I-Pulse Funding, Investors & Competitors

GE Vernova is a global leader in the electric power industry, with products and services that generate, transfer, convert, and store electricity. The company has three business segments: power, wind, and electrification. Power includes gas, nuclear, hydroelectric, and steam technologies, providing dispatchable power. The wind segment includes wind generation technologies, including onshore and offshore wind turbines and blades. Electrification includes grid solutions, power conversion, electrification software, and solar and storage solutions technologies required for the transmission, distribution, conversion, and storage of electricity from the point of generation to the point of consumption.

Siemens Energy manufactures a wide range of equipment used to generate and transmit energy. The group is a product of the spinout from Siemens AG in 2020, consisting of the power and gas segment and Siemens Gamesa, although its operations go back over 150 years. Approximately one-sixth of global electricity generation is based on its technology.

Bloom Energy designs, manufactures, sells, and installs solid oxide fuel cell systems for on-site power generation. Bloom Energy Servers are fuel-flexible and can use natural gas, biogas, and hydrogen to create 24/7 electricity for stationary applications. Bloom sells its systems in the United States and internationally.

SLB is the world’s premier oilfield-services company as measured by market share. While the industry is largely fragmented, SLB holds the first or second competitive position in many of the differentiated oligopolies in which it operates. Also known as Schlumberger, the company was founded in 1926 by two brothers bearing the same last name. Today, it’s most known as a global industry leader in innovation, while it focuses its strategy on its three growth engines: core, digital, and new energy businesses. Over three-fourths of its revenue base is tied to international markets, while the company boasts nearly $3 billion in digital-related revenue.

Following a 2022 reorganization, Baker Hughes operates in two segments: oilfield services and equipment, and industrial and energy technology. The firm's oilfield services and equipment segment is one of the Big Three oilfield-services players, along with SLB and Halliburton, and mostly supplies to hydrocarbon developers and producers, including national oil companies, major integrated firms, and independents. Markets outside of North America buy roughly three-fourths of the segment's offerings. Baker Hughes' industrial and energy technology segment manufactures and sells turbines, compressors, pumps, valves, and related testing and monitoring services for various energy and industrial applications.

Adani New Industries is a wholly-owned subsidiary of Adani Enterprises headquartered in Ahmedabad that manufactures solar photovoltaic modules, wind turbine generators, green hydrogen electrolysers, and energy storage systems. Established in 2023, it operates a 4 GW solar module facility in Mundra alongside plans for 5 GW annual wind turbine production and a 2.5 GW electrolyser plant by 2026. The company supports India's green energy transition by producing high-efficiency N-type TOPCon solar cells and integrates backward into polysilicon and ingots. Its Khavda mega-factory aims for 10 GW integrated solar manufacturing capacity.

Sandvik is a manufacturer of specialized tools and mining equipment used predominantly by global mining, engineering, and automotive customers. The group is composed of three segments: mining and rock solutions, rock processing, and machining. Sandvik was founded in 1862 and listed on the Nordic Exchange in Stockholm in 1901.

Doosan Enerbility Co Ltd is engaged in providing integrated energy and industrial solutions, offering equipment and services across power generation, desalination, and related infrastructure. The company operates three reportable segments: the Doosan Bobcat segment, which manufactures and sells compact construction equipment, portable power products, and material-handling machines; the Doosan Energy segment, which focuses on power generation facilities, desalination plants, casting and forging, and construction services; and the Doosan Fuel Cell segment, which supplies fuel-cell systems for power generation along with long-term maintenance services. It generates the majority of its revenue from the Doosan Bobcat segment.

Vestas is a leading manufacturer of wind turbines with the highest installed capacity under service in the world. The firm operates two business segments: power solutions and services. The power solutions segment designs, manufactures, and installs onshore and offshore wind turbines. The services segment performs operating and maintenance service work on wind turbines.

Tenaris is one of the largest global producers of oil country tubular goods, which are used primarily in the construction of oil and gas wells. Its production facilities are located primarily in the US, Argentina, Mexico, and Italy. Tenaris’ premium OCTG products are among the most trusted by oil companies for use in the most challenging applications, including deep-water offshore wells and horizontal shale wells.

Halliburton is North America's largest oilfield-services company as measured by market share. Despite industry fragmentation, it holds a leading position in the hydraulic fracturing and completions market, which makes up nearly half of its revenue. It also holds strong positions in other service offerings like drilling and completions fluids, which leverages its expertise in material science, as well as the directional drilling market. While we consider SLB the global leader in reservoir evaluation, we think Halliburton leads in any activity from the reservoir to the wellbore. Halliburton's innovations have helped multiple producers lower their development costs per barrel of oil equivalent, with techniques that have been honed over a century of operations.

First Solar designs and manufactures solar photovoltaic panels, modules, and systems for use in utility-scale development projects. The company's solar modules use cadmium telluride to convert sunlight into electricity. This is commonly called thin-film technology. First Solar is the world’s largest thin-film solar module manufacturer. It has production lines in Vietnam, Malaysia, the United States, and India.

Hyosung Heavy Industries Co Ltd provides technology solutions in the field of heavy electric power and develops industrial machinery. The company is involved in various construction projects such as housing, redevelopment and reconstruction. The company also offers welding solutions, gear solutions, and system and engineering solutions.

Hengli Hydraulic is a leading Chinese hydraulic component supplier. It designs, manufactures, and sells hydraulic cylinder, pump, valve, and motor products. Hengli’s products are widely used in heavy machinery. It is the largest supplier of excavator hydraulic cylinders in the world with about 30% global market share.

Yantai Jereh Oilfield Services Group Co Ltd is a China-based company engaged in the manufacturing of oilfield equipment and the provision of oilfield services. It is engaged in drilling equipment and oil & gas field engineering equipment manufacturing, equipment maintenance and accessories sales, oil field engineering technology services, as well as oil & gas field construction services. The company conducts its business within domestic and overseas markets.

SK on is a Seoul-headquartered battery maker producing prismatic and pouch lithium-ion cells for electric vehicles from its Gwangmyeong and Seosan plants. Spun off from SK Innovation in 2021, it supplies packs to Ford Mustang Mach-E and Hyundai Ioniq 5. The company advances 46-series cells with NCM cathodes and partners with Solid Power on solid-state tech. SK on targets 200 GWh capacity by 2025.

K2 Space is a Los Angeles-based aerospace company developing reusable satellite bus platforms for medium and geostationary Earth orbits. Its E2 satellite supports up to ten units per Falcon 9 launch, incorporating high-power electric propulsion for enhanced performance in communications and computing missions.

Hithium Energy Storage is a Shenzhen-based manufacturer specializing in lithium iron phosphate batteries, core materials, and energy storage systems. It operates four R&D centers and intelligent production lines, emphasizing safety enhancements and extended battery lifespans for grid, industrial, and residential applications.