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Altus Power, Inc. - AMPS STOCK NEWS

Welcome to our dedicated page for Altus Power news (Ticker: AMPS), a resource for investors and traders seeking the latest updates and insights on Altus Power stock.

Altus Power, Inc. (NYSE: AMPS) is a leading developer, owner, and operator of large-scale photovoltaic (solar power) and energy storage systems across the United States. Based in Stamford, Connecticut, Altus Power serves commercial, industrial, public sector, and community solar customers, providing end-to-end clean energy solutions. The company focuses on building and operating solar generation, energy storage, and EV charging infrastructure, significantly contributing to the clean energy transition.

Altus Power offers a variety of financial products such as leases and power purchase agreements (PPAs), allowing customers to benefit from solar energy without significant upfront investments. Its portfolio includes projects on commercial properties, schools, and municipal buildings, delivering electricity at a discount compared to grid prices. This model not only reduces energy costs for customers but also decreases carbon emissions and reliance on fossil fuels.

The company's business strategy revolves around expansion and innovation. Recently, Altus Power announced the acquisition of Project Hyperion, comprising 121 megawatts of solar assets in North and South Carolina, thus enhancing its footprint in the Southeast. The company plans to grow its portfolio to nearly 900 MWs by the end of 2023, with a significant presence across 25 states.

Financially, Altus Power demonstrates robust growth. For the full year 2023, the company reported revenues of $155.2 million—a 53% increase over 2022—with an adjusted EBITDA of $93.1 million, highlighting a 59% increase. The company continues to secure substantial funding, as evidenced by its recent $163 million draw from Blackstone’s long-term funding facility, aimed at supporting further asset additions.

Altus Power's strategic partnerships and acquisitions, like the collaboration with Vitol for the addition of 84 MWs of solar arrays, underscore its capacity for sustained growth and expansion. The company aligns its growth strategy with its mission to drive the clean energy transition, fostering long-term sustainable returns for its investors.

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Altus Power (NYSE: AMPS), the largest commercial-scale clean electric power provider, has appointed Richard A. Shapiro to its Board of Directors. Shapiro, who will chair the Compensation Committee, brings nearly three decades of investment management experience. CEO Gregg Felton highlighted Shapiro's valuable experience in financial analysis, market positioning, and strategic transactions. Chairperson Christine Detrick noted his complementary skills in finance, mergers and acquisitions, and value unlocking.

Shapiro is currently the Founder and Chief Investment Officer of Ridge Run Partners, His previous roles include Portfolio Manager at Millennium Management and Partner at Wexford Capital. He holds an MBA from Georgetown University and has served on the boards of several public companies. This appointment aims to enhance Altus Power's strategy as it scales its solar asset portfolio and optimizes financing.

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CBRE Group (NYSE: CBRE) reported its Q2 2024 financial results, highlighting a 9% revenue increase and an 11% net revenue rise. The company witnessed a 14% increase in Resilient Business net revenue, driven by Turner's 18% growth. Advisory transaction revenue, including leasing and capital markets, grew 5%, with US leasing revenue up 13% and mortgage origination fees up 20%. However, GAAP EPS declined 34% to $0.42, and Core EPS fell 2% to $0.81. Free cash flow improved by nearly $300 million, with an annual forecast of over $1 billion. Segment-wise, Global Workplace Solutions net revenue rose 15.5%, while Real Estate Investments revenue saw a 9.2% decline. The company made capital investments worth $1.3 billion YTD and repurchased 0.6 million shares. Despite challenges, CBRE increased its full-year Core EPS outlook to $4.70-$4.90.

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Altus Power, Inc. (NYSE: AMPS), the largest commercial-scale clean electric power provider, has announced its schedule for releasing second quarter 2024 financial results. The company will report its earnings after the New York Stock Exchange closes on Thursday, August 8th. Following the release, CEO Gregg Felton and CFO Dustin Weber will host a conference call at 4:30pm ET to review results and provide a business update.

Investors can access the live conference call webcast through the Investor Relations section of Altus Power's website. For those preferring to listen by phone, domestic callers can dial 1-800-717-1738, while international callers should use 1-646-307-1865. A telephonic replay will be available for approximately three hours after the call, accessible until September 8, 2024.

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Altus Power, a leading provider of clean electric power, has acquired an 8.5 MW solar array in New Jersey. This project strengthens its portfolio to 185.5 MW within the state. The ground-mounted solar array will sell power to PJM and generate Solar Renewable Energy Credits (SRECs). This acquisition includes 63 acres of land, offering flexibility for future redevelopment and long-term value maximization. The project is anticipated to produce around 8,776,000 kWh annually, preventing over 6,100 metric tons of carbon dioxide emissions. Altus Power serves over 450 enterprises and 24,000 Community Solar customers across 25 states.

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Edly has appointed Lars Norell, a seasoned startup veteran and co-founder of Altus Power (NYSE: AMPS), as its new Executive Chairman. Norell brings over 30 years of experience in capital markets and structured finance. He aims to scale Edly's innovative funding solutions for students, athletes, and schools. Norell's previous roles at Credit Suisse, Merrill Lynch, and Cohen & Company saw him pioneer industry-standard structured credit products. He co-founded Altus Power, growing it to a public company with a market cap exceeding $500 million. Norell has been a non-executive director at Edly since its inception in 2019 and was an early investor through Start Capital. Edly is known for its 'outcomes-based' lending and NIL funding solutions for student-athletes.

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Altus Power (NYSE: AMPS), leading in commercial clean electric power, announced its CEO, Gregg Felton, and CFO, Dustin Weber, will attend multiple industry conferences. They will participate in fireside chats at the 3rd Annual Evercore ISI Global Clean Energy & Transition Technologies Summit on June 12 and the JP Morgan 2024 Energy, Power & Renewables Conference on June 18 in New York. Additionally, they will attend the Roth 10th Annual London Conference on June 26-27. These events aim to provide investors with deeper insights into the commercial solar sector and Altus Power's industry position. The company boasts a widespread portfolio across 25 states, serving over 450 enterprises and 24,000 Community Solar customers.

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Altus Power, Inc. announced its first quarter 2024 financial results, with revenues of $40.7 million, a 38% increase compared to 2023. GAAP net income was $4.1 million, and adjusted EBITDA was $19.7 million, up 23% from the previous year. The company added 4,000 Community Solar customers, increased its portfolio size by 45%, and has a cash balance of $204 million. Altus Power reaffirms its 2024 guidance with operating revenues of $200-222 million and adjusted EBITDA of $115-135 million, showing significant growth over 2023. Alison Sternberg joins as Head of Investor Relations, bringing valuable experience to the team.

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CBRE Group, Inc. reported financial results for the first quarter of 2024, with revenue up 7.1%, net revenue up 6.3%, and GAAP EPS up 10%, while core EPS declined by 15%. The company's Global Workplace Solutions segment had double-digit net revenue growth, but margins fell short of expectations. CBRE expects to generate core earnings per share in the range of $4.25 to $4.65 for 2024.

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Altus Power, Inc. (AMPS) announced the resignation of Lars Norell as co-CEO and the appointment of Gregg Felton as sole Chief Executive Officer. The Board of Directors expressed confidence in Felton to drive long-term shareholder value. Partnerships with CBRE and Blackstone were highlighted, with a reaffirmation of full-year guidance for 2024.

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Altus Power, Inc. (AMPS) is set to release its first-quarter 2024 financial results on May 9, 2024, followed by a conference call for investors. The call will feature remarks from the Co-CEO and CFO, with a Q&A session. Investors can access the webcast on Altus Power's website.
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FAQ

What is the current stock price of Altus Power (AMPS)?

The current stock price of Altus Power (AMPS) is $3.55 as of December 20, 2024.

What is the market cap of Altus Power (AMPS)?

The market cap of Altus Power (AMPS) is approximately 550.4M.

What does Altus Power, Inc. do?

Altus Power, Inc. develops, owns, and operates large-scale photovoltaic (solar power) and energy storage systems across the United States, serving commercial, industrial, public sector, and community solar customers.

What are the key products offered by Altus Power?

Altus Power offers financial products such as leases and power purchase agreements (PPAs) for solar energy, along with EV charging and energy storage solutions.

How does Altus Power support the clean energy transition?

By developing and operating solar generation and energy storage facilities, Altus Power reduces reliance on fossil fuels and decreases carbon emissions while providing clean electric power to a diverse clientele.

What recent acquisition did Altus Power announce?

Altus Power announced the acquisition of Project Hyperion, comprising 121 megawatts of solar assets in North and South Carolina, expanding its presence in the Southeast.

What financial performance did Altus Power report for 2023?

For the full year 2023, Altus Power reported revenues of $155.2 million, a 53% increase from 2022, with an adjusted EBITDA of $93.1 million, a 59% increase.

What are Altus Power’s growth plans for 2023?

Altus Power plans to expand its portfolio to nearly 900 MWs by the end of 2023, continuing its efforts to build and operate commercial-scale solar assets across the United States.

What is Altus Power's relationship with Vitol?

Altus Power partnered with Vitol for the acquisition of approximately 84 MWs of solar arrays, adding thousands of new long-term Community Solar and other enterprise customers.

Where is Altus Power headquartered?

Altus Power is headquartered in Stamford, Connecticut.

How does Altus Power's business model benefit its customers?

Altus Power's business model allows customers to benefit from solar energy at a discount to grid prices without significant upfront investments, reducing their energy costs and carbon footprints.

What is the long-term funding facility that Altus Power recently utilized?

Altus Power recently utilized a $163 million draw from Blackstone’s long-term funding facility to support further asset additions and growth.

Altus Power, Inc.

NYSE:AMPS

AMPS Rankings

AMPS Stock Data

550.40M
88.36M
44.77%
56.51%
5.36%
Utilities - Renewable
Electric Services
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United States of America
STAMFORD