Ameresco Inc Stock Price, News & Analysis

Ameresco announced the commercial operations of Kūpono Solar, a 42 MW solar and 42 MW battery storage facility at Joint Base Pearl Harbor-Hickam. This project will power 10,000 homes on O‘ahu with clean energy, reducing CO2 emissions by 50,000 tons annually. The dedication ceremony, attended by key stakeholders, underlined the project's role in stabilizing energy costs and contributing to Hawaii's 100% clean energy goal by 2045. The facility utilizes 131 acres of Navy land under a long-term lease, highlighting strong partnerships with the Navy and Hawaiian Electric.

Ameresco (NYSE: AMRC), a leader in cleantech energy solutions, has won a Gold Stevie® Award for Company of the Year – Energy in the 2024 American Business Awards®. The company, founded in 2000, stood out for its efforts in energy efficiency and renewable energy projects, involving governmental bodies, utilities, healthcare, and educational institutions. Ameresco aims to achieve net zero scope 1 and 2 emissions by 2040 and reduce customers' carbon footprints by 500 million metric tons by 2050. The award recognizes the company's innovation, integrity, effectiveness, creativity, and growth, alongside its expansive project portfolio and sustainability initiatives.

Ameresco announced its participation in various upcoming investor conferences. Key executives, including Executive Vice President and CFO Doran Hole, will host investor meetings and presentations, starting with the Craig-Hallum 21st Annual Institutional Investor Conference on May 29, 2024, in Minneapolis, MN. This will be followed by the William Blair 44th Annual Growth Stock Conference on June 4, 2024, in Chicago, IL. Additional engagements include the Stifel 2024 Cross Sector Insight Conference on June 5, 2024, in Boston, MA; the Baird 2024 Consumer, Technology & Services Conference on June 6, 2024, in New York, NY; the J.P. Morgan Energy, Power & Renewables Conference on June 18, 2024, in New York, NY; and the ROTH 10th Annual London Conference on June 26, 2024, in London, UK. These appearances are aimed at engaging with investors and discussing the company's growth strategies and financial performance.

Ameresco announced its Kūpono Solar project in Hawaii received the SEAL Environmental Initiatives Award. The project, designed for the U.S. Navy, aims to power around 10,000 homes in O‘ahu and reduce over 50,000 tons of CO2. The initiative aligns with Hawaii's goal to achieve 100% renewable energy by 2045 and the Department of Defense's energy security strategy. Benefits include energy cost stabilization, job creation, local economic boosts, and reduced carbon emissions equivalent to removing 12,000 cars annually. Ameresco expressed pride in their contribution to environmental sustainability and community support.

Ameresco announced the commencement of a $33 million Energy Savings Performance Contract (ESPC) project at the U.S. National Archives and Records Administration (NARA) sites. This initiative aims to modernize infrastructure and enhance energy efficiency in College Park, MD, and Washington, DC. Expected outcomes include annual savings of $2 million, a 72% reduction in fossil fuel use, 48% reduction in utility water use, and 28% reduction in electricity. The project features upgrades such as building automation systems, heating and cooling optimizations, LED lighting, and more. Supported by a U.S. Department of Energy grant, Ameresco will also integrate solar PVs, a new chiller, and EV charging stations. This project aligns with Executive Order-14057, targeting net-zero emissions.

Ameresco has signed a $249 million contract and long-term service agreement with Atlantic Green for the construction of one of the UK’s largest battery energy storage projects.

The 300-megawatt project, utilizing Envision Energy's Battery Energy Storage System (BESS), will commence in the first half of 2024 and connect to the grid by the end of 2026. The project aims to enhance the UK's energy security and support its net-zero carbon emissions target by 2050.

Atlantic Green, a joint venture between Nofar Energy and Interland Group, aims to develop 2 GW of battery storage capacity in the UK. This project represents a significant milestone for both Ameresco and Atlantic Green in their sustainability efforts.

Ameresco (NYSE: AMRC) has been awarded a $21 million contract by the City of Henderson to upgrade over 30,000 streetlights to LED technology, including the replacement of several hundred poles. This initiative aims to enhance safety, energy efficiency, and community well-being. The project will improve outage monitoring, response times, and overall lighting quality, making streets safer for pedestrians, cyclists, and motorists. The initiative is part of Henderson's commitment to sustainable urban development. Ameresco has a decade-long partnership with Henderson, contributing to the city's infrastructure and quality of life improvements.

Ameresco, Inc. (NYSE:AMRC) reported solid financial results for the first quarter of 2024, showing growth in all business lines, a 45% increase in contracted backlog, and over 750 MWe in owned energy assets under development. The company reaffirmed its 2024 guidance, with revenues of $298.4 million, a net loss of $2.9 million, GAAP EPS of ($0.06), and adjusted EBITDA of $30.8 million. CEO George Sakellaris highlighted significant growth opportunities, record levels of project backlog, and the strategic focus on better win rates and improved margins in core markets. Ameresco's robust results support expectations for substantial growth in 2024, with multi-year visibility on profitable revenue growth. The company also reaffirmed its full-year 2024 guidance, expecting revenue and adjusted EBITDA growth of 20% and 38% respectively.