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Dutch climate tech company Dexter Energy raises 23,5 million Euros

Dexter Energy is an Amsterdam-based climate technology firm that has raised $27.1 million via a round of funding to expand its AI driven services for renewable energy sources and batteries. The company announced this on Wednesday.

Why it's Important:

This investment is a reflection of the increasing reliance on AI technology to navigate Europe’s volatile renewable energy market and accelerate the clean-energy transition.

KEY QUOTES

"We are excited to welcome Klima as well as Mirova on board. "They share our belief that AI has become essential infrastructure for a grid powered increasingly by renewables and energy storage," said Luukveeken, CEO of Dexter Energy.

By the Numbers:

Dexter Energy claims that its AI-driven trading solutions for renewable energy producers can increase wholesale market revenue by as much as 30%.

Alantra, a financial services company, led the latest round of funding. Mirova, ETF Partners, and Newion are also among the investment firms that participated in this funding round.

WHAT'S NEXT:

Dexter intends to expand its service in the Netherlands and on other European markets.

The company, founded in 2017, uses AI technology to trade on the power markets. The company claims that its price forecasting models are based on more than 12 sources including weather models and data from the market.

(source: Reuters)