DTE Energy pledges $500M to Pure Michigan Business Connect

DTE Energy and its subsidiaries plan to be central figures in the new $3 billion Pure Michigan Business Connect initiative, a move that will mean millions of dollars in revenue for local start-ups.

The recently announced initiative pledges millions of dollars from some major local players, ranging from Stage 2 Innovations ($100 million in venture capital) to DTE Energy and its subsidiaries. The DTE Energy family of businesses plans to spend $500 million on goods and services from Michigan-based suppliers. Many of them are expected to be based in Detroit.

"There are a number of partners we would like to do business with that are in the city of Detroit," says Alejandro Bodipo-Memba, spokesperson for DTE Energy. "This also helps us grow more businesses locally."

DTE Energy and its subsidiaries have done $1.2 billion in business with Michigan-based companies in recent years. Of that 17 percent have been with minority-owned businesses, most of which are based in Detroit.

Pure Michigan Business Connect is a public-private partnership between several state agencies such as the MEDC, Huntington National Bank, Automation Alley and Export-Import Bank. It will focus on Gov. Rick Snyder's economic gardening policy that helps local businesses grow by connecting them with customers, investors and talent.

Source: Alejandro Bodipo-Memba, spokesperson for DTE Energy
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.