Dutch AI Firm Dexter Energy Secures €23 Million to Boost Renewable Energy Trading
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Dutch climate tech firm Dexter Energy raises 23 million euros
July 2 (Reuters) - Dexter Energy, an Amsterdam-based climate tech firm, has raised 23 million euros ($27.1 million) via a funding round to expand its AI-driven services for renewable energy and batteries, the company said on Wednesday. WHY IT'S IMPORTANT: The investment reflects the growing reliance on AI technologies to navigate Europe's volatile renewable energy markets and accelerate the clean energy transition. KEY QUOTES: "We're excited to welcome Klima and Mirova aboard. They share our belief that AI is now essential infrastructure for an electricity grid increasingly powered by renewables and storage," said Luuk Veeken, CEO and founder of Dexter Energy. BY THE NUMBERS: Dexter Energy's AI-backed trading solutions can increase wholesale market revenues by up to 30% for renewable energy producers, the company said. Its latest funding round was led by financial services firm Alantra. Other investment firms involved in the funding included France's Mirova, ETF Partners and Newion. WHAT'S NEXT: Dexter plans to expand its services in the Netherlands and other European markets. The company was founded in 2017, and it uses AI technology and data for trading on power markets. It says its underlying price forecasting models draw from more than 12 external sources, including weather models and market data. ($1 = 0.8490 euros) Reporting by Sudip Kar-Gupta; editing by Barbara Lewis Our Standards: The Thomson Reuters Trust Principles., opens new tab Suggested Topics:Artificial IntelligenceSustainable MarketsClimate Change
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Dutch climate tech firm Dexter Energy raises 23 million euros
(Reuters) -Dexter Energy, an Amsterdam-based climate tech firm, has raised 23 million euros ($27.1 million) via a funding round to expand its AI-driven services for renewable energy and batteries, the company said on Wednesday. WHY IT'S IMPORTANT: The investment reflects the growing reliance on AI technologies to navigate Europe's volatile renewable energy markets and accelerate the clean energy transition. KEY QUOTES: "We're excited to welcome Klima and Mirova aboard. They share our belief that AI is now essential infrastructure for an electricity grid increasingly powered by renewables and storage," said Luuk Veeken, CEO and founder of Dexter Energy. BY THE NUMBERS: Dexter Energy's AI-backed trading solutions can increase wholesale market revenues by up to 30% for renewable energy producers, the company said. Its latest funding round was led by financial services firm Alantra. Other investment firms involved in the funding included France's Mirova, ETF Partners and Newion. WHAT'S NEXT: Dexter plans to expand its services in the Netherlands and other European markets. The company was founded in 2017, and it uses AI technology and data for trading on power markets. It says its underlying price forecasting models draw from more than 12 external sources, including weather models and market data. (Reporting by Sudip Kar-Gupta; editing by Barbara Lewis)
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Dexter Energy, an Amsterdam-based climate tech company, has raised €23 million to expand its AI-driven services for renewable energy and battery trading, highlighting the growing importance of AI in Europe's clean energy transition.
Dutch Climate Tech Firm Secures Significant Funding
Dexter Energy, an Amsterdam-based climate tech company, has successfully raised €23 million ($27.1 million) in a recent funding round. The company, which specializes in AI-driven services for renewable energy and batteries, announced the investment on Wednesday 12.
AI's Growing Role in Renewable Energy Markets
The substantial investment in Dexter Energy underscores the increasing importance of artificial intelligence in navigating Europe's volatile renewable energy markets. As the continent pushes for a clean energy transition, AI technologies are becoming crucial in managing and optimizing energy resources 12.
Luuk Veeken, CEO and founder of Dexter Energy, emphasized this point, stating, "We're excited to welcome Klima and Mirova aboard. They share our belief that AI is now essential infrastructure for an electricity grid increasingly powered by renewables and storage" 12.
Impressive Performance and Investor Confidence
Dexter Energy's AI-backed trading solutions have demonstrated significant potential, with the company claiming they can increase wholesale market revenues by up to 30% for renewable energy producers 12. This impressive performance has attracted a diverse group of investors.
The funding round was led by financial services firm Alantra, with participation from other notable investment firms including France's Mirova, ETF Partners, and Newion 12. The involvement of these established firms signals strong confidence in Dexter Energy's technology and business model.
Company Background and Technological Edge
Founded in 2017, Dexter Energy has positioned itself at the intersection of AI technology and power market trading. The company's sophisticated price forecasting models leverage data from over 12 external sources, including weather models and market data 12. This comprehensive approach allows Dexter to provide more accurate predictions and trading strategies in the rapidly evolving renewable energy sector.
Future Expansion and Market Impact
With the new funding secured, Dexter Energy has set its sights on expansion. The company plans to extend its services not only within the Netherlands but also into other European markets 12. This growth strategy aligns with the broader trend of increasing AI adoption in the energy sector across Europe.
As renewable energy sources continue to gain prominence in the European power grid, companies like Dexter Energy are poised to play a crucial role in optimizing energy distribution and trading. The successful funding round demonstrates that investors recognize the potential of AI-driven solutions in addressing the challenges of a more sustainable and efficient energy future.
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