Wind and solar make up more than one-third of Europe’s energy supply. Integrating those intermittent energy sources onto the grid has created volatility, including negative energy prices when the sun is shining and wind is blowing but demand is low.
Amsterdam-based Dexter Energy raised €23 million ($27 million) in Series C funding for its AI-enabled forecasting software that helps renewable energy companies optimize their energy trading and balance the grid.
Klima, the energy transition fund of the global financial services provider Alantra, led the round. French impact investor Mirova and existing investors ETF Partners, Newion and PDENH also joined. Dexter’s “ability to optimize renewable and battery trading in and across multiple complex markets will be critical as Europe scales its clean energy infrastructure,” said Klima’s Iñigo Echaniz.
The funding will help Dexter expand its team and roll out its battery trading solutions across other European markets.
AI-enabled
Klima, a late-stage venture fund, takes minority stakes in smart power grids, energy storage and low carbon solutions. The fund surpassed its €150 million ($176.7 million) target to close at €210 million ($244.8 million) in 2022, with backing from Spanish energy infrastructure provider Enagás, the European Investment Fund, Canada Pension Plan Investment and Axis ICO, a sustainability and infrastructure fund that is part of Spanish state-owned bank Instituto de Crédito Oficial. Klima also counts family offices, energy-focused corporations and institutional investors as LPs.
The fund led a €19.6 million ($20.3 million) round earlier this year for Swedish startup Echandia, which produces maritime battery systems.
