About ALLETE
ALLETE is a company based in Duluth (United States) founded in 1906 was acquired by Global Infrastructure Partners in May 2024.. The company has 1,620 employees as of December 31, 2024. ALLETE has completed 3 acquisitions, including Diamond Spring Wind, New Energy Equity and U.S. Water. ALLETE offers products and services including Minnesota Power, ALLETE Clean Energy, and BNI Energy. ALLETE operates in a competitive market with competitors including Eltronic, SUSI Partners, Natural Power, Swedish Energy Agency and Dulas, among others.
- Headquarter Duluth, United States
- Employees 1620 as on 31 Dec, 2024
- Stage Public
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Sectors
Energy & Utilities
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Email
***********
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Phone
*********
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Website
*********
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Social
*********
- Legal Name Allete, Inc.
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Annual Revenue
$1.53 B-18.62as on Dec 31, 2024
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Net Profit
$179.3 M-27.44as on Dec 31, 2024
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EBITDA
$438.3 M1.29as on Dec 31, 2024
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Latest Funding Round
$8.95 M (USD), Post-IPO
Aug 11, 2011
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Investors
CPP Investments
& 1 more
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Employee Count
1620
as on Dec 31, 2024
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Investments & Acquisitions
Diamond Spring Wind
& 2 more
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Acquired by
Global Infrastructure Partners
(May 06, 2024)
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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.
Products & Services of ALLETE
ALLETE offers a comprehensive portfolio of products and services, including Minnesota Power, ALLETE Clean Energy, and BNI Energy. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
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.
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Funding Insights of ALLETE
- Total Funding Total Funding
- Total Rounds 1
- Last Round Post-IPO — $9.0M
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First Round
First Round
(11 Aug 2011)
- Investors Count Investors Count
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Aug, 2011 | Amount | Post-IPO - ALLETE | Valuation |
investors |
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| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Infrastructure and private equity investments are managed across multiple sectors.
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Founded Year | Domain | Location | |
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Pension fund assets are managed for sustainable long-term growth.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
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. These strategic investments and acquisitions demonstrate the company's commitment to growth through portfolio expansion, market consolidation, technology integration, and strategic partnerships that enhance competitive positioning and drive long-term value creation.
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Independent power producer in wind segment
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2016 | ||||
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Solar energy projects are developed in the United States.
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2013 | ||||
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Water treatment services are provided nationwide by U.S. Water.
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1997 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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OVO is recognized as a smart digital payment application.
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2017 | ||||
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Bionic investment advisor platform
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
|
2014 |
Financial Statements - ALLETE
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Allete Comparisons
Competitors of ALLETE
ALLETE operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Eltronic, SUSI Partners, Natural Power, Swedish Energy Agency and Dulas, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Planning and management services for wind energy projects are provided.
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| domain | founded_year | HQ Location |
Solar and wind energy projects are financed through specialized services.
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| domain | founded_year | HQ Location |
Renewable energy projects are managed with analytical and engineering support.
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| domain | founded_year | HQ Location |
The Swedish Energy Agency was established in 1998 in Eskilstuna.
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| domain | founded_year | HQ Location |
Renewable energy systems and medical refrigeration equipment are manufactured.
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Allete
Frequently Asked Questions about ALLETE
When was ALLETE founded?
ALLETE was founded in 1906 and raised its 1st funding round 105 years after it was founded.
Where is ALLETE located?
ALLETE is headquartered in Duluth, United States.
How many employees does ALLETE have?
As of Dec 31, 2024, the latest employee count at ALLETE is 1,620.
What is the annual revenue of ALLETE?
Annual revenue of ALLETE is $1.53B as on Dec 31, 2024.
What does ALLETE do?
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.
Who are the top competitors of ALLETE?
ALLETE's top competitors include Eltronic, SUSI Partners and Natural Power.
What products or services does ALLETE offer?
ALLETE offers Minnesota Power, ALLETE Clean Energy, and BNI Energy.
Is ALLETE publicly traded?
Yes, ALLETE is publicly traded on NYSE under the ticker symbol ALE.
How many acquisitions has ALLETE made?
ALLETE has made 3 acquisitions, including Diamond Spring Wind, New Energy Equity, and U.S. Water.
Who are ALLETE's investors?
ALLETE has 2 investors. Key investors include CPP Investments, and Global Infrastructure Partners.
What is ALLETE's ticker symbol?
The ticker symbol of ALLETE is ALE on NYSE.
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