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

United StatesAkron, OH

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

FirstEnergy Transmission valuation by funding round
DateStageValuationRevenue Multiple
Feb 2023Secondary$12B6.3x

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

FirstEnergy Transmission revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Feb 2023$1.9B$12B6.3xSecondary

* 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

FirstEnergy Transmission funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2023SecondaryBrookfield Asset Management (lead)$3.5B$12BFirstEnergy 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

Investors in FirstEnergy Transmission by funding rounds participated
InvestorHQRoundsRoleFirst check

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FirstEnergy 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.

Public and private companies comparable to FirstEnergy Transmission
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Aecon Utilities GroupCanadaTorontoPrivate-$80M$750M-
ICEYEFinlandEspooPrivate$289M$115M$12B40.3x
GE Vernova T&D IndiaIndiaIndiaPublicly listed$647M$170M$12B15.5x
GAIL (India)IndiaIndiaPublicly listed$15B$1.5B$12B0.9x
AltaGasCanadaCanadaPublicly listed$9.1B$1.4B$12B2.1x
FrontlineUnited StatesUnited StatesPublicly listed$2B$929M$12B6.3x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
GE Vernova T&D India$647M$170M17.7x15.5x67.5x58.7x
GAIL (India)$15B$1.5B1.0x0.9x9.5x10.5x
AltaGas$9.1B$1.4B2.2x2.1x14.1x13.8x
Frontline$2B$929M7.2x6.3x15.2x7.1x
Keyera$4.9B$814M3.5x2.7x20.8x16.9x
DT Midstream$1.2B$1B13.0x12.3x15.7x13.5x
Indus Towers$3.4B$1.9B3.4x3.3x6.0x6.0x
Forgent Power Solutions$1.4B$249M7.9x6.8x44.9x29.3x

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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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