DTE Secures $10M Funding Anchored by Industry Leader Novelis and the EIC Fund

Source: www.gulfoilandgas.com 6/19/2023, Location: Europe

DTE, a leading innovator in decision support for the metals production and manufacturing industry, is pleased to announce the successful completion of a $10 million Series A2 round to further accelerate DTE's innovation and expand its reach. The raise includes a distinguished group of investors, with participation by aluminum industry leader Novelis, venture capital firm Metaplanet and the European Innovation Council (EIC) Fund, along with existing investors Chrysalix Venture Capital and Brunnur Ventures.

DTE's first-in-industry, in-line elemental analysis technology complements and replaces current slow, expensive, and manual methods for process and quality control. Our proprietary LP-LIBS™ sensor technology is uniquely able to deliver reference-grade elemental analysis directly from high-temperature liquid metals in less than 60 seconds from sampling. This breakthrough capability provides enhanced process control and decision support, empowering manufacturers and metals producers with unprecedented insights. From the plant floor to corporate management, our mission is to unlock our customers' potential to deliver greener, safer, and more efficient products.

"We are delighted to secure this substantial funding round, which is a significant milestone for DTE, validating the transformative potential of our technology," said Karl Matthiasson, CEO & Founder of DTE. " We are delighted and honored to welcome Novelis, Metaplanet and the EIC Fund as new investors on our journey to transform the metals production and manufacturing industries. The additional capital secured in this funding round finances expansion of our growing sales pipeline and will accelerate our technology and product development capabilities as we continue to push the boundaries of manufacturing decision intelligence and predictive analytics.”

"As a strategic investor, Novelis recognizes the significant potential of DTE's LP-LIBS™ technology and the opportunities for its deployment within the metals production, manufacturing and recycling value chain," said Derek Prichett, Senior Vice President, Corporate Development at Novelis "DTE's solution, with its live elemental analysis capabilities, offers a promising avenue for optimizing production processes and enhancing product quality. In addition to using the technology to support Novelis’ own goals for carbon reduction, which include a 30% reduction by 2026 and net carbon neutrality by 2050 or sooner, we are also excited to aid DTE in their broader mission to help our industry transform towards ever cleaner, more sustainable production."

"We are impressed by DTE's unique technology and the potential of their actionable decision support platform to optimize production in the metals industry," said Marcin Nowak from the EIB, leading the investment on behalf of the EIC Fund. "The EIC Fund is proud to support DTE to create value opportunities as well as streamline and improve efficiencies within the operations of one of Europe’s most energy intensive and emissive industries."


Angola >>  6/12/2024 - Afentra plc ('Afentra' or the 'Company'), the upstream oil and gas Company listed on the AIM market of the London Stock Exchange, announces that it ha...
Australia >>  6/12/2024 - Synergia Energy Limited ("Synergia" or the "Company") announces it has entered into a further short-term loan to provide working capital pending the G...

Belgium >>  6/12/2024 - Gorilla, a technology company that enables energy retailers to gather and process vast amounts of critical data, announces the close of its €23M Serie...
Ghana >>  6/12/2024 - Kosmos Energy Ltd. has prepared a report of payments made to governments for the year ended December 31, 2023 in accordance with the Reports on Paymen...

Ireland >>  6/12/2024 - Origin Enterprises plc (the "Company") announces that on 11 June 2024 it purchased a total of 20,000 of its ordinary shares of EUR 0.01 each (the "ord...
Ireland >>  6/12/2024 - Greencore Group plc, ("Greencore" or the "Company") announces that on 11 June 2024 it purchased, for cancellation, the following number of ordinary sh...




Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.