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Insurance Altus Power, Inc. (NYSE: AMPS) ("Altus Power" or the "Company"), the largest commercial scale provider of clean, electric power, today announced its financial results for first quarter of 2024.
Key Points:
- Altus Power, Inc. (NYSE: AMPS) ("Altus Power" or the "Company"), the largest commercial scale provider of clean, electric power, today announced its financial results for first quarter of 2024.
- Operating revenues during the first quarter of 2024 totaled $40.7 million, compared to $29.4 million during the same period of 2023, an increase of 38%.
- First quarter 2024 GAAP net income totaled $4.1 million, compared to $3.8 million for the same period of 2023.
- Adjusted EBITDA* during the first quarter of 2024 was $19.7 million, compared to $16.0 million for the first quarter of 2023, a 23% increase.
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Management Altus Power, Inc. (NYSE:AMPS) (“Altus Power” or the “Company”) announced today that the Board of Directors has accepted the resignation of Lars Norell as a co-CEO and as a director of the Company, effective April 26, 2024, and has appointed Gregg Felton as sole Chief Executive Officer of the Company.
Key Points:
- Altus Power, Inc. (NYSE:AMPS) (“Altus Power” or the “Company”) announced today that the Board of Directors has accepted the resignation of Lars Norell as a co-CEO and as a director of the Company, effective April 26, 2024, and has appointed Gregg Felton as sole Chief Executive Officer of the Company.
- Christine Detrick, Chairperson of Altus Power, said, “The Board has confidence that Gregg will move Altus Power forward with positive momentum and drive long-term shareholder value creation.
- We express our thanks to Lars for his years of service to the Company.”
Robert Bernard, CBRE’s Chief Sustainability Officer, and an Altus Power Director, stated, “Our partnership with Altus Power provides a unique solution that helps CBRE clients reduce their carbon footprints.
- Lars Norell stated, “It’s been an incredible journey since the founding of Altus Power 15 years ago and the Company’s vision to deliver clean power to its customers is as relevant today as it was when we started.
The earnings release will be followed by a conference call for investors at 4:30 PM Eastern Time.
Key Points:
- The earnings release will be followed by a conference call for investors at 4:30 PM Eastern Time.
- The call will feature prepared remarks from Gregg Felton, Co-Chief Executive Officer and Dustin Weber, Chief Financial Officer.
- The prepared remarks will be followed by a question-and-answer session which will also include Lars Norell, Co-Chief Executive Officer of Altus Power.
- The conference call may be accessed via live webcast on a listen-only basis on the Events & Presentations page of the investor section of Altus Power’s website.
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Mergers and acquisitions Altus Power, Inc. (NYSE: AMPS) (“Altus Power” or the “Company”), the largest commercial scale provider of clean, electric power, today announced its financial results for fourth quarter and full year 2023.
Key Points:
- Altus Power, Inc. (NYSE: AMPS) (“Altus Power” or the “Company”), the largest commercial scale provider of clean, electric power, today announced its financial results for fourth quarter and full year 2023.
- Operating revenues during the fourth quarter of 2023 totaled $34.2 million, compared to $26.8 million during the same period of 2022, an increase of 28%.
- Fourth quarter 2023 GAAP net loss totaled $40.0 million, compared to net income of $67.1 million for the same period last year.
- Adjusted EBITDA* during the fourth quarter of 2023 was $17.3 million, compared to $16.6 million for the fourth quarter of 2022, a 5% increase.
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Management Altus Power (NYSE: AMPS), the largest commercial scale provider of clean, electric power, today announced the appointment of Robert Bernard, CBRE’s Chief Sustainability Officer, to its Board of Directors.
Key Points:
- Altus Power (NYSE: AMPS), the largest commercial scale provider of clean, electric power, today announced the appointment of Robert Bernard, CBRE’s Chief Sustainability Officer, to its Board of Directors.
- Bernard assumes the board seat made available by the recent retirement of Bill Concannon, who led CBRE’s partnership with Altus Power since 2021.
- “Rob’s appointment is endorsed by CBRE’s senior leadership and reaffirms CBRE’s commitment to our partnership.”
“Rob’s role on Altus Power’s board will help drive CBRE’s commitment to sustainability for our clients,” added Bob Sulentic, Chair & CEO of CBRE.
- “We continue to view our partnership with Altus Power as providing a unique solution for CBRE clients that are committed to reducing their carbon footprints.”
As Chief Sustainability Officer, Bernard drives enterprise-wide strategies that strengthen the suite of sustainability services that CBRE delivers for its clients.
Retrieved on:
Wednesday, February 7, 2024
The earnings release will be followed by a conference call for investors at 4:30 PM Eastern Time.
Key Points:
- The earnings release will be followed by a conference call for investors at 4:30 PM Eastern Time.
- The call will feature prepared remarks from Lars Norell, Co-Chief Executive Officer and Dustin Weber, Chief Financial Officer.
- The prepared remarks will be followed by a question-and-answer session which will also include Gregg Felton, Co-Chief Executive Officer of Altus Power.
- The conference call may be accessed via live webcast on a listen-only basis on the Events & Presentations page of the investor section of Altus Power’s website.
Retrieved on:
Wednesday, January 31, 2024
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Renewable energy “We’re proud of our robust pipeline that is adding Community Solar subscribers, school districts and other enterprises to Altus Power’s growing customer base.
Key Points:
- “We’re proud of our robust pipeline that is adding Community Solar subscribers, school districts and other enterprises to Altus Power’s growing customer base.
- Our expansion in the Northeast offers additional scale in these markets and allows us to continue to enhance the services that we offer our customers,” said Gregg Felton, co-CEO and co-founder, Altus Power.
- Altus Power’s portfolio across 25 states serves enterprises committed to achieving carbon reduction goals, anchored by the company’s distributed solar arrays.
- As one of the pioneers of Community Solar, Altus Power currently serves more than 20,000 subscribers nationwide.
Retrieved on:
Wednesday, January 10, 2024
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UNEP D’Agostino will be sharing the best practices of commercial decarbonization, particularly the role of locally-sited solar.
Key Points:
- D’Agostino will be sharing the best practices of commercial decarbonization, particularly the role of locally-sited solar.
- Altus Power’s portfolio across 25 states serves enterprises committed to achieving carbon reduction goals, anchored by the company’s distributed solar arrays.
- As one of the pioneers of Community Solar, Altus Power currently serves more than 20,000 subscribers nationwide.
- Select presentations will be available on the Altus Power website at: https://investors.altuspower.com/overview/default.aspx .
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Security (finance) Altus Power, Inc. (NYSE: AMPS), the leading commercial-scale provider of clean electric power, today announced the closing of secured credit facility having a principal loan amount of $100 million by an affiliate of Goldman Sachs Asset Management (“Goldman Sachs”) and CPPIB Credit Investments III Inc., a subsidiary of Canada Pension Plan Investment Board (“CPP Investments”).
Key Points:
- Altus Power, Inc. (NYSE: AMPS), the leading commercial-scale provider of clean electric power, today announced the closing of secured credit facility having a principal loan amount of $100 million by an affiliate of Goldman Sachs Asset Management (“Goldman Sachs”) and CPPIB Credit Investments III Inc., a subsidiary of Canada Pension Plan Investment Board (“CPP Investments”).
- Altus Power plans to use proceeds from the facility to support its ongoing expansion.
- The facility carries an interest rate of 8.50% and a term of six years and is prepayable without penalty after three years.
- “We’re pleased to welcome Goldman Sachs and CPP Investments as partners in Altus Power, bringing capital that will fund our expected growth plans in 2024,” remarked Dustin Weber, CFO of Altus Power.
Retrieved on:
Thursday, December 21, 2023
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Renewable energy Altus Power, Inc. (NYSE: AMPS), the leading commercial-scale provider of clean electric power, today announced the closing of its acquisition of Project Hyperion, LLC, comprising of 121 megawatts in solar assets, primarily located in North and South Carolina.
Key Points:
- Altus Power, Inc. (NYSE: AMPS), the leading commercial-scale provider of clean electric power, today announced the closing of its acquisition of Project Hyperion, LLC, comprising of 121 megawatts in solar assets, primarily located in North and South Carolina.
- Hyperion was acquired from funds advised by Basalt Infrastructure Partners LLC and Soltage, LLC, a leading owner and developer of distributed solar and storage assets.
- The transaction expands Altus’ presence in the Southeast and introduces new government and municipal entities into the Altus portfolio.
- Altus Power currently owns and operates distributed solar arrays across 25 states, delivering clean, electric power at a discount to enterprises and households.
