Invinity Energy Systems Valuation Multiples

Tesla is a vertically integrated battery electric vehicle automaker and developer of real-world artificial intelligence software, which includes autonomous driving and humanoid robots. The company has multiple vehicles in its fleet, which include a midsize sedan and crossover SUV in the entry-level luxury category, a luxury light truck, and a semitruck. Tesla also runs a robotaxi service in four US metropolitan areas. Global deliveries in 2025 were nearly 1.64 million vehicles. Additionally, the company sells batteries for stationary storage for residential and commercial properties, including utilities, solar panels, and solar roofs for energy generation. Tesla also owns a fast-charging network and a US auto insurance business.

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.

CATL, headquartered in Ningde, Fujian Province, is a global leading battery manufacturer founded in 2011. The company specializes in the development and production of lithium-ion batteries for electric vehicle and energy storage systems. CATL is the largest EV battery manufacturer in the world and leads the industry in innovative battery technology development for higher-energy density and safety, longer battery service life, and super-fast charging. CATL is also involved in the manufacturing of cathode and other related battery materials. Through subsidiary Brunp, it works with customers to create a closed-loop battery life cycle from production, application, to recycling.

Iberdrola is one of the largest utilities in the world with electric utility operations in nearly 40 countries. The company has a 57-gigawatt portfolio of hydro, wind, natural gas, and nuclear power plants. It is one of the largest owners of wind farms in the world, representing about 40% of its portfolio. Although the company has recently developed or acquired distribution and power generation assets in other geographic areas, Spain is still home to more than half of its power generation capacity. Iberdrola also owns and operates electricity and distribution networks in Spain, the UK, Brazil, and the US.

Siemens Energy manufactures a wide range of equipment used to generate and transmit energy. The group is a product of the spinout from Siemens 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.

China Yangtze Power Co Ltd business activities include hydroelectric power generation, power distribution and sales, overseas power station's operation, management, consultation services, investment, and financing. It has also established its power distribution and sales platforms such as Three Gorges Water Conservancy and Peru LuzdelSur. The company owns the power generation assets of four hydropower plants on the mainstream of the Yangtze River, namely Three Gorges, Gezhouba, Xiluodu, and Xiangjiaba.

Founded in 1995, BYD is a leading Chinese manufacturer in the design, development, and production of new energy vehicles, or NEVs. In March 2022, the firm discontinued production of internal combustion engine, or ICE, vehicles. Its products primarily target the growing midpriced mass-market segment in China’s passenger vehicle market. The company sold about 4.6 million passenger NEVs in 2025, accounting for 30% of the Chinese passenger NEV market. Besides automobile production, the company is also engaged in handset components and assembly services, as well as the rechargeable battery and photovoltaics business.

WM, previously known as Waste Management, ranks as the largest integrated provider of traditional solid waste services in the United States, operating 262 active landfill sites and about 339 transfer stations that help with transporting waste efficiently and economically. The company serves residential, commercial, industrial, and medical end markets for waste collection, transfer, and disposal. The company also has an energy business emanating from the beneficial use of landfill gas and is a leading recycler in North America.

Republic Services Group is the second-largest waste management company by revenue and provides integrated waste management services to residential, commercial, and industrial customers. With 208 active landfills, 248 transfer stations, and 75 recycling centers, Republic Services has reached $16 billion in annual revenue, focusing on recycling and environmental solutions. The company reports in three segments based on the Western United States (Group 1), Eastern United States (Group 2), and Environmental Solutions across North America (Group 3). Eighty-nine percent of total revenue comes from recycling and waste, with the remaining 11% from Environmental Solutions.

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.

LG Energy Solution is the third-largest battery maker for electric vehicles with about 11% global share in 2024, according to SNE Research. The EV battery segment is the largest revenue contributor, which accounted for more than 60% of total revenue in 2024. LGES also manufactures batteries for mobility, mobile phones, laptops, electrical devices, and energy storage systems. The company was spun off from LG Chem’s battery division in December 2020 and listed on the Korea Exchange in January 2022. It has global manufacturing facilities in Korea, China, Poland, and the United States. Key customers include General Motors, Tesla, Volkswagen, Hyundai, and Stellantis.

Bloom Energy is a San Jose-based energy-technology company founded in 2001. It designs and manufactures solid-oxide fuel-cell systems that generate electricity on site from natural gas, biogas or hydrogen without conventional combustion. Commercial and government customers use Bloom Energy Servers for resilient distributed power at data centres, industrial sites, campuses and other facilities. The company also develops electrolyser systems for hydrogen production and provides installation and long-term service support. Revenue comes from equipment and installation sales, electricity arrangements and recurring service contracts. Bloom was privately held when NZ Super Fund made its 2013 and 2014 investments and later became publicly listed, but the recorded transactions concern its private growth phase.

Ford Motor Co. manufactures automobiles under its Ford and Lincoln brands. In March 2022, the company announced that it will run its combustion engine business, Ford Blue, and its BEV business, Ford Model e, as separate businesses but still all under Ford Motor. The company has over 13% market share in the United States, about 10% share in the UK, and just over 1% share in China including Taiwan and unconsolidated affiliates. Sales in the US made up about 65% of 2025 total company revenue. Ford has about 169,000 employees, including about 56,300 UAW employees, and is based in Dearborn, Michigan.

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.

Waste Connections is a North American waste management company focused on integrated waste collection services. The firm primarily focuses on residential, commercial, municipal, and industrial waste collection, with a secondary market focus on rural areas. With 113 landfills and 222 transfer stations as of 2024, it is the third-largest waste management company by revenue. Revenue is split among six operating segments: Western, Southern, Eastern, Central, Canada, and Midsouth.

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.

Vistra Corp. is one of the largest power producers and retail energy providers in the US. It owns 44 gigawatts of generation capacity, including natural gas (27 GW), nuclear (6.5 GW), coal (8.7 GW), and solar and battery storage (1.3 GW). The Cogentrix acquisition will add 5.5 GW of gas generation. Vistra's retail electricity business serves 5 million customers in 20 states, including almost a third of all Texas electricity consumers. Vistra emerged from the Energy Future Holdings bankruptcy as a stand-alone entity in 2016.

Cameco Corp is a provider of uranium needed to generate clean, reliable baseload electricity around the globe and is one of those uranium producers. It has three reportable segments: Uranium, Fuel Services, and Westinghouse, deriving maximum revenue from the Westinghouse segment. The Uranium segment involves the exploration for, mining, milling, purchase, and sale of uranium concentrate, while the Fuel Services segment involves the refining, conversion, and fabrication of uranium concentrate and the purchase and sale of conversion services. Westinghouse Electric Company provides products and services to nuclear reactors, including outage and maintenance services, engineering support, instrumentation and controls equipment, plant modification, and components and parts.

Huaneng Lancang River Hydropower Inc is engaged in the development and operation of the Lancang River and the surrounding areas of hydropower resources. The company is also engaged in the exploration of solar photovoltaic, wind power, shale gas, and other new energy construction.

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 SA is engaged in the manufacture and supply of steel pipe products and related services for the energy industry and other industrial applications. The company has one reportable segment, Tubes, which includes the production and sale of steel tubular products such as OCTG, line pipe, and mechanical and structural tubes, mainly for the oil and gas industry. It operates an integrated network of manufacturing, research, and service facilities across the Americas, Europe, the Middle East, Asia, and Africa.

Danish company Orsted was named Dong Energy until the sale of all its oil and gas fields to Ineos in 2017, soon after the May 2016 initial public offering. Orsted is now focused on renewable assets, especially offshore wind farms. It operated 9.9 gigawatts of offshore wind farms at the end of 2024. The United Kingdom is the biggest country of operation, ahead of Germany and Denmark. The group intends to develop its footprint outside Europe with projects in Taiwan and in the US. Orsted also operates 4.8 GW of onshore wind and solar assets concentrated in the United States. The company is involved in more traditional utilities business like conventional power plants and gas supply, but these activities are noncore.

Veralto is a diversified industrial firm organized into two segments. The water quality segment offers water analytics and water treatment solutions, while the product quality and innovation segment offers coding, packaging, and color solutions for consumer packaged goods and pharmaceuticals. Headquartered in Waltham, Massachusetts, the company has around 17,000 employees. Veralto generated approximately $5.5 billion in revenue in 2025.

Gulf Development Public Company Limited, trading as GULF and formerly Gulf Energy Development, is a Bangkok-based Thai energy and infrastructure holding company founded on 19 August 2011 by Sarath Ratanavadi, bringing together the power generation businesses of Gulf Electric and Gulf Holdings. It has been listed on the Stock Exchange of Thailand since a 2017 IPO that raised about THB 24 billion. Its energy arm runs gas-fired, solar and wind plants in Thailand and abroad, with domestic and international capacity above 23 GW in 2025, while infrastructure covers ports, LNG terminals and motorways and the digital arm includes cloud computing and the Gulf Binance crypto exchange venture. The company merged with its subsidiary Intouch Holdings with effect from 1 April 2025, took the name Gulf Development, and now directly holds about 40% of Advanced Info Service and 40% of Thaicom. For 2025 it reported core profit of THB 28.8 billion, up 33.4%, and net profit of THB 86.6 billion including a one-off merger gain of THB 56.1 billion. It plans about THB 100 billion of investment over five years, 60-70% of it in clean energy.

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.

EnBW Energie Baden-Wuerttemberg AG is active in the energy sector in Germany and the rest of Europe. It operates in three segments: Smart Infrastructure for Customers, which comprises the sale of electricity and gas, energy industry services and energy solutions, provision and expansion of quick-charging infrastructure and digital solutions for electromobility, broadband activities; System Critical Infrastructure segment is into the transmission and distribution of electricity and gas; and Sustainable Generation Infrastructure segment, which generates maximum revenue, encompasses activities in the areas of renewable energies and conventional generation, district heating and waste management/environmental services. Geographically, the company generates maximum revenue from Germany.

EDP is a vertically integrated utility company and is the largest generator, supplier, and distributor of electricity in Portugal. In addition to Portugal, EDP has sizable operations in Spain, Brazil, and the US. EDP owns 71% of EDP Renovaveis, the fourth-largest wind power owner/operator in the world. EDP delisted Energias do Brasil in August 2023 after buying out the 46% minorities.

Xylem is a global leader in water technology and offers a wide range of solutions, including the transport, treatment, testing, and efficient use of water for customers in the utility, industrial, commercial, and residential sectors. Xylem was spun off from ITT in 2011. Based in Rye Brook, New York, Xylem has a presence in over 150 countries and employs 16,200. The company generated $9 billion in revenue in 2025.

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.

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.

Uniper SE is a Germany-based energy generation and energy trading company. The firm operates through three segments: Flexible Generation, Greener commodities, and Green Generation. The Green Generation segment comprises emission-free power generation plants that the Uniper Group operates in Europe. The Flexible Generation segment comprises the power and heat generation plants that the Uniper Group operates in Europe to flexibly meet grid operators' requirements. The Greener Commodities segment bundles the energy trading and optimization activities and forms the commercial interface between the Uniper Group and the globally traded markets for energy and the major customers. The majority of revenue is derived from the Greener Commodities segment.

GFL Environmental Inc is an environmental services company. Its offerings include non-hazardous solid waste management, infrastructure, soil remediation, and liquid waste management services. Its solid waste management business line, which generates the majority of the revenue, consists of the collection, transportation, transfer, recycling, and disposal of non-hazardous solid waste. Its Environmental Services business line includes liquid waste and soil remediation. The company's geographical segments are Canada and the United States. The company derives the majority of its revenue from the United States.

Rivian is a battery electric vehicle automaker that sells its vehicles in the US and Canada. The company also develops electronic control units and related software for autos in a joint venture with Volkswagen. Rivian has multiple vehicles in its fleet, which include a luxury truck and full-size SUV and a delivery van. The company plans to begin selling a midsize SUV in 2026. Total deliveries were over 42,000 in 2025. Rivian is also developing autonomous driving software to be used in its vehicles.

SDIC Power Holdings Co Ltd is engaged in investment and construction, management of energy projects based on electric power generation, development and operation of renewable energy projects, high technology and eco-friendly industries, development and operation of the products associated with electric power, as well as consultancy. The company mainly operates its businesses in the domestic and overseas markets.

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.

APi Group Corp operates in two segments: Safety Services segment includes providing safety services in North America, Asia Pacific, and Europe, focusing on end-to-end integrated occupancy systems (fire protection solutions, Heating, Ventilation, and Air Conditioning and entry systems), including design, installation, inspection, and service of these integrated systems. These services are provided in commercial, education, healthcare, high tech, industrial, and special-hazard settings. Specialty Services segment includes providing a variety of infrastructure services and specialized industrial plant services, which include maintenance and repair of critical infrastructure such as underground electric, gas, water, sewer, and telecommunications infrastructure.

Tata Motors Ltd is an automobile manufacturer, offering a diverse portfolio of smarter, integrated and safer mobility solutions. It designs, manufactures and sells a wide range of automotive vehicles. The company also manufactures engines for industrial applications. Its operating segments consist of: a) Automotive: The Automotive segment consists of four reportable sub-segments: Tata Commercial Vehicles, Tata Passenger Vehicles, Jaguar Land Rover and Vehicle Financing. Other operating segments do not meet the quantitative thresholds for disclosure and have been aggregated. b) Others: Others consist of IT services and Insurance Broking services. The majority of revenue is generated from the Tata Commercial Vehicles sub-segment of the Automotive segment.

Nextpower (and its subsidiaries) is a leading provider of intelligent, integrated solar tracker and software solutions used in utility-scale and distributed generation solar projects around the world. Nextpower's products enable solar panels in utility-scale power plants to follow the sun’s movement across the sky and optimize plant performance. Nextpower has operations in the United States, Mexico, Spain and other countries in Europe, India, Australia, the Middle East, Africa, and Brazil.

Bharat Heavy Electricals Ltd is an integrated power plant equipment manufacturer and engineering company in India. Its products and services serve power, transportation, energy, oil and gas, defense, and other industrial markets. The company has three business segments: Power (which contributes the majority of total revenue), Industry sector and International Operations. Bharat's product portfolio consists of heavy industrial equipment and components, including turbines, valves, pumps, boilers, and insulators. In addition, the company offers aftersales service to customers for maintenance and repairs and can help synchronize power plants. The majority of total revenue is derived from India, but the company has a footprint in many different regions.

Public Power Corp SA is an integrated utility group engaged in electricity generation, distribution, and the sale of energy products and services. It operates in Greece, Romania, and North Macedonia, with renewable energy activities in Italy, Bulgaria, and Croatia. The company's operating segments are Generation, Distribution, Technology - Media and Communication, Transport, Sales and Trade. The majority of revenue is derived from the Generation segment, which includes the activity of generation from lignite units, oil stations, natural gas stations and RES, the activity of mining lignite to support the generation; and the activity of supply in Greece and Romania.

Clean Harbors Inc is an environmental and industrial services provider that provides parts cleaning and related environmental services to commercial, industrial, and automotive customers. Its business segments are Environmental Services and Safety-Kleen Sustainability Solutions. Environmental Services includes waste collection, transportation, treatment, recycling, and disposal, along with industrial maintenance services. Safety-Kleen Sustainability Solutions provides used oil collection and manufactures base oil, vacuum gas oil, and lubricants. The company generates the majority of its revenues from the Environmental Services segment and operates in the United States, with maximum revenue, and Canada.

China Three Gorges Renewables is one of China’s largest renewable energy producers. The firm operates wind farms, photovoltaic power plants, hydroelectric power plants, and energy storage projects. CTGR has a total generation capacity of about 48.0 gigawatts as of the end of 2024. In particular, the firm is also one of the largest offshore wind farm operators in China, with 7.0 GW of installed capacity at the end of 2024, representing about 17% of China’s total capacity. Parent company, China Three Gorges, a state-owned enterprise, owns approximately 52.6% of CTGR’s issued shares as of the end of 2024.

TBEA Co Ltd is a China-based company that offers energy business solutions to service providers. The company distributes electric power transmission and transformation equipment. It provides solutions such as green technology, smart environmental protection, energy equipment for turnkey projects, and system solutions that range from surveying to design, construction, installation, and commissioning, as well as integration of training, operation, and maintenance. It also promotes the construction of green and efficient power grids. The company has a business presence in China and other countries.

LONGi Green Energy Technology is one of the largest integrated solar company in the world. It produced 106 gigawatts of solar silicon wafers and 70 GW of solar modules in 2024. Solar silicon wafer and solar module contributed 10% and 80% of revenue in 2024, respectively. LONGi’s products are sold in more than 150 countries and regions.

Aramark is an American food service and facilities services company headquartered in Center City, Philadelphia, Pennsylvania, and listed on the New York Stock Exchange. It runs cafeterias, catering, concessions and facility management under contract for clients in education, healthcare, business, corrections, sports and leisure, including major league sports venues and most of the food served on Amtrak trains. It operates in the United States and Canada and in 14 other countries, including the United Kingdom, Germany, Chile, Ireland and Spain, and earns contract revenue for the services it provides, buying food and supplies from manufacturers and distributors such as Sysco. Aramark reported revenue of US$18.5 billion and net income of US$326 million for its 2025 fiscal year, with 278,390 employees. It was founded in 1936 by Davre and Henry Davidson as Davidson Brothers, a vending business for aviation plant workers in Southern California, became Automatic Retailers of America in 1959 and adopted the Aramark name in 1994. A group led by long-time chief executive Joseph Neubauer with CCMP Capital, Goldman Sachs, Thomas H. Lee Partners and Warburg Pincus took it private in a deal completed in 2007. In 2023 it spun off its uniform business as the listed company Vestis; John Zillmer has been chief executive since October 2019.

China Resources Power, or CR Power, is one of China’s largest independent power producers. The firm operates wind farms, photovoltaic power plants, hydroelectric power plants and thermal power (coal-fired and gas-fired) plants, which are situated mostly in eastern, central and southern China, with a total attributable operational generation capacity of about 72.4 gigawatts as of end-2024. Renewable energy accounts for about 47.2% of its capacity. China Resources Holdings, a key state-owned conglomerate, owns approximately 62.9% of CR Power’s shares outstanding.

China Energy Engineering Corporation Ltd is a comprehensive solutions provider for the power industry in China and internationally. It is mainly engaged in Survey, design, and consulting services; Construction and contracting; Industrial manufacturing; Investment and operation; and other businesses. The company generates the majority of its revenue from construction and contracting services, which mainly comprise the project contracting, engineering and construction, and project operation and maintenance business for domestic and overseas tradition energy, new energy, and comprehensive smart energy, water conservancy, ecological environmental protection, comprehensive transportation, municipal, buildings, and structures.

Hitachi Energy India Ltd serves utility, industry, and infrastructure customers with solutions and services across the value chain. The company is engaged in the business relating to products, projects, and services for Power technology. It manufactures and supplies systems, equipment, devices, and accessories products such as disconnectors, cable accessories, electric motors, semiconductors, transformers, and others. The company also provides project and service engineering, installation, commissioning, and support services. Geographically, the company generates a majority of its revenue from India and the rest from other countries.