Altus Power, Inc., A Market-Leading Clean Electrification Company, Announces Appointment of Dan Alcombright as Chief Platform Officer and the Creation of Executive Operations Committee

Rhea-AI Summary

On January 26, 2022, Altus Power (NYSE: AMPS) announced the appointment of Dan Alcombright as its Chief Platform Officer, effective January 3. Alcombright, with over 15 years in renewable energy, will focus on scaling operations and enhancing partnerships with companies like CBRE and Blackstone. He aims to improve Altus Power's capacity in clean electrification projects, including solar generation and energy storage. Alcombright will also join the Executive Operations Committee to oversee digital operations and enhance information flow across the company.

Positive

• Dan Alcombright brings 15 years of experience in renewable energy, expected to enhance leadership.
• Strategic partnerships with CBRE and Blackstone may accelerate growth and operational capacity.
• Creation of Executive Operations Committee to improve efficiency in operations and data sharing.

Negative

• None.

STAMFORD, Conn., Jan. 26, 2022 /PRNewswire/ -- Altus Power, Inc. ("Altus Power" or the "Company") (NYSE: AMPS) today announced the hiring of Dan Alcombright to the newly created position of Chief Platform Officer. Alcombright began work in this position on January 3^rd, 2022.

Alcombright, who most recently worked for Duke Energy prior to joining Altus Power, will join the Company's leadership team and oversee its strategy to scale operations across the platform, build sustainable value through its alliances with portfolio partners CBRE, Blackstone and others, and accelerate growth. Specifically, Alcombright will engage with current and potential partners to scale Altus Power's capacity and footprint in the areas of due diligence, development, design, engineering, construction and operation of clean electrification components, including solar generation, energy storage and electrical vehicle charging.  With over 15 years of experience in renewable commercial and industrial distributed generation, Alcombright is a proven leader who will be an integral member of the Altus Power management team.

"One of the key strengths of Altus Power has been our ability to create and maintain a variable cost-structure network of strategic construction partners around the country who build to our specifications and, most often, under our direct supervision," said Tony Savino, Chief Construction Officer of Altus Power. "Bringing Dan onboard puts us in a position to accelerate the growth of our partner network and, in particular, focus on bringing the unparalleled strength and presence of CBRE's design, engineering, construction and servicing activities to bear on Altus Power's reach and capacity. We are very excited to welcome Dan as our new Chief Platform Officer and look forward to working with him to drive Altus Power's success."

"I have spent the last 15 years working to 'crack the code' on commercial and industrial distributed generation project development. The relationships with CBRE and Blackstone place Altus Power in a first mover position to drive successful growth of its platform and create a positive network effect for the C&I and community solar segments of the solar power market," said Mr. Alcombright. "This advantage should drive the efficiencies in development, design, construction and servicing required to optimize our business growth. I am excited to be part of the Altus Power team."

Prior to joining Altus Power, Alcombright began his career as a manufacturing automation software engineer and held roles of increasing responsibility over 25 years, designing and building manufacturing equipment and software solutions for pharmaceutical and medical device customers. In 2009 Alcombright joined the renewable energy industry as President and CEO of SOLON Corporation where he led major shifts in strategy to establish SOLON's commercial and utility scale solar project development business. Most recently, Mr. Alcombright worked at Duke Energy's subsidiary REC Solar where he began as Senior Vice President, first overseeing the development, engineering, procurement, construction, and operation of solar photovoltaic (PV) systems, and subsequently led the U.S. development, direct origination, and marketing teams. Thereafter, Alcombright was promoted to Managing Director of Growth Implementation, responsible for structured finance, project development and acquisition, and technology enablement and development.

Alcombright will also serve as a member of the newly created Executive Operations Committee together with Julia Sears, Chief Digital Officer, and Sophia Lee, Chief Legal Officer. The Executive Operations Committee has been tasked with overseeing and guiding the execution of a digital operations platform that will increase the velocity of information sharing and flow of data between customer origination, asset development and construction and asset operations.  The Executive Operations Committee will also be responsible for maintaining and developing operational policies and procedures, planning, maintenance, enterprise risk management and information security.

About Altus Power, Inc.

Altus Power, based in Stamford, Connecticut, is the nation's premier clean electrification company. Altus Power serves its commercial, industrial, public sector and community solar customers by developing, owning and operating locally sited solar generation, energy storage, and EV charging infrastructure across 18 states from Vermont to Hawaii. Visit altuspower.com to learn more.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "could", "continue", "expect", "estimate", "may", "plan", "outlook", "future" and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to Altus Power's future prospects, developments and business strategies. These statements are based on Altus Power's management's current expectations and beliefs, as well as a number of assumptions concerning future events.

Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Altus Power's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the ability of Altus Power to maintain its listing on the New York Stock Exchange; (2) the ability to recognize the anticipated benefits of the recently completed business combination and related transactions (the "Transactions"), which may be affected by, among other things, competition, the ability of Altus Power to grow and manage growth profitably, maintain relationships with customers, business partners, suppliers and agents and retain its management and key employees; (3) costs related to the Transactions; (4) changes in applicable laws or regulations; (5) the possibility that Altus Power may be adversely affected by other economic, business, regulatory and/or competitive factors; (6) the impact of COVID-19 on Altus Power's business; and (7) the failure to realize anticipated pro forma results and underlying assumptions related to the Transactions.

Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found under the heading "Risk Factors" in Altus Power's Registration Statement on Form S-1 filed with the Securities and Exchange Commission on January 10, 2022, as well as the other information we file with the Securities and Exchange Commission. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Altus Power undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.

This press release is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Altus Power and is not intended to form the basis of an investment decision in Altus Power. All subsequent written and oral forward-looking statements concerning Altus Power or other matters and attributable to Altus Power or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.

Altus Power Contacts

For Media:
Cory Ziskind
ICR, Inc.
AltusPowerPR@icrinc.com

For Investors:
Caldwell Bailey
ICR, Inc.
AltusPowerIR@icrinc.com

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SOURCE Altus Power, Inc.

FAQ

What is the significance of Dan Alcombright's appointment at Altus Power?

Dan Alcombright's role as Chief Platform Officer is significant as he will oversee operations, enhance partnerships, and drive growth in clean electrification projects.

When did Dan Alcombright start his role at Altus Power?

Dan Alcombright began his role as Chief Platform Officer on January 3, 2022.

What are Altus Power's partnerships and their impact?

Altus Power's partnerships with CBRE and Blackstone are expected to accelerate growth and expand its operational capacity in renewable energy.

What is the Executive Operations Committee at Altus Power?

The Executive Operations Committee at Altus Power is tasked with overseeing digital operations and improving data sharing and operational efficiency.

What is Altus Power's focus under Dan Alcombright's leadership?

Under Dan Alcombright's leadership, Altus Power will focus on scaling operations, enhancing clean electrification projects, and optimizing partnerships.