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 (historically NYSE: AMPS) appears frequently in news coverage as a commercial-scale provider of clean electric power focused on solar electric power generation. Company announcements highlight new rooftop and ground-mounted solar projects, acquisitions of operating and development-stage solar portfolios, and corporate transactions affecting its capital structure and listing status.
News items describe Altus Power originating, developing, owning and operating locally sited solar generation, energy storage and charging infrastructure across the United States. Examples include rooftop solar projects at a large sports facility in Colorado and a distribution center in California, as well as acquisitions of portfolios serving public sector clients and Community Solar subscribers in states such as Kansas, New York and Maryland. These stories often emphasize discounted power relative to utility rates and reductions in carbon emissions over the life of the projects.
Altus Power’s news flow also covers its Community Solar activities, including acquisitions of development-stage community solar projects expected to participate in state programs and serve thousands of subscribers, with specific allocations for low-to-moderate income households. The company’s communications describe Community Solar as providing clean energy savings to homeowners, renters, multifamily residents and small businesses without requiring them to install their own solar panels.
Another major theme in Altus Power’s news is corporate and capital markets activity. The company announced a definitive agreement to be acquired by TPG through its TPG Rise Climate Transition Infrastructure strategy and later reported the completion of this all-cash transaction, after which Altus Power became a privately held company and its Class A common stock ceased trading on the New York Stock Exchange. Financial results releases have included discussions of operating revenues, adjusted EBITDA and portfolio growth in megawatts of operating assets.
Investors and observers using the AMPS news page can review this historical record of project announcements, portfolio acquisitions, Community Solar expansions, financial results and the TPG acquisition to understand how Altus Power developed its commercial-scale solar platform and transitioned from a public to a private company.
Altus Power announced the appointment of Chris Shelton as Head of Investor Relations, effective February 7, 2022. Shelton, with over 18 years of experience in the utility and renewable sectors, joins from Millennium Management. His role involves overseeing investor relations, enhancing communication about Altus Power's strategies and performance. CEO Dustin Weber expressed enthusiasm for Shelton's professionalism and insights, emphasizing their commitment to tapping into the growing clean energy market, supported by their strategic partnership with CBRE.
Altus Power (NYSE: AMPS) has entered a three-year supply agreement with Heliene, allowing the purchase of up to 250 MW of solar modules. This strategic partnership aims to mitigate supply chain issues and ensure access to domestically manufactured solar products amidst growing demand. Altus will invest up to $5 million in Heliene's public capital raise for its reverse takeover with Buzz Capital 2 Ltd. Heliene's modules, produced in Minnesota, utilize high-efficiency technology and aim to enhance local job creation in the solar industry.
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.
On December 10, 2021, Altus Power (NYSE: AMPS) celebrated its initial public listing by ringing the Opening Bell at the New York Stock Exchange. Co-CEO Gregg Felton emphasized the company's commitment to advancing clean electrification in the U.S., praising employees for their contributions to this milestone. Altus Power, based in Stamford, Connecticut, focuses on solar generation, energy storage, and EV-charging stations, having developed or acquired over 350 megawatts nationwide since its founding in 2009.
On December 9, 2021, Altus Power completed its business combination with CBRE Acquisition Holdings, Inc. (CBAH), approved by approximately 90% of CBAH stockholders. Starting December 10, 2021, Altus Power's shares will trade on the NYSE under the symbols AMPS and AMPS WS. The merger secures $636.5 million in proceeds to finance growth, leveraging strategic partnerships with CBRE and Blackstone. The market for commercial & industrial solar is expected to more than double by 2030, driving demand for clean electrification solutions.