About Minnesota Power
Minnesota Power is a company based in Duluth (United States) founded in 1906.. Minnesota Power has completed 1 acquisition, including ADESA. Minnesota Power offers products and services including Electricity Services and Renewable Energy Programs.
- Headquarter Duluth, United States
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Sectors
Energy & Utilities
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Phone
*********
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Website
*********
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Social
*********
- Legal Name Allete, Inc
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Products & Services of Minnesota Power
Minnesota Power offers a comprehensive portfolio of products and services, including Electricity Services and Renewable Energy Programs. 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.
Electric power is supplied to residential and commercial customers, including outage management and service initiation
Programs for solar projects and transmission infrastructure are offered, focusing on sustainability and energy efficiency
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Funding Insights of Minnesota Power
- Total Funding Total Funding
- Total Rounds 3
- Last Round Grant — $50.0M
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First Round
First Round
(05 Apr 2010)
- Investors Count 2
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Oct, 2023 | Amount | Grant - Minnesota Power | Valuation |
investors |
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| Aug, 2010 | Amount | Grant - Minnesota Power | Valuation |
investors |
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| Apr, 2010 | Amount | Grant - Minnesota Power | Valuation |
investors |
| 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 Minnesota Power
Minnesota Power has secured backing from 2 investors, including institutional investors. Prominent investors backing the company include DOE and OSTI.GOV. 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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Energy sources and policies are managed by the DOE.
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Founded Year | Domain | Location | |
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Scientific and technical information is managed and disseminated by OSTI.GOV.
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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 Minnesota Power
Minnesota Power has strategically engaged in corporate development activities, having acquired 1 company. Notable acquisitions include ADESA. 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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Vehicle auctions and remarketing services are provided for automotive clients.
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1991 |
| 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.
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2014 |
Financial Statements - Minnesota Power
| 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 |
Minnesota Power Comparisons
Competitors of Minnesota Power
| 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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Frequently Asked Questions about Minnesota Power
When was Minnesota Power founded?
Minnesota Power was founded in 1906 and raised its 1st funding round 104 years after it was founded.
Where is Minnesota Power located?
Minnesota Power is headquartered in Duluth, United States.
What does Minnesota Power do?
Minnesota Power, a subsidiary of ALLETE, was founded in 1906 and is headquartered in Duluth, United States. Electric power is delivered to residential and commercial customers throughout Minnesota. Operations encompass energy conservation programs, including rebates for efficiency improvements, and a mobile application is provided for real-time outage notifications. Services focus on reliable electricity distribution within the utilities sector.
What products or services does Minnesota Power offer?
Minnesota Power offers Electricity Services and Renewable Energy Programs.
How many acquisitions has Minnesota Power made?
Minnesota Power has made 1 acquisition, including ADESA.