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- FirstEnergy Transmission
FirstEnergy Transmission Revenue, Valuation, Funding & Investors
FirstEnergy Transmission is valued at $12B as of February 2023, a 6.3x multiple on its last reported $1.9B revenue.
Last FirstEnergy Transmission valuation
$12B
Secondary · Feb 2023
FirstEnergy Transmission revenue
$1.9B
Secondary · Feb 2023
Key investors in FirstEnergy Transmission
FirstEnergy Transmission Overview
About FirstEnergy Transmission
FirstEnergy Transmission is an Akron-based holding company for interstate transmission assets under FirstEnergy Corp. It owns American Transmission Systems, Mid-Atlantic Interstate Transmission, and Trans-Allegheny Interstate Line, operating 24,000 miles of high-voltage lines. The unit delivers 30,000 MW capacity across PJM and MISO markets in 10 states.
HQ
Status
Privately held
Customer focus
B2B
Revenue model
Usage-based
Revenue
$1.9B (Feb 2023)
Valuation
$12B (Feb 2023)
FirstEnergy Transmission Valuation
FirstEnergy Transmission is currently valued at $12B, based on its secondary sale in February 2023.
The $3.5B round was led by Brookfield Asset Management.
FirstEnergy Transmission valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Feb 2023 | Secondary | $12B | 6.3x |
FirstEnergy Transmission Revenue
FirstEnergy Transmission's latest recorded revenue is $1.9B, as of its secondary sale in February 2023. At a $12B valuation, that implies a 6.3x revenue multiple.
FirstEnergy Transmission revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Feb 2023 | $1.9B | $12B | 6.3x | Secondary |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
FirstEnergy Transmission Funding History
FirstEnergy Transmission has 1 recorded secondary share sale and no primary funding rounds.
FirstEnergy Transmission funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2023 | Secondary | Brookfield Asset Management (lead) | $3.5B | $12B | FirstEnergy Transmission (FET) is the holding company for three FERC-regulated electric transmission subsidiaries—American Transmission Systems, Mid-Atlantic Interstate Transmission, and Trans-Allegheny Interstate Line Co.—forming one of the largest transmission systems in the PJM Interconnection. On February 2, 2023, FirstEnergy Corp announced the sale of an additional 30% equity stake in FET to Brookfield Super-Core Infrastructure Partners for $3.5 billion in an all-cash deal, increasing Brookfield's ownership from 19.9% to 49.9% while FirstEnergy retained 50.1% and remained the majority owner and sole operator. The transaction closed on March 25, 2024, with FirstEnergy receiving $2.3 billion in cash and $1.2 billion in interest-bearing notes from Brookfield. Proceeds from the $3.5 billion deal supported FirstEnergy's balance sheet strengthening, debt reduction, and its expanded five-year Energize365 grid investment program, increased to $26 billion. This followed Brookfield's prior May 2022 purchase of a 19.9% stake in FET for $2.4 billion, bringing total strategic equity financings to approximately $7 billion since late 2021 at an equivalent valuation of 36x trailing 12-month price-to-earnings. |
Who has invested in FirstEnergy Transmission?
1 investor has backed FirstEnergy Transmission across its funding rounds, including Brookfield Asset Management.
Lead investors include Brookfield Asset Management.
FirstEnergy Transmission Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialFirstEnergy Transmission Competitors
FirstEnergy Transmission competitors include listed companies like GE Vernova T&D India, GAIL (India), AltaGas and Frontline, and private ones like Aecon Utilities Group and ICEYE.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | $80M | $750M | - | ||
| Private | $289M | $115M | $12B | 40.3x | ||
| Publicly listed | $647M | $170M | $12B | 15.5x | ||
| Publicly listed | $15B | $1.5B | $12B | 0.9x | ||
| Publicly listed | $9.1B | $1.4B | $12B | 2.1x | ||
| Publicly listed | $2B | $929M | $12B | 6.3x |
FirstEnergy Transmission Public Comps
FirstEnergy Transmission is still privately-owned, but its public comps include GE Vernova T&D India, GAIL (India), AltaGas, Frontline, Keyera, DT Midstream, Indus Towers, Forgent Power Solutions, Antero Midstream and Sigenergy Technology Co.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $647M | $170M | 17.7x | 15.5x | 67.5x | 58.7x | |||
| $15B | $1.5B | 1.0x | 0.9x | 9.5x | 10.5x | |||
| $9.1B | $1.4B | 2.2x | 2.1x | 14.1x | 13.8x | |||
| $2B | $929M | 7.2x | 6.3x | 15.2x | 7.1x | |||
| $4.9B | $814M | 3.5x | 2.7x | 20.8x | 16.9x | |||
| $1.2B | $1B | 13.0x | 12.3x | 15.7x | 13.5x | |||
| $3.4B | $1.9B | 3.4x | 3.3x | 6.0x | 6.0x | |||
| $1.4B | $249M | 7.9x | 6.8x | 44.9x | 29.3x | |||
This data is available for Pro users. Sign up to see all FirstEnergy Transmission competitors and their valuation data. Start Free Trial | ||||||||
Common questions about FirstEnergy Transmission
| Where is FirstEnergy Transmission headquartered? | FirstEnergy Transmission is headquartered in Akron, OH, United States. |
| Is FirstEnergy Transmission publicly listed? | No, FirstEnergy Transmission is a private, VC-backed company. |
| What is FirstEnergy Transmission's valuation? | FirstEnergy Transmission was last valued at $12B in its secondary sale in February 2023. |
| Who are FirstEnergy Transmission's investors? | FirstEnergy Transmission's investors include Brookfield Asset Management. |
| What is FirstEnergy Transmission's revenue? | FirstEnergy Transmission's latest recorded revenue is $1.9B (February 2023). |
| What is FirstEnergy Transmission's revenue multiple? | FirstEnergy Transmission's latest valuation implies a 6.3x revenue multiple ($12B valuation on $1.9B of revenue). |
| Which companies are comparable to FirstEnergy Transmission? | Companies comparable to FirstEnergy Transmission include Aecon Utilities Group, ICEYE, GE Vernova T&D India, GAIL (India), AltaGas and Frontline. |
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