DTE Energy Foundation Pledges $5 million toward the Grand Bargain
DETROIT, July 16, 2014 /PRNewswire/ -- Today, DTE Energy Foundation announced a $5 million grant for the Detroit Institute of Art (DIA) to help Detroit emerge from bankruptcy, as part of the "Grand Bargain" campaign.
DTE Energy has been a long-time supporter of the DIA, and since 2005, the DTE Energy Foundation has provided grants in the amount of $2.7 million to the DIA. Today's announcement is the largest single grant that the Foundation has made.
"DTE Energy is proud to be a part of a growing group of corporate and community leaders that are stepping up to support the city of Detroit and do their part to preserve one of the state's and region's jewels," said Dave Meador, Chief Administrative Officer and Vice Chairman of DTE Energy. "Our contribution helps the DIA move closer to its overall fundraising goal of $100 million in support of the Grand Bargain and ensures the museum's art is protected for the public."
DTE is excited to be a part of the forward progress Detroit is making. The company joins other companies and leaders who are equally as supportive of this forward movement for the state and the city.
DTE's pledge is part of a $26.8 million combined set of gifts announced today by Penske Corp., Quicken Loans and the Rock Ventures Family of Companies, Blue Cross Blue Shield of Michigan, Meijer Inc., Comerica Bank, Delta Airlines Foundation and JP Morgan Chase.
"We are pleased to focus both on the revival of Detroit and preserving the DIA's art collection," said Faye Nelson, DTE Vice President of Public Affairs and President of the DTE Energy Foundation. "Today is another step in the direction of progress and community building. The Grand Bargain was proposed by the mediators of the city's bankruptcy and led by Chief Justice Gerald Rosen and attorney Eugene Driker."
The DTE Energy Foundation is the philanthropic arm of DTE Energy and is not funded by customer rates. The Foundation directs its contributions and involvement to support initiatives dedicated to developing the human and economic potential of the communities it serves.
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 utility serving 2.1 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio also includes non-utility energy businesses focused on power and industrial projects and energy trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
SOURCE DTE Energy