Detroit Voltage became a DTE supplier, significantly impacting local job creation and community engagement through renewable energy initiatives.
Quiver AI Summary
Detroit Voltage has experienced significant growth since becoming a supplier for DTE Energy, having installed hundreds of EV charging stations and recently winning a contract for public safety support after storms. Founder and CEO Deana Neely emphasizes the collaboration's positive impact on the local economy by creating good-paying jobs and inspiring others to engage in renewable energy and skilled trades. DTE Energy highlights its commitment to invest in local suppliers, spending $3.3 billion with Michigan businesses in 2024, sustaining nearly 14,000 jobs statewide. The company also focuses on partnering with diverse suppliers to further economic growth in Michigan, having invested over $24 billion since 2010.
Potential Positives
- Detroit Voltage has established itself as a significant player in the EV charging infrastructure sector by partnering with DTE, which can enhance its credibility and business opportunities.
- The new contract for public safety and field support not only signifies trust in Detroit Voltage's capabilities but also suggests future growth and increased staffing, contributing to local employment.
- DTE's substantial investment of $3.3 billion with Michigan businesses in 2024 emphasizes the positive economic impact of their collaboration, supporting job creation and local economic growth.
- Founder Deana Neely's commitment to mentoring female business owners and promoting opportunities in renewable energy highlights a socially responsible approach that can enhance Detroit Voltage's brand image and attract community support.
Potential Negatives
- Detroit Voltage's focus on installing EV charging stations may lead to over-reliance on one specific project area, risking business stability if demand fluctuates.
- The mention of staffing up for a new contract could imply current struggles with workforce availability or potential capability issues in scaling operations.
- DTE's commitment to local suppliers highlights the competitive landscape, suggesting that Detroit Voltage must continually prove its value in an increasingly crowded market.
FAQ
What is the significance of Detroit Voltage becoming a DTE supplier?
Becoming a DTE supplier has provided Detroit Voltage with consistent opportunities, helping to enhance community engagement and economic growth.
How many jobs did DTE create in Michigan in 2024?
DTE's investments created and sustained nearly 14,000 jobs across Michigan in 2024.
What type of work is Detroit Voltage currently engaged in?
Detroit Voltage is currently involved in installing EV charging stations and providing public safety support after large storms.
How has DTE contributed to local economies?
DTE has invested over $24 billion with Michigan suppliers since 2010, positively impacting the state’s economy.
What initiatives does DTE support for diverse suppliers?
DTE hosts outreach events and provides mentoring to help diverse entrepreneurs grow their businesses and build capacity.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$DTE Hedge Fund Activity
We have seen 409 institutional investors add shares of $DTE stock to their portfolio, and 299 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- MIZUHO SECURITIES USA LLC added 7,023,042 shares (+44009.5%) to their portfolio in Q3 2024
- CAPITAL RESEARCH GLOBAL INVESTORS removed 1,477,941 shares (-6.8%) from their portfolio in Q3 2024
- VANGUARD GROUP INC removed 1,081,350 shares (-4.2%) from their portfolio in Q3 2024
- VERITION FUND MANAGEMENT LLC removed 732,286 shares (-85.5%) from their portfolio in Q3 2024
- STATE STREET CORP added 662,569 shares (+7.0%) to their portfolio in Q3 2024
- ZIMMER PARTNERS, LP added 544,300 shares (+inf%) to their portfolio in Q3 2024
- CLEARBRIDGE INVESTMENTS LTD added 543,330 shares (+inf%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
Detroit, Jan. 13, 2025 (GLOBE NEWSWIRE) -- For Detroit Voltage, a Detroit-based energy projects and electric infrastructure company, becoming a DTE supplier has been a game changer.
Since last spring, Detroit Voltage has installed hundreds of EV charging stations on behalf of DTE. Founder and CEO Deana Neely says the consistent pipeline of opportunities shines a positive light on her community-focused, forward-thinking business.
Recently, Detroit Voltage won a contract to provide public safety and field support in the aftermath of large storms. They are currently staffing up for this new contract.
“The benefits of our collaboration with DTE go beyond EV charging installations and improved electrical safety,” Neely said. “We’re making a tangible positive impact on our community by generating good-paying job opportunities that improve the local economy.”
Neely is passionate about inspiring others to get involved in renewable energy and skilled trades. She mentors other female business owners and is finishing up a book that teaches women how to launch a construction business.
“This work is about breaking down doors and offering opportunities to those behind me,” she said. “I want to let people know the possibilities are endless.”
The relationship highlights DTE’s commitment to invest in local suppliers and drive statewide economic growth.
DTE spent $3.3 billion with Michigan businesses in 2024, creating and sustaining nearly 14,000 jobs across the state. The company continues to be a leader in partnering with local suppliers. It has invested more than $24 billion with Michigan-based suppliers since 2010, creating or sustaining 92,000 Michigan jobs.
“Doing business in the communities we serve grows Michigan’s economy and puts people to work,” said Jaspreet Singh, DTE’s vice president of Corporate Services. “Our investments in local and diverse companies contribute to a thriving statewide economy and enable us to deliver higher quality, lower cost service to our customers.”
DTE partners with businesses throughout Michigan:
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- Southeast Michigan and Metro Detroit : DTE bought nearly $2.53 billion in goods and services from 1001 companies, including $955 million with companies located in Detroit. These efforts generated and supported at least 11,000 jobs.
- West Michigan: DTE spent $138 million with 167 companies, creating or sustaining more than 550 jobs.
- Northern Michigan: DTE invested more than $20 million with 108 companies, positively impacting about 90 jobs.
- South Michigan: DTE partnered with 275 companies, spending $286 million and adding or maintaining 1,200 jobs.
- Central Michigan: DTE invested $176 million with 94 companies, creating or sustaining 700 jobs.
- Thumb Region: DTE spent $137 million with 118 companies, positively impacting 600 jobs.
- Upper Peninsula: DTE partnered with 48 businesses, spending $31 million and generating or supporting about 140 jobs.
DTE is a founding member of Pure Michigan Business Connect, a unit of the Michigan Economic Development Corporation, that encourages businesses to buy from Michigan suppliers and connects local companies with in-state opportunities.
Last year, DTE also made progress toward an ambitious goal set in 2020, spending nearly $1 billion with certified diverse suppliers. A significant number of DTE’s diverse business partners are local companies creating jobs right here in Michigan. The company has earned more than 72 supplier diversity industry awards since 2018 and has partnered with organizations like the National Minority Supplier Development Council and the Great Lakes Women’s Business Council.
“We host and attend outreach events to meet diverse business owners where they are, and connect them with new opportunities,” Singh said. “Through mentoring, we help diverse entrepreneurs build their capacity for growth. This innovative approach diversifies our supply chain and generates thousands of jobs across our state.”
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.3 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers across Michigan. The DTE portfolio also includes energy businesses focused on custom energy solutions, renewable energy generation, and energy marketing and trading. DTE has continued to accelerate its carbon reduction goals to meet aggressive targets and is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy, emission reductions and economic progress. Information about DTE is available at dteenergy.com , empoweringmichigan.com , twitter.com/dte_energy and facebook.com/dteenergy.
For further information, members of the media may contact:
Lisa Bolla, DTE Energy, 313.235.5555
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