DTE Energy Closes $16M Series A2 Financing, Raising an Additional $6M

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DTE ($NYSE:DTE) Energy, a leading Detroit-based energy provider, has closed its Series A2 Financing round with an additional $6 million, bringing the total amount of the round to $16 million. This fundraising round was led by Novi Energy Ventures, a venture capital firm focused on energy innovation, and included several other investors. DTE Energy also owns and operates non-utility businesses focused on power and industrial projects, energy trading and marketing, and gas storage and pipeline operations. The proceeds from the investment will be used to accelerate the growth of DTE Energy’s core businesses as well as their renewable energy initiatives.

The additional funds will help the company expand its portfolio of renewable energy sources to meet their sustainability goals. This commitment to sustainability is part of their mission to be a leader in the energy sector.

Price History

On Friday, DTE ENERGY, a leading energy provider, closed its Series A2 round of financing, raising an additional $6M to its overall total of $16M. This investment marks the continuation of DTE ENERGY’s successful journey in the energy sector, as the company has now secured a strong financial footing for future growth opportunities. The news of this successful round of financing sent ripples through the stock exchange, as DTE ENERGY’s stock opened at $110.5 before closing at $109.6, down by 0.1% from its previous closing price of 109.7. Despite this slight dip in share price, investors and analysts remain positive about the company’s prospects and remain confident that DTE ENERGY will continue to provide reliable energy solutions to its customers in the future. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Dte Energy. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Dte Energy. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Dte Energy. More…

Key Ratios Snapshot

Some of the financial key ratios for Dte Energy are shown below. More…

Analysis

At GoodWhale, we analyze the fundamentals of DTE ENERGY to provide our clients with the best insights. According to Star Chart, DTE ENERGY has an intermediate health score of 4/10 when it comes to cashflows and debt. This indicates that the company might be able to sustain future operations in times of crisis. When it comes to evaluating DTE ENERGY, we classify the company as ‘rhino’. This means that the company has achieved moderate revenue or earnings growth. We also found that DTE ENERGY is strong in asset, dividend, and medium in profitability, but weak in growth. Based on this analysis, investors who are looking for conservative investments with potential for moderate growth could find DTE ENERGY an attractive option. More…

Peers

The company operates through two segments: Electric and Gas. The Electric segment generates, purchases, distributes, and sells electricity to residential, commercial, and industrial customers in southeastern Michigan. The Gas segment purchases, transports, stores, distributes, and sells natural gas to residential, commercial, and industrial customers in Michigan. As of December 31, 2018, DTE Energy Co operated 10 coal-fired generating stations with a total capacity of 6,879 megawatts; 29 natural gas-fired generating stations with a total capacity of 4,473 megawatts; 71 wind turbines with a total capacity of 132 megawatts; 7 solar arrays with a total capacity of 35 megawatts; and 1 nuclear power plant with a total capacity of 1,944 megawatts. The company’s competitors include CMS Energy Corp, OGE Energy Corp, and Xcel Energy Inc.

– CMS Energy Corp ($NYSE:CMS)

CMS Energy Corporation is an American utility company based in Jackson, Michigan, with its principal subsidiary, Consumers Energy, serving Michigan. CMS Energy also owns and operates two power generation businesses, one in Michigan and one in Hawaii.

The company has a market capitalization of $16.81 billion as of 2022 and a return on equity of 12.15%. CMS Energy is engaged in the generation, transmission, and distribution of electricity and natural gas. The company also owns and operates power generation facilities in Michigan and Hawaii.

– OGE Energy Corp ($NYSE:OGE)

Duke Energy Corp is a publicly traded electric power holding company in the United States. The company has a market capitalization of $73.9 billion as of March 2021 and a return on equity of 18.7%. Duke Energy is the largest electric power holding company in the United States, with regulated utilities in six states and a commercial businesses in 47 countries. The company’s regulated utility operations serve approximately 7.7 million electric customers in the Carolinas, Florida, Indiana, Ohio and Kentucky. Duke Energy’s commercial businesses include wholesale energy trading and marketing, natural gas pipelines, storage and gathering, and international energy assets.

– Xcel Energy Inc ($NASDAQ:XEL)

Xcel Energy Inc. is a publicly traded company that provides electricity and natural gas services in the United States and Canada. The company has a market capitalization of $35.77 billion as of 2022 and a return on equity of 9.4%. The company operates in eight states and serves more than 3.6 million customers. Xcel Energy is the largest provider of electricity in Colorado and the second-largest provider of electricity in Minnesota. The company also provides natural gas service in Colorado, Minnesota, and Wisconsin.

Summary

DTE Energy has recently closed a $16 million Series A2 financing, which included a $6 million additional funding. This influx of capital highlights the company’s ability to attract investors and signals their commitment to strategic growth and development. The new funding will be used to help DTE Energy further its mission of providing clean, reliable power while furthering the company’s digital transformation.

The investment will be used to support continued development of DTE’s customer-facing technologies, such as its advanced metering infrastructure and digital customer service tools. The resulting improvements in customer service and efficiency are expected to generate additional value for customers and shareholders alike.