April 18, 2023
Participatiefonds Duurzame Economie Noord-Holland (PDENH) has made a follow-up investment in Dexter Energy, specialist in AI forecasting for balancing and optimizing sustainable energy. This €10.5 million 'Series B' financing round was led by new investor ETF Partners, followed by current investors Newion and Rockstart .
The transition to sustainable energy is causing major changes. Where previously a limited number of fossil power plants supplied 'electricity on demand', green electricity now only flows when the sun shines or when the wind blows. This changes the way energy companies trade energy and balance it. The result: their balancing costs rose by 60 percent to €20 billion in 2022. Since the share of wind and solar energy in Europe is expected to increase from 22 percent (in 2022) to 65 percent in 2030, these costs will increase even further.
Sales increased tenfold
The demand for optimization solutions is therefore high and Dexter Energy's turnover has increased tenfold over the past two years. Dexter's solution uses advanced machine learningalgorithms and big data analyzes with which it helps energy companies to optimally balance wind, solar and storage.
Grow and expand
Dexter will use the new funding to integrate all of its services into one self-service cockpit. This helps customers to optimize their balancing strategy, thereby minimizing their balancing costs. In addition, Dexter wants to double the team to 80 before the end of this year in order to continue to grow and expand to six new European countries over the next two years.
Jonathan Moed, Investment Manager at StartGreen:
'Companies like Dexter are essential for the electricity market of the future. The energy markets in Europe are undergoing major changes due to the rise of sustainable production and the strong increase in the number of flexible assets connected to the grid. With its strong vision on the future of the energy markets, Dexter enables its customers to operate optimally in the current transitions.'
About Dexter Energy:
Dexter Energy is a fast-growing European AI forecasting specialist for balancing and optimizing renewable energy. The company was founded in 2017 and is based in Amsterdam. Dexter's customers include innovative energy companies such as Axpo, Greenchoice, GigaStorage, NieuweStroom and Pure Energie. www.dexterenergy.ai
PDENH was founded by the province of North Holland with the aim of stimulating the sustainable economy in North Holland. The fund invests in companies and projects that focus on the energy transition, circular economy and sustainable mobility. The fund has a size of € 85 million and has invested in more than 30 companies and initiatives since its inception. PDENH is managed by KplusV and Startgreen Capital. www.pdenh.nl