Dutch climate tech firm Dexter Energy raises 23 million euros

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(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)