, maritime monitoring, and finance sectors. With 62 satellites successfully launched to date, ICEYE plans to scale production to an average of one satellite per week from next year, deploying sovereign space capabilities for allied nations at unprecedented speed and scale.

Molten first invested in ICEYE’s Series B round in 2018, with follow-on investments in 2019 and 2021 during its Series C and D rounds. Since our initial investment, ICEYE has demonstrated significant growth, recently securing €150 million in new funding and a €50 million secondary placement, resulting in a company valuation of €2.4 billion. As part of our active portfolio management, Molten has undertaken a partial realisation of its holding in ICEYE, at a valuation above the most recent valuation date of 30 September 2025, generating circa £17.5 million in cash proceeds.

As at 30 September 2025, the fair value of Molten’s investment in ICEYE was £74 million. At the value of the round, our remaining holding would be valued at circa £85 million, resulting in a total multiple on invested cost (“MoIC”) of 4.6x (including the realised proceeds).

Capital allocation update

This realisation now brings total cash proceeds generated from realisations in the current financial year (ending 31 March 2026) to circa £104 million, representing 7.6% of opening gross portfolio value (“GPV”) and tracking towards the internal annual target of 10% of opening GPV through the cycle.

The ongoing strong level of realisations is supporting both investment activity as well as the Company’s share buyback programme, recognising the NAV per share accretive effect of these buybacks. Of the £50 million committed to the share buyback programme since July 2024, circa £44 million has been completed to date.

Ben Wilkinson, CEO, commented:

“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 holdings. 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.”

Enquiries:

About Molten Ventures

Molten Ventures is a leading venture capital firm in Europe, developing and investing in high growth technology companies.

It invests across four sectors: Enterprise & SaaS; AI, Deeptech & Hardware; Consumer Technology; and Digital Health with highly experienced partners constantly looking for new opportunities in each.

Listed on the London Stock Exchange, Molten Ventures provides a unique opportunity for public market investors to access these fast-growing tech businesses, without having to commit to long-term investments with limited liquidity. Since its IPO in June 2016, Molten has deployed over £1bn capital into fast growing tech companies and has realised more than £700m to 30 September 2025.

For more information, go to https://investors.moltenventures.com/investor-relations/plc