Midwest Energy 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.

Siemens is a German industrial technology group headquartered in Munich that supplies automation, electrification, rail and healthcare equipment, software and services. It was founded in Berlin on October 1, 1847 by Werner von Siemens and Johann Georg Halske as Telegraphen-Bauanstalt von Siemens & Halske. The group reports through Digital Industries (factory automation and industrial software), Smart Infrastructure (buildings and electrical distribution), Siemens Mobility (rolling stock, signalling and rail systems) and Siemens Financial Services, and holds about 75% of separately listed Siemens Healthineers. It sells mainly to manufacturers, utilities, infrastructure owners, transit operators and hospitals, and in fiscal 2025 generated revenue of €78.9 billion and net income of €10.4 billion with about 327,000 employees. In 2020 it spun off Siemens Energy, keeping a 17.1% stake, and bought Varian Medical Systems for US$16.4 billion; in 2025 it added Altair Engineering for about US$10 billion, its largest acquisition, and Dotmatics for US$5.1 billion. Roland Busch has been chief executive since February 2021, and the shares trade on the Frankfurt Stock Exchange as a DAX member.

Amphenol is a United States manufacturer of electrical, electronic and fiber-optic interconnect products, sensors and cable systems. Its connector portfolio supports applications involving high-speed data, electrical power, radio-frequency signals and operation in demanding environments. The company also supplies cable assemblies, wiring harnesses, antennas, power distribution components and flexible or rigid printed circuit boards. Its sensors measure conditions such as pressure, temperature, position, moisture and vibration. Customers use these products in automotive systems, industrial equipment, communications networks, computing infrastructure, aerospace and other electronic applications. Revenue comes from sales of components and assemblies to business customers that incorporate them into larger products and systems. Amphenol offers both standard products and customized designs, with manufacturing and technical capabilities supporting customers across international markets.

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.

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.

ABB is a Swiss-Swedish electrification and automation group headquartered in Zurich and incorporated in Switzerland as ABB Ltd. It was formed in 1988 by the merger of Sweden's ASEA, founded in 1883, and Switzerland's Brown, Boveri & Cie, founded in 1891, creating a group with about $15 billion of revenue and 160,000 employees at the time. Its roughly 20 divisions sit in four business areas: Electrification, Motion, Process Automation, and Robotics & Discrete Automation. It sells electrical distribution products such as circuit breakers, motors and drives, industrial robots and automation systems to industrial, utility, building and infrastructure customers. ABB sold its power grids business to Hitachi in 2020, spun off its turbocharging business in 2022, and in October 2025 agreed to sell its industrial robotics unit, with about 7,000 employees and $2.3 billion of 2024 revenue, to SoftBank Group for $5.4 billion. Major 21st-century acquisitions include Baldor Electric, Thomas & Betts and GE Industrial Solutions. The shares are listed on the SIX Swiss Exchange and Nasdaq Stockholm, and Morten Wierod has been chief executive since August 2024.

Schneider Electric is a French energy technology company headquartered in Rueil-Malmaison, near Paris, whose products cover electrification, automation and digitalisation for buildings, homes, data centers, infrastructure and industry. It sells electrical distribution equipment, switches and sockets, building and home automation, industrial control and process safety systems, grid automation, critical power and cooling for data centers, and energy management and industrial software, under brands including Square D, APC, AVEVA, Clipsal, Merlin Gerin, Telemecanique and Modicon. The company earns most of its revenue from product and system sales to distributors, panel builders, contractors, utilities, data-center operators and industrial customers. It reported revenue of 40.15 billion euros and net income of 4.35 billion euros for 2025 and employed about 177,000 people in 2024. Schneider Electric is registered as a Societas Europaea, trades on Euronext Paris as part of the CAC 40 and Euro Stoxx 50 indices, and is led by chief executive Olivier Blum and chairman Jean-Pascal Tricoire. Its history begins in 1836, when brothers Adolphe and Eugène Schneider took over an iron foundry in Le Creusot and founded Schneider-Creusot, a maker of steel, heavy machinery and transport equipment that later refocused on electrical equipment.

Founded in 1911 by Joseph Eaton, the eponymous company began by selling truck axles in New Jersey. Eaton has since become an industrial powerhouse largely through acquisitions in various end markets. Eaton’s portfolio can broadly be divided into two parts: its electrical and industrial businesses. Its electrical portfolio (representing around 70% of company revenue) sells components within data centers, utilities, and commercial and residential buildings, while its industrial business (30% of revenue) sells components within commercial and passenger vehicles and aircraft. Eaton receives favorable tax treatment as a domiciliary of Ireland, but it generates over half of its revenue within the US.

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.

Delta Electronics (Thailand) PCL manufactures and distributes power supplies, electronic equipment, and components such as DC fans, EMI filters, solenoids, etc. The group's reportable segments are: Power electronics, Mobility, Infrastructure, Automation, and Others. The majority of its revenue is generated from the Power electronics segment, which designs, manufactures, and sells power supplies applied to computer, server, office automation equipment, and household electric appliances. The Mobility segment makes EV power systems, the Infrastructure segment builds ICT and energy systems, and the Automation segment offers industrial and building automation. Geographically, the group generates maximum revenue from the United States, followed by Singapore, Germany, Taiwan, and other markets.

Vertiv has roots tracing back to 1946 when its founder, Ralph Liebert, developed an air-cooling system for mainframe data rooms. As computers started making their way into commercial applications in 1965, Liebert developed one of the first computer room air conditioning, or CRAC, units, enabling the precise control of temperature and humidity. The firm has slowly expanded its data center portfolio through internal product development and the acquisition of thermal and power management products like condensers, busways, and switches. Vertiv has global operations today; its products can be found in data centers in most regions throughout the world.

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.

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.

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.

Mitsubishi Electric is a Tokyo diversified industrial manufacturer founded in 1921 and publicly listed in Japan. It designs and sells factory-automation equipment, power and energy systems, building systems, transportation products, automotive equipment, semiconductors, communications equipment and consumer appliances. Industrial companies, utilities, infrastructure operators, governments, commercial-building owners and households use its products. Revenue comes primarily from equipment and component sales, supported by installation, maintenance, engineering and other services. The group operates manufacturing, research, sales and service networks across Asia, Europe, the Americas and other regions. Its space and defence business supplies satellite, communications and related aerospace systems. Mitsubishi Electric also invests strategically where partnerships can expand technology and commercial access. It co-invested with COFIDES in PLD Space's 2026 Series C financing and was identified as a lead investor in that round.

Founded in 2004, Luxshare Precision is one of the world’s largest manufacturers of cables and connectors and is a major supplier to Apple, which accounts for over 50% of revenue. Of Luxshare’s 2025 sales, 80% is derived from the consumer electronics end market, while the remaining 20% is spread across the computer, communication, and automobile verticals. In nonconsumer businesses, Luxshare supplies cooling systems, optical interconnects, cables, power supplies, and other electric hardware. Luxshare employs almost 420,000 people. It has 105 manufacturing bases in 29 countries, with the largest clusters in China and Vietnam.

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.

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.

Carrier Global, spun out of United Technologies in 2020, manufactures and services commercial and residential HVAC systems and transportation refrigeration solutions under its flagship Carrier brand, as well as Bryant, Payne, Heil, and others across various price points. In 2024, Carrier acquired Viessmann Climate Solutions to expand its footprint in Europe with heat pumps, boilers, and solar PV equipment. Proceeds from the sale of Carrier’s fire and security (Honeywell) and commercial refrigeration (Haier) businesses reduced debt and focused the company on global HVAC and refrigeration solutions. Carrier generates 75% of sales from equipment and 25% from parts and services. The company derives 50% of revenue from the US, 30% from Europe, and 20% from the Asia-Pacific region.

Fujikura is a Japanese wire, cable, and electronics manufacturer headquartered in Koto-ku, Tokyo, with four core segments. Telecommunications systems encompass optical fibers, cables, and components, and Fujikura was a pioneer in Japanese fiber-optic research. In 1985, it introduced the first fusion splicer to the market and now claims to hold the number-one market share globally. In its automotive products division, Fujikura makes wire harnesses. Power systems cover power cables, aluminum wires, and enameled wires, and electronics cover flexible printed circuits, wiring, and connectors. Fujikura operates globally, with 40% of revenue from domestic customers. Its wholly owned US subsidiary AFL manufactures and sells optical fiber cables and components for the North American market.

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.

Sumitomo Electric Industries Ltd manufactures and sells electric wires and cables, and other products. The company operates through five segments. The Automotive related business covers wire harnesses, anti-vibration rubber, hoses, electrical parts, and traffic control systems. The Electronics related business provides electronic wires, flexible printed circuits, fluoropolymer products, and metal components. The Environment and Energy related business handles power transmission equipment, substation systems, vacuum and beam equipment, and conductive products. The Industrial Materials business includes steel wire, tools, optical components, and sintered parts. The Information and Communication business offers fiber optic cables, communication equipment, and optical devices.

WEG SA is a Brazilian electrical engineering and automation company listed on the B3 exchange and headquartered in Jaragua do Sul, Santa Catarina. It was founded on 16 September 1961 by Werner Ricardo Voigt, Eggon Joao da Silva and Geraldo Werninghaus, and its name is an acronym of their initials. The company makes electric motors, generators, transformers, drives, industrial automation and control products, gearboxes, switchgear, wind turbines, battery storage systems and coatings and varnishes. In 2025 its net revenue reached R$40.8 billion, of which 59 percent came from markets outside Brazil. It has grown through acquisitions across Europe, Asia, Africa and the Americas, the largest being the 2023 purchase of the industrial motors and generators business of Regal Rexnord for USD 400 million. Alberto Kuba serves as chief executive and Decio da Silva as chairman, and the company keeps a United States base in Duluth, Georgia.

Legrand is a French manufacturer of electrical and digital building infrastructure headquartered in Limoges. Its operating business dates to 1904, while the current listed holding company was incorporated in December 1998. The group supplies wiring devices, electrical installation products, cable management systems, data and communications infrastructure, power-distribution equipment and building-control solutions. Its products are used in residential, commercial and industrial buildings, including data centers. Legrand sells manufactured products through electrical distributors and other channels serving installers and professional customers. The group expanded internationally through acquisitions of local and specialist manufacturers, adding product technologies and distribution positions. KKR and Wendel acquired the business from Schneider Electric, and Legrand returned to the stock market in 2006. KKR disposed of its remaining shares in March 2012 while Legrand continued as an independent listed operating group.

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.

Prysmian is an Italian manufacturer of energy and telecommunications cables, headquartered in Milan and listed on the Borsa Italiana, where it is part of the FTSE MIB index. Its history dates to 1879 and it became an independent company in 2005, when Pirelli sold its cables business to Goldman Sachs Capital Partners. It makes submarine and underground power transmission cables, cables for wind farms, building and industrial wire, and optical fibre and telecom cables, and it reported revenue of EUR 20.1 billion in 2025. It operates plants across Europe, North America, Latin America, Asia Pacific and the Middle East and Africa. Its growth has come through acquisitions including Draka in 2011, General Cable in 2018, Encore Wire in 2024, Channell in 2025, ACSM in 2026 and Atkore in October 2026.

Yageo is a Taiwanese manufacturer of passive electronic components used in electronic circuits. Its products include resistors, capacitors and inductors that manage electrical signals, voltage and current in customer products. The business supplies electronics manufacturers and supply-chain customers across consumer electronics and industrial applications. It earns revenue from the manufacture and sale of physical electronic components. Yageo is listed on the Taiwan Stock Exchange, and its global depositary receipts were also traded in Luxembourg at the time of KKR’s investment. In June 2007 KKR acquired zero-coupon convertible instruments due in 2014, providing an investment exposure that could convert into newly issued common shares or depositary receipts. Counsel described the instruments as representing a potential 16.1 percent shareholding upon full conversion based on the then-current capital structure. The investment therefore initially involved convertible securities rather than an immediately completed acquisition of that percentage of ordinary shares.

Ibiden Co Ltd is a provider of electronic and ceramic products. The company operates through three segments: Ceramic, Electron, and other. The Ceramic segment provides environment-related ceramics products, graphite and specialty products, ceramic fibre, and fine ceramics products. The Electron segment offers package substrates in computers, information technology infrastructure, mobile device wiring boards, mobile devices, and home appliances. The other segment includes the processing of agriculture, livestock, and fisheries, the sale of oil products, and synthetic resin production. It generates the majority of its revenue from the Electronic segment.

Wus Printed Circuit (Kunshan) Co Ltd is a China-based company. It is principally engaged in the manufacture, distribution, and after-sales services of printed circuit boards (PCBs).

Samsung SDI is one of the top suppliers of lithium-ion rechargeable batteries, providing cylindrical batteries for consumer electronics products such as laptops, polymer rechargeable batteries for smartphones and tablets, and has been focusing its resources to establish its footprint on automotive rechargeable batteries. The company is the second-largest supplier of batteries for consumer electronics products, and the eighth player in automotive batteries. The company also offers electronic materials for semiconductors and flat-panel displays, making it an important internal supplier for Samsung Electronics.

Jabil Inc. is a U.S based company providing engineering, manufacturing, and supply chain solutions. It provides comprehensive electronics design, production, and product management services to companies in various industries and end markets. It operates through three segments: Regulated Industries, serving automotive, healthcare, and renewables; Intelligent Infrastructure, focused on AI, cloud, data centers, and communications, driving the majority of revenue; and Connected Living and Digital Commerce, specializing in digitalization and automation, such as robotics and warehouse automation. The company operates in the U.S., Mexico, China, Malaysia, Singapore, and several other markets.

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.

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.

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.

NARI Technology Co Ltd is engaged in providing power & automation technologies in China. It operates in areas of power system automation, smart grid, renewable energy, railway automation, industrial control, & energy conservation & environment protection.

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.

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.

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.

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.

Founded in 1888 by Harvey Hubbell, the eponymous company was the conduit through which the pull-chain lamp socket was originally sold. Hubbell has since grown into an electricity transmission and distribution behemoth, housing more than 75 brands that sell components found on power lines, in electrical substations, and in commercial and industrial buildings. The company's primary operations are in the United States, where around 90% of revenue is derived.

NVent is a leading global provider of electrical connection and protection solutions that touch a broad range of end markets, including infrastructure, industrial, commercial, and residential. NVent designs, manufactures, markets, installs, and services a portfolio of electrical enclosures and electrical fastening solutions. North America accounts for the majority of sales.

Lasertec is a Japan-based manufacturer of mask inspection equipment used to identify defects in photomasks, which are a key component in lithography during front-end semiconductor manufacturing. Lasertec is the largest player in the mask inspection industry, with a global market share of 49% as of 2025. The company also has a dominant position in actinic mask inspection, a type of advanced inspection process required for photomasks that is used in cutting-edge EUV and high-NA EUV lithography, with over a 90% global market share. Lasertec’s main customers include foundry and memory leaders such as TSMC, Intel, and Samsung Electronics.

China-based Sungrow manufactures and sells power supply equipment for the new energy industry. It offers a wide range of products, including solar inverters, energy storage systems, wind power converters, electric vehicle drives, among others. It is one of the largest suppliers of solar inverters and energy storage systems globally. It is also one of the largest new energy project developers in the world. Solar inverters, energy storage systems, and new energy investment and development segment each accounted for 37%, 32%, and 27% of revenue in 2024, respectively.

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.

Inovance is a leading Chinese industrial automation and new energy parts supplier. It offers a wide array of industry automation products such as variable frequency drives, servo systems, program logic controllers, and industrial robots. It also supplies electric drive and power supply systems for new energy vehicles. Inovance generates more than 90% of its revenue from China.