Rogers (wireless backhaul unit) Valuation, Funding & Investors

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.

Antero Midstream Corp is a midstream company that owns, operates, and develops midstream energy assets that service Antero Resources' production and completion activity in the Appalachian Basin, located in West Virginia and Ohio. The company has two operating segments: the Gathering and Processing segment, which includes a network of gathering pipelines and compressor stations that collect and process production from Antero Resources wells in West Virginia and Ohio, and the Water Handling segment, which includes two independent systems that deliver water from sources including the Ohio River, local reservoirs, and several regional waterways. The company derives a majority of its revenue from the Gathering and Processing segment.

Indus Towers Ltd Ltd is a telecommunications tower infrastructure service provider. The company deploys, owns, and manages telecom towers and communication structures for mobile operators. The company acquires and builds towers, while also owning and operating telecom towers and related infrastructure. The company generates revenue through a rental fee to tenants of mobile towers. Energy costs such as electricity and fuel charts are usually passed through to tenants. The company generates the vast majority of its revenue in India. The company's assets are located in India and are often ground-based and rooftop towers.

ADNOC Oil Pipelines is an Abu Dhabi entity formed in 2019 that holds lease rights to crude oil and condensate pipelines of the Abu Dhabi National Oil Company. ADNOC pays it a tariff based on the volume of crude and condensate transported under a long-term lease, so its income is contracted and tied to throughput rather than to oil prices. The entity was created for ADNOC's 2019 pipeline infrastructure investment programme, in which ADNOC sold minority interests to international and regional institutional investors while keeping majority ownership and operational control.

Lancium Technologies is a Houston-based developer of data centers optimized for renewable energy integration. The company deploys distributed computing infrastructure at wind and solar farms in Texas, absorbing excess power to perform high-performance calculations. Lancium operates facilities like the 100 MW Pecos Valley site, partnering with utilities to stabilize grids and monetize curtailment periods.

GE Vernova T&D India Ltd is engaged in the business relating to products, projects, and services for electricity transmission and related activities, which has been defined as one business segment. Its businesses are Power, Wind, Electrification, and Accelerators.

Viper Energy Inc is focused on owning and acquiring mineral and royalty interests in oil and natural gas properties in the Permian Basin. The Permian Basin is known to have a number of zones of oil and natural gas-bearing rock throughout.

GAIL (India) Ltd is an Indian natural gas processing and distribution company of which the Government of India owns a majority of shares. GAIL India's core business is the sale and transmission of both natural gas and a variety of LPGs, or liquefied petroleum gases. The company segments its operations into Transmission services; Natural Gas Marketing; Petrochemicals; LPG and Other Liquid Hydrocarbon; and Other Segments, which includes City Gas Distribution (CGD), Exploration and Production (E&P), Compressed Bio Gas (CBG) & Power Generation. The company generates key revenue from Natural Gas Marketing.

ICEYE is a Polish/Finland-headquartered satellite operator managing the largest synthetic aperture radar constellation for Earth observation. Its smallsats deliver all-weather radar imagery for flood detection, insurance damage assessment, oil spill monitoring, and ship tracking. Clients in government, reinsurance, and defense sectors task satellites for data capture within hours. Founded in 2014, ICEYE builds and launches radar spacecraft from sites in Finland and the United States.

Keyera Corp is a midstream energy business that operates out of Alberta. Its primary lines of business consist of the gathering and processing of natural gas in western Canada, the storage, transportation, and liquids blending for natural gas liquids and crude oil, and the marketing of natural gas liquids, iso-octane, and crude oil. The company operates in three reportable segments namely Gathering and Processing, Liquids Infrastructure and Marketing where Liquids Infrastructure is the key revenue segment.

Hyundai Oilbank is a Seoul-headquartered petroleum refiner in South Korea. The company operates the Daesan refinery complex, producing gasoline, diesel, jet fuel, lubricants, and petrochemicals like benzene and paraxylene. It supplies fuel to domestic automotive, aviation, and industrial sectors while exporting refined products to Asia and the United States. Hyundai Oilbank invests in clean fuel technologies, including low-sulfur marine fuels and renewable diesel blends.

RTE (Réseau de Transport d'Électricité) is France's electricity transmission system operator, headquartered in the Paris La Défense business district. It owns, operates, maintains and develops the national high- and extra-high-voltage grid of about 105,800 km of lines, the largest in Europe, including around 50 cross-border interconnections, and balances electricity supply and demand in real time. Most of its revenue comes from regulated network access tariffs set by the French Energy Regulatory Commission (CRE), supplemented by interconnection revenues. In 2024 RTE reported revenue of EUR 5,559 million, EBITDA of EUR 1,622 million and investment of more than EUR 2.5 billion, and it employs about 10,800 people. RTE was established in July 2000 as a division of EDF when France unbundled electricity transmission and later became a separate company. Since March 2017 it has been held through a holding company owned 50.1% by EDF, 29.9% by Caisse des Dépôts and 20% by CNP Assurances.

Brookfield Renewable is a globally diversified, multitechnology owner and operator of clean energy assets. The company's portfolio consists of hydroelectric, wind, solar, and storage facilities in North America, South America, Europe, and Asia and totals over 40 gigawatts of installed capacity. Brookfield Renewable invests in assets directly, as well as with institutional partners, joint venture partners, and through other arrangements. The company offers two separate listings for investors: Brookfield Renewable Partners and Brookfield Renewable Corp.

AltaGas Ltd owns and operates a diversified basket of energy infrastructure businesses. Business is conducted through given segments: Midstream, Utilities, and Corporate/other. Midstream business consists of export facilities and locates processing, fractionation, and logistics infrastructure, as well as hydrocarbon storage in North America that connects North American producers from wellhead to offshore export and domestic markets. The utility business is offered through its regulated natural gas utilities - Washington Gas and SEMCO. The business generates revenue from customers in both Canada and the United States, with the majority coming from Canadian customers.

DriveNets is a Ra'anana, Israel-headquartered networking company that builds carrier and AI networking infrastructure on standard white-box hardware. Its Network Cloud software disaggregates traditional routers into cloud-native software running on merchant-silicon boxes, and its Ethernet-based AI Fabric connects GPU clusters for back-end, compute and storage networks. Customers include telecom operators such as AT&T, Comcast and KDDI as well as hyperscalers, neoclouds and enterprises building AI data centres; the company has about 100 customers and around 500 employees with offices in Israel, the USA, Japan and Romania. DriveNets sells software and systems under multi-year contracts and said in 2026 that it had more than USD 1 billion of secured business and had been cash-flow positive since 2025. It has raised about USD 1 billion, most recently a USD 410 million round in June 2026 at a reported USD 8.5 billion valuation, and AT&T bought roughly a 15% stake from existing shareholders in 2025. DriveNets was founded in 2015 by Ido Susan, its chief executive, and Hillel Kobrinsky.

TIM, which is 67%-owned by Telecom Italia, is the third largest wireless carrier in Brazil, with 62 million subscribers, equal to about 23% of the market. The firm owns 49% of I-Systems, an infrastructure partnership that is expanding its network footprint across Brazil. I-Systems can provide broadband service to about 8 million locations, including 6.5 million with fiber, equal to 10%-15% of the country. TIM leases capacity on the venture's network to serve retail broadband customers under the UltraFibra brand, but it has agreed to buy out its joint venture partner in 2026, taking full ownership of these assets. TIM also resells fiber network access from other providers.

Open Fiber is an Italian wholesale-only telecommunications infrastructure company headquartered in Milan, with operations led from Rome. It builds and operates fibre-to-the-home networks across Italy and sells access to telecom operators on equal terms rather than offering retail subscriptions. The company was established in December 2015 by Enel as Enel Open Fiber and took its current name in December 2016, after acquiring the Milan fibre operator Metroweb. It builds networks in cities with private investment and acts as concessionaire for publicly funded broadband programmes in less dense areas. Customers are retail telecom and internet providers, and revenue comes from long-term wholesale network access and connectivity contracts. It is owned by CDP Equity, part of Cassa Depositi e Prestiti, and Macquarie Asset Management.

Frontline PLC is an international shipping company engaged in the seaborne transportation of crude oil and oil products. Group operates through the tankers segment. The tankers segment includes crude oil tankers and product tankers. Its geographical area of operation includes Arabian Gulf, West African, the North Sea, and the Caribbean. Frontline earns revenue through voyage charters, time charters, and a finance lease. It is also involved in the charter, purchase, and sale of vessels.