Sustainability innovations are characterised by a systemic nature and require that multiple organisations act in an orchestrated fashion. To jointly identify opportunities and plan sustainability innovations, new methods and approaches are needed. In this article, we describe a case study where eight firms have collaborated to envision and create new business models in the energy industry. After describing this collaborative business modelling (CBM) approach, we discuss its strengths and limitations and compare it to two alternative methods of strategy and innovation planning: scenario technique and roadmapping. We find that CBM creates a powerful platform for: 1) jointly identifying economic and societal value; 2) defining value creation/value capture systems; 3) planning of complex and uncertain future markets.