ALLETE
About ALLETE
ALLETE is a publicly listed company based in Duluth (United States) founded in 1906, and was acquired by Global Infrastructure Partners in May 2024. Utility power and water holding company. The company has 1,620 employees. ALLETE has completed 3 acquisitions, including Diamond Spring Wind, New Energy Equity and U.S. Water. Its website allete.com draws about 36 thousand monthly visits. ALLETE offers products and services including Minnesota Power, ALLETE Clean Energy, and BNI Energy. Its focus areas include Energy, Wind Energy, Service Providers and Planning and Management. Its legal entity is ALLETE, Inc.
Company details
ALLETE is a utility holding company involved in power generation, distribution and water distribution activities through subsidiary companies. Group companies are Minnesota Power-involved in power distribution business; BNI Energy-engaged in coal extraction; ALLETE Clean Energy- develops, Superior Water, Light Power- distributes electricity, water, and natural gas; U.S. Water- supplies water to municipal industrial customers. Claims that Minnesota Power is distributing power to 144k customers located in northern Minneosta.
- Headquarters Duluth, United States
- Employees 1,620
- Stage Acquired
- SectorsEnergy & Utilities
- Website category Vehicles · Automotive Industry
- Email••••••••
- Phone•••• ••••
- Website allete.com
- Social LinkedIn X Facebook
- Acquired by Global Infrastructure Partners (May 2024)
- Legal Name Allete, Inc.
- Annual Revenue$1.53 B (USD)-18.62as on Dec 31, 2024
- Net Profit$179.3 M (USD)-27.44as on Dec 31, 2024
- EBITDA$438.3 M (USD)1.29as on Dec 31, 2024
- Latest Funding Round$8.95M (USD), Post-IPO
Aug 2011
- InvestorsCPP Investments
& 1 more
- Employee Count1,620
- Investments & AcquisitionsDiamond Spring Wind
& 2 more
- Acquired byGlobal Infrastructure Partners
(May 2024)
Products & Services of ALLETE
ALLETE offers a comprehensive portfolio of products and services, including Minnesota Power, ALLETE Clean Energy, and BNI Energy.
Delivers electricity and energy services to customers in Minnesota.
Develops and manages renewable energy projects across the US.
Operates energy facilities in North Dakota for reliable power supply.
Funding Insights of ALLETE
- Total Rounds 1
- Last Round Post-IPO — $8.95M
- First Round $8.95M
(Aug 2011)
All 1 funding rounds of ALLETE with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Aug 2011 | $8.95M | Post-IPO | – | – | – |
2 investors in total: 2 institutional.
Investors in ALLETE
ALLETE has secured backing from 2 investors, including institutional and venture fund investors. Prominent investors backing the company include CPP Investments and Global Infrastructure Partners.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Infrastructure and private equity investments are managed across multiple sectors. | 2007 | global-infra.com | New York, United States | |
Pension fund assets are managed for sustainable long-term growth. | 1997 | cppinvestments.com | Toronto, Canada |
Investor details for ALLETE
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
- Investor portfolios
- Co-investor network
Verified entity values are shown only after access is granted.
People of ALLETE
45 people are tracked at ALLETE (15 in leadership, 9 in board & advisors, 21 in team); the tracked headcount is 1,620.
| Name | Role | Group |
|---|---|---|
Jeffrey Scissons | Chief Financial Officer | Leadership |
Rob Sandstrom | President, Superior Water, Light & Power | Leadership |
Patrick L. Cutshall | VP & Treasurer | Leadership |
Laura Krollman | Vice President - Allete Human Resources | Leadership |
Steven W. Morris | SVP & CFO | Leadership |
Bethany M. Owen | Chair, President & CEO | Leadership |
Clint Smith | Vice President | Leadership |
Oddbjorg Hjellbakk | Director Internal Audit | Leadership |
Rena Verdoljak | Director Of Tax | Leadership |
Margaret A. Thickens | VP, Chief Legal Officer & Corporate Secretary | Leadership |
Josh Skelton | VP & COO, Minnesota Power | Leadership |
Matt Hankey | President & CEO, New Energy Equity | Leadership |
Julie Padilla | Vice President, Chiel Legal Officer And Corporate Secretary | Leadership |
Colin Anderson | Allete Vice President, Chief Accounting Officer, And Controller | Leadership |
Diana McFadden | Director - Allete Supply Chain | Leadership |
Susan K. Nestegard | Lead Director | Board & advisors |
George G. Goldfarb | Director | Board & advisors |
Madeleine W. Ludlow | Director | Board & advisors |
Douglas C. Neve | Director | Board & advisors |
Robert P. Powers | Director | Board & advisors |
25 more people are available in the full profile.
Complete people profiles for ALLETE
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
- Full employee list
- Team structure
- Board tenure
- Professional contacts
Verified entity values are shown only after access is granted.
IPO & Listings of ALLETE
ALLETE is a publicly listed company on the NYSE with ticker symbol ALE in USA, operating in the Utilities sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.
- IPO date07 Mar 2014
- Listed onFRA: AEBA
- Listed entityAllete, Inc.
- Exchange sectorUtilities
- ISINUS0185223007
- Share price$67.90 (-0.06% on the day) · 2025-12-13
- Market capitalisation$3.94B
- Price to earnings23.8
- EPS (diluted, trailing year)$2.85
- Dividend yield4.26%
- Volume (last session)4,394,628
- Analyst consensusNeutral
Financials of ALLETE
| Year | Revenue | Net income | EBITDA |
|---|---|---|---|
| 2024 | $1.53B | $179.3M | $438.3M |
| 2023 | $1.88B | $247.1M | $432.7M |
| 2022 | $1.57B | $189.3M | $376.4M |
| 2021 | $1.42B | $169.2M | $383.0M |
| 2020 | $1.17B | $174.2M | $368.7M |
Detailed financial statements for ALLETE
Statement rows, ratios, five-year trends and downloadable financials of the group companies require an active premium plan.
- Statement rows
- Financial ratios
- Five-year trends
- Downloads
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Investments & Acquisitions by ALLETE
ALLETE has strategically engaged in corporate development activities, having acquired 3 companies. Notable acquisitions include Diamond Spring Wind, New Energy Equity and U.S. Water.
| Company Name | Description | Domain | Location | Founded | Acquired | Amount |
|---|---|---|---|---|---|---|
Solar energy projects are developed in the United States. | newenergyequity.com | Annapolis, United States | 2013 | Mar 2022 | $165.5M | |
Independent power producer in wind segment | diamondspringwind.com | Oklahoma, United States | 2016 | May 2019 | •••• | |
Water treatment services are provided nationwide by U.S. Water. | uswaterservices.com | Saint Michael, United States | 1997 | Jan 2015 | $168M |
Complete acquisition details for ALLETE
Acquired stakes, deal sources and the complete acquisition history require an active premium plan.
- Acquired stakes
- Deal sources
- Complete history
- Exports
Verified entity values are shown only after access is granted.
Timeline of ALLETE
7 dated milestones of ALLETE across 118 years, from founding to its latest funding, stage changes and deals.
- Founded ALLETE is founded.
- Funding First funding round of $9.0M.
- IPO Lists on the stock exchange (IPO).
- Acquisition Acquires U.S. Water.
- Acquisition Acquires Diamond Spring Wind.
- Acquisition Acquires New Energy Equity.
- Exit Acquired by Global Infrastructure Partners.
Web traffic of ALLETE
The website of ALLETE (allete.com) receives about 36.3K visits a month and ranks #1,196,411 among all websites worldwide, #10,097 in Automotive Industry.
- Monthly visits36.3K
▲ 83.4% vs previous month
- Unique visitors7.9K
per month
- Global rank#1,196,411
among all websites
- Category rank#10,097
Vehicles · Automotive Industry
- Bounce rate36%
- Pages per visit3.1
- Average visit2 min 14 sec
- DevicesDesktop 59% · Mobile 41%
Websites whose visitors overlap most with ALLETE. Affinity shows how closely the audiences match.
| Website | Domain | Audience affinity | Monthly visits | Global rank | Profile |
|---|---|---|---|---|---|
xenophya.com | xenophya.com | 100% | – | ||
kaxe.org | kaxe.org | 26% | #793,828 | – |
Top companies in Renewable & Sustainable Energy
3 companies that operate in the same segment as ALLETE (Renewable & Sustainable Energy) in United States, ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Utility-scale renewable energy projects are developed by Enel X. | 2001 | Boston, Massachusetts, United States | USD 168.67 M | |||
Sustainable energy solutions are developed and operated worldwide. | 2000 | Chicago, Illinois, United States | USD 575 M | 1,276 | ||
Solar energy services are provided to residential customers nationwide. | 2007 | San Francisco, California, United States | USD 296.98 M | USD 2.96 B | 11,060 |
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Related news about Allete
Complete news archive for ALLETE
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Frequently Asked Questions about ALLETE
ALLETE was founded in 1906 and raised its 1st funding round 105 years after it was founded.
ALLETE is headquartered in Duluth, United States.
ALLETE has 1,620 employees.
Annual revenue of ALLETE is $1.53B as on Dec 31, 2024.
ALLETE is a utility holding company involved in power generation, distribution and water distribution activities through subsidiary companies. Group companies are Minnesota Power-involved in power distribution business; BNI Energy-engaged in coal extraction; ALLETE Clean Energy- develops, Superior Water, Light Power- distributes electricity, water, and natural gas; U.S. Water- supplies water to municipal industrial customers. Claims that Minnesota Power is distributing power to 144k customers located in northern Minneosta.
ALLETE offers Minnesota Power, ALLETE Clean Energy, and BNI Energy.
Yes, ALLETE is publicly traded on NYSE under the ticker symbol ALE.
ALLETE has made 3 acquisitions, including Diamond Spring Wind, New Energy Equity, and U.S. Water.
ALLETE has 2 investors. Key investors include CPP Investments, and Global Infrastructure Partners.
ALLETE operates through Allete, Inc..
Yes. ALLETE was acquired by Global Infrastructure Partners in May 2024.