Dutch firm Dexter Energy uses AI-based renewable power generation forecasting for short-term energy trading solutions. It has announced it raised a €10.5 million Series B round to support its expansion into new European markets as it aims to double the size of its team by the end of this year.
The round was led by ETF Partners and Astelia, including continued support from existing investors Rockstart, Newion, and PDENH.
“We believe that Dexter Energy has created a category-defining solution that is going to transform the way in which companies forecast and manage their energy generation and the way they trade. We are fascinated by the innovation displayed by the team and we are confident that they are in pole position to become leaders and positive actors for change in the energy industry. It is inspiring to join and support a purpose-driven team and to actively contribute to reducing emissions and eliminating millions of tons of CO2 through the Dexter smart approach that solves imbalances in the grid," says Remy de Tonnac, Partner at ETF Partners.
Dexter Energy’s solution leverages advanced machine learning algorithms and big data analytics to help energy companies manage their short-term trading activities for a 100% renewable portfolio.
“We are very happy to welcome ETF Partners aboard who share our vision of transforming the energy sector with AI. We really value their entrepreneurial mindset and ongoing leadership in sustainable investment. We see them as a fantastic sparring partner and we are confident they will help guide the growth of our company in the best possible direction," says Luuk Veeken, CEO and co-founder, Dexter Energy.
”Balancing the energy system will become a more significant challenge with the expected increase in renewable, but intermittent, energy sources. Dexter's AI-based software platform will play a crucial role in reducing system imbalances by providing best-in-class renewable generation forecasts and optimising energy trading decisions. Rockstart is thrilled to participate in this Series B round, which will enable the company to accelerate the scaling of their business across Europe," says Max ter Horst, Managing Partner Energy, Rockstart.
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