Altus Power Inc Stock Price, News & Analysis

Altus Power (NYSE: AMPS) announced definitive agreements to acquire operating solar assets totaling approximately 97 megawatts (MW) for around $220 million. The acquisition will be funded through cash and assumed liabilities, with the largest portfolio consisting of 88 MW across nine U.S. states. This expansion is expected to enhance Altus Power's presence in new markets, including Pennsylvania, Indiana, Arizona, and Nevada, while also providing opportunities for additional electrification solutions.

Altus Power, Inc. (NYSE: AMPS) announced the redemption of all remaining public and private placement warrants to purchase Class A common stock. The redemption price is set at $0.10 per Warrant, effective for those outstanding past 5:00 p.m. on October 17, 2022. The Company has exchanged approximately 4,630,163 public warrants for 1,111,243 Class A shares. Holders can exercise Warrants until the Redemption Date, with choices for cash or cashless options. Unexercised Warrants post-deadline will be void.

Altus Power, Inc. (NYSE: AMPS) has appointed Greg Roer as Managing Director of its Origination Team. Roer brings 15 years of experience from Goldman Sachs, where he co-founded the Renewable Power Group, contributing to over 2 GW of solar and storage projects. His role aims to enhance client relationships and assess operating portfolios to support the company's growth in solar, storage, and EV charging sectors. Roer's extensive background in alternative energy is expected to bolster Altus Power's leadership in the commercial solar market.

Altus Power supports the recently passed Inflation Reduction Act, anticipating that its provisions will enhance its business prospects in solar and battery storage. The law's key benefits include a 10-year extension of the Investment Tax Credit for solar, increased from 26% to 30%, and a similar incentive for battery storage. Altus expects these changes to stimulate growth in U.S. manufacturing and significantly expand its market opportunities.

Altus Power (AMPS) reported second quarter 2022 revenues of $24.8 million, a 41% increase from Q2 2021. The company achieved a net income of $21.6 million compared to a net loss of $0.4 million last year, driven by a $21.4 million non-cash gain from fair value remeasurement. Adjusted EBITDA rose to $13.9 million, marking a 37% increase. With $295.1 million in cash and a reaffirmed full-year adjusted EBITDA guidance of $57-63 million, Altus Power shows strong financial health and growth potential.

Altus Power, Inc. (NYSE: AMPS) will announce its financial results for Q2 2022 on August 15, 2022, before market open. This will be followed by a conference call at 8:30 AM ET, featuring CEO Lars Norell, Chief Platform Officer Dan Alcombright, and CFO Dustin Weber. Investors can access the live webcast on the company's Investor section. A replay will be available shortly after the call for 30 days. Altus Power develops and operates solar generation and energy storage solutions across 18 states, serving various markets from Vermont to Hawaii.

Altus Power, Inc. (NYSE: AMPS) has been added to the MAC Global Solar Energy Stock Index as of June 17, 2022. This index represents a range of companies involved in the solar energy value chain, including energy producers and equipment providers. Changes to the index occur quarterly. The MAC Global Solar Energy Stock Index also serves as the tracking index for the Invesco Solar ETF (TAN). Altus Power specializes in clean electrification, operating across 18 states and providing solar generation, energy storage, and EV charging infrastructure.