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 Aug 31, 2026, the latest employee count at ALLETE is 378.

Is ALLETE a funded company?

ALLETE is a funded company, having raised a total of $***** in its 1st and only funding round, a Post IPO round on Aug 11, 2011.

How much is ALLETE worth?

The last known valuation of ALLETE was $***** as of Mar 25, 2025.

When was the latest funding round of ALLETE?

ALLETE's latest funding was a $***** Post IPO round on Aug 11, 2011, with participation from 0 investor.

What is the annual revenue of ALLETE?

Annual revenue of ALLETE is more than $1B as on Dec 31, 2024

Where does ALLETE rank among its competitors?

ALLETE ranks 3rd amongst 348 active competitors, of which 6 are funded. It stands 6th in terms of total funding among its competitors. The most recent competitor to raise funding was GT Wings, which secured an undisclosed amount in Dec, 2025.

Who are the top competitors of ALLETE?

ALLETE's top competitors include SUSI Partners, Natural Power and Swedish Energy Agency. Among them, GT Wings secured the most recent funding round in December, 2025.

ALLETE - 2026 Company Profile, Team, Funding, Competitors & Financials

ALLETE is an acquired company based in Duluth (United States), founded in 1906. It operates as an Utility power and water holding company. ALLETE has raised an undisclosed amount in funding, with last known valuation of $*****. The company has 348 active competitors, including 6 funded and 28 that have exited. Its top competitors include companies like SUSI Partners, Natural Power and Swedish Energy Agency.

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.

Website: www.allete.com/
Social
Email ID: *****@allete.com
Phone Number: +1 **********

Key Metrics

Founded Year

1906

Location

Duluth, United States

Stage

Acquired

Latest Funding Round

Post IPO, Aug 11, 2011, $*****

Last Known Valuation

$***** as on Mar 25, 2025

Ranked

3^rd among 348 active competitors

Annual Revenue

$1B+ as on Dec 31, 2024

Employee Count

378 as on Aug 31, 2026

Investment & Acquisitions

New Energy Equity & 3 more

Similar Companies

SUSI Partners & 388 more

Exit Details

Acquired by Global Infrastructure Partners (May 06, 2024)

View ALLETE's full profile

ALLETE is associated with 2 legal entities given below:

Legal Entity Name	Date of Incorporation	Revenue	Latest Employee Count	Documents
ALLETE INC CIN: 66756 , United States, Active	Jun 18, 1996	$1B+ (As on Dec 31, 2024)	1494 (As on Dec 31, 2022)	-
ALLETE, INC. CIN: 410418150 , United States, Active	Dec 31, 1999	-	1633 (As on Dec 31, 2024)	-

ALLETE got acquired by Global Infrastructure Partners and CPP Investments on May 06, 2024 at an acquisition amount of $*****.

Click here to take a look at ALLETE's acquisition in detail

ALLETE has raised funding over 1 round.

Here is the list of recent funding rounds of ALLETE:

Date of Funding	Funding Amount	Round Name	Post-Money Valuation	Revenue Multiple	Lead Investors	Other Investors
Aug 11, 2011	9197751	Post IPO	1141301	4963764	4181042	5279980

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ALLETE's employee count trend

ALLETE has 378 employees as of Aug 26. Here is ALLETE's employee count trend over the years:

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Top competitors of ALLETE include SUSI Partners, Natural Power and Swedish Energy Agency. Here is the list of Top 10 competitors of ALLETE, ranked by Tracxn score:

Rank	Company Details	Short Description	Total Funding	Investors	Tracxn Score
1st	SUSI Partners 2009, Bern (Switzerland), Acquired	Provider of private, mid-market infrastructure investment opportunities arising from energy transition	$55M	AB1204, Europa & 3 others	58/100
2nd	Natural Power 1995, Castle Douglas (United Kingdom), Funding Raised	Renewable energy project management and development	-	Gov	57/100
3rd	ALLETE 1906, Duluth (United States), Acquired	Utility power and water holding company	-	-	53/100
4th	Swedish Energy Agency 1998, Eskilstuna (Sweden), Funding Raised	Provider of research funding and guidance for efficient energy systems	-	Europa	51/100
5th	PLT energia 2014, Cesena (Italy), Acquired	Renewable energy project investment entity	-	-	49/100
6th	GT Wings 2021, Liverpool (United Kingdom), Seed	Developer of wind propulsion systems for commercial shipping vessels	$6M	Sustainable Times, Grieg Kapital & 1 others	46/100
7th	Eltronic 2000, Hedensted (Denmark), Late Stage	Provider of planning and management services for wind energy projects	$14M	Blue Equity, Europa	42/100
8th	GroundWork Renewables 1998, Monterey (United States), Unfunded	Wind measurement and wind forecasting services	-	-	42/100
9th	WindLogics 1989, St. Paul (Canada), Acquired	Wind energy forecasting solutions	$2.7M	Altira Group, StarTec Investments & 2 others	41/100
10th	Palmer Capital Corporation 1974, Cohasset (United States), Unfunded	Merchant bank & corporate advisory firm	-	-	40/100

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ALLETE has not made any investments yet. ALLETE has made 4 acquisitions.

Here is the list of latest three $acquisitions:

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Date of Investment/Acquisition	Type	Company Name	Founded Year	Location
Mar 02, 2022	Acquisition	New Energy Equity	2013	Annapolis (United States)
May 28, 2019	Acquisition	New Energy Equity	2013	Annapolis (United States)
May 03, 2019	Acquisition	Diamond Spring Wind	2016	Oklahoma City (United States)