Welcome to our dedicated page for Alternus Clean Energy news (Ticker: alce), a resource for investors and traders seeking the latest updates and insights on Alternus Clean Energy stock.
Alternus Clean Energy, Inc. (NASDAQ: ALCE) is a prominent international independent power producer specializing in clean energy. Headquartered in the United States, the company develops, installs, owns, and operates utility-scale solar photovoltaic power stations (PV parks) across North America and Europe. With a growing portfolio currently comprising approximately 8 operational parks totaling 44 MWp, Alternus is committed to expanding its capacity to 3GW of operating projects within five years.
Alternus leverages long-term government offtake contracts and Power Purchase Agreements (PPAs) with investment-grade off-takers to ensure stable revenue streams. The company also benefits from energy sales to local power grids. Recent strategic initiatives include the retirement of $10 million of debt, enabling the company to fund accelerated growth. This deleveraging was facilitated by issuing common stock to Greenlight Asset Management, a leading Nordic asset manager focused on sustainable investing.
In 2023, Alternus completed a significant business combination with Clean Earth Acquisitions Corp., resulting in its Nasdaq listing under the symbol “ALCE.” This move underscores the company's commitment to expanding its footprint in key high-potential markets across the US and Europe.
Strategic partnerships further bolster Alternus' growth. A notable alliance with Hover Energy aims to offer differentiated 24/7 zero-carbon power by integrating utility-scale solar projects with wind-powered microgrids, reducing intermittency and minimizing storage requirements. Additionally, a joint venture with Acadia Energy focuses on developing 200 MW of microgrid projects in New York State, aligning with local economic growth and sustainability goals.
Alternus continues to show strong financial performance with a 17.5% YoY increase in revenue and a 25% YoY rise in gross profit for 2023. The company’s vision is to become a leading provider of 24/7 clean energy, delivering a sustainable future of renewable power in harmony with people and the planet.
Alternus Clean Energy (NASDAQ: ALCE) has completed the acquisition of LiiON, a US-based provider of advanced energy storage solutions, for $5 million through a mix of debt and equity. The deal includes a $2 million non-convertible loan note payable over three years and 250,000 shares of common stock at $12.00 per share. The acquisition immediately improves Alternus' shareholder equity by approximately $3 million.
The deal brings LiiON's customer contracts, service agreements, and partnerships, including major clients like Amazon, Walmart, and NASA. LiiON will exclusively license its intellectual property to Alternus. This acquisition is a strategic step in Alternus' transition to become a comprehensive energy provider, enhancing its market reach through advanced battery technologies and engineering capabilities.
Alternus Clean Energy (NASDAQ: ALCE) has signed binding terms to acquire LiiON, , a U.S. energy storage solutions provider, for $5 million through an asset purchase agreement. The deal includes $2 million in non-convertible loan notes and 250,000 shares of common stock at $12.00 per share. LiiON, founded in 2009, brings expertise in battery storage technology with notable clients including Amazon, NASA, and Walmart.
The acquisition will strengthen Alternus' renewable energy solutions capabilities, particularly in microgrids and Battery Energy Storage (BESS) division. The transaction is expected to improve Alternus shareholder equity by approximately $3 million and close by the end of fiscal year 2024.
Alternus Clean Energy (NASDAQ: ALCE) has completed the sale of certain SPVs to majority shareholder Alternus Energy Group Plc, removing approximately $30 million in debt and payables while improving shareholder equity by about $4 million. The company has now reduced total debt by approximately $130 million and improved shareholders' equity by over $50 million through recent divestments. ALCE is diversifying beyond utility solar into microgrids and battery storage, and has relocated its headquarters to New York, NY to be closer to financial partners.
Alternus Clean Energy (NASDAQ: ALCE) has completed its first tax equity transaction utilizing the investment tax credit (ITC) structure from the Inflation Reduction Act. The transaction involved a tax credit transfer of approximately $1.74 million of 2023 ITCs for the Omohundro and White's Creek Solar Projects in Tennessee. These installations supply energy for Metro Water Services' operations. The proceeds were used to cover transaction costs and reduce senior debt, improving the company's consolidated balance sheet position.
Alternus Clean Energy Inc. (NASDAQ: ALCE) has announced a 1-for-25 reverse stock split, effective October 11, 2024. This move aims to increase the stock price and regain compliance with Nasdaq's $1.00 minimum bid price requirement. The company's common stock will continue trading under the symbol 'ALCE' with a new CUSIP number. The reverse split will reduce outstanding shares from approximately 87,288,070 to 3,491,522.
CEO Vincent Browne stated that this restructuring, along with recent balance sheet de-leveraging, will increase access to capital for executing long-term growth strategies. These strategies include partnerships and acquisitions in high-growth renewable energy segments, complementing their existing utility-scale solar IPP business. The company recently announced binding terms for a joint venture with Hover Energy, , and is targeting additional ventures in other energy segments to enhance operational and financial performance.
Alternus Clean Energy, Inc. (NASDAQ: ALCE) has announced the sale of its subsidiary Solis Bond Company DAC and its Romanian subsidiaries to Solis Trustee Special Vehicle for €1.00. This strategic move has resulted in the removal of approximately $100 million in debt and payables related to Solis activities and is expected to improve shareholders equity by approximately $45 million.
The sale aligns with Alternus' ongoing efforts to reduce debt and strengthen its balance sheet as it repositions from an exclusive focus on utility-scale solar to a more comprehensive energy provider. CEO Vincent Browne highlighted the company's recent announcement of a joint venture with Hover Energy to deliver clean energy microgrids as an example of entering high-value complementary segments.
Alternus is also in advanced discussions to acquire battery storage capabilities and is targeting additional joint ventures and investments in other energy segments to support its wider energy provision growth strategy.
Alternus Clean Energy Inc. (NASDAQ: ALCE) received a Delisting Notice from Nasdaq for failing to meet the minimum closing bid price requirement. The company plans to appeal and intends to implement a reverse stock split of 1-for-10 to 1-for-50, subject to stockholder approval at the Annual Meeting on September 26, 2024. This action aims to ensure continued Nasdaq listing and access to equity for growth activities.
Alternus recently announced a joint venture with Hover Energy, , securing four Wind-Powered Microgrid™ installations in Honolulu valued at $3-$4 million. The joint venture has a 60MW project pipeline. CEO Vincent Browne emphasized that the reverse split doesn't change the company's fundamental value and highlighted ongoing efforts to improve the balance sheet and execute growth initiatives in microgrid solutions.
Alternus Clean Energy, Inc. (NASDAQ: ALCE) has terminated its Membership Interest Purchase and Sales Agreement (MIPSA) with C2 Taiyo Fund I, LLP. The agreement, originally announced on May 1, 2024, was for the acquisition of approximately 80MWp solar installations across 8 U.S. states. The termination is due to the seller's failure to meet required closing conditions and fundamental changes in the portfolio of assets planned to be acquired.
CEO Vincent Browne stated that while this particular transaction couldn't proceed, Alternus remains committed to the U.S. renewable energy market. The company is pursuing other strategic acquisitions and business growth areas, including a recent joint venture announcement with Hover Energy. Alternus continues to focus on acquiring operating or ready-to-build projects in the renewable energy sector.
Alternus Clean Energy Inc. (NASDAQ: ALCE) and partner Hover Energy have secured contracts for three additional Wind-Powered Microgrid™ projects in Hawaii, following their first joint project announced 10 days ago. The four projects, totaling 1MW in installed capacity, are expected to generate 1.3GWh of clean energy annually, offsetting nearly 100% of annual power consumption. The total contract value is between $3-$4 million, with installation expected to begin in Q4 2024. Alternus and Hover are forming a new joint venture (51% Alternus, 49% Hover) to leverage their respective strengths in renewable energy. The Hawaii contracts and Hover's 60 MW pipeline are expected to be transferred to this joint venture later this year.
Alternus Clean Energy Inc. (NASDAQ: ALCE) reported financial results for Q2 and H1 2024. Key highlights include:
- Debt reduced by $80 million (40%) in H1
- Operating assets generated over 18GW hours of clean energy, up 14% YoY
- Revenues decreased 36% to $3.8 million in Q2
- Gross profit decreased 55% to $2.2 million in Q2
- Net loss increased to $6.8 million in Q2
- Announced joint venture with Hover Energy to enter microgrid market
- Continued pipeline buildout in North America
- Implemented $2 million reduction in fixed annual operating costs
The company faced challenges with lower electricity prices and increased costs, but is focusing on cost rationalization and business development to drive future growth.
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