The Board of Directors has Accepted the Resignation of Lars
Norell as co-CEO and Appointed Gregg Felton as sole Chief Executive
Officer
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. Mr. Felton will
assume all of the duties formerly performed by Mr. Norell.
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. Gregg has been integral to our partnership and I
look forward to continuing to work with him as he leads Altus
forward.”
Robert Horn, Global Head of Infrastructure and Asset-Based
Credit at Blackstone, added, "We continue to be excited about
partnering with Altus Power by providing the Company with large
scale and efficient financing. We have a high degree of confidence
in Gregg and his ability to lead and add value for the
Company."
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. It's been a privilege collaborating with Gregg to
assemble this team; his exceptional talent and drive position him
perfectly to continue to grow the Company. My experience at Altus
Power has been invaluable.”
Gregg Felton commented, “I want to thank Lars for his long-term
vision, years of dedication, and close partnership in creating this
company of amazing, passionate individuals who have worked together
to build the largest commercial-scale solar company in the country.
I am honored to lead the Company forward, and the team and I remain
very optimistic about the future of Altus Power.”
The Company is reaffirming our full year guidance for 2024,
which it announced on March 14, 2024 and will discuss its outlook
and strategy at its first Investor Day on May 14, 2024.
About Altus Power, Inc.
Altus Power, based in Stamford, Connecticut, is the largest
commercial-scale provider of clean electric power serving
commercial, industrial, public sector and Community Solar customers
with end-to-end solutions. Altus Power originates, develops, owns
and operates locally-sited solar generation, energy storage and
charging infrastructure across the nation. Visit www.altuspower.com
to learn more.
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements may be identified by the use of words
such as "aims," "believes," "expects," "intends," "aims", "may,"
“could,” "will," "should," "plans," “projects,” “forecasts,”
“seeks,” “anticipates,” “goal,” “objective,” “target,” “estimate,”
“future,” “outlook,” "strategy," “vision,” or variations of such
words or similar terminology that predict or indicate future events
or trends or that are not statements of historical matters. These
statements, which involve risks and uncertainties, relate to
analyses and other information that are based on forecasts of
future results and estimates of amounts not yet determinable and
may also relate to Altus Power’s future prospects, developments and
business strategies, including the reaffirmation of 2024 full year
guidance. These statements are based on Altus Power’s management’s
current expectations and beliefs, as well as a number of
assumptions concerning future events.
Such forward-looking statements are subject to known and unknown
risks, uncertainties, assumptions and other important factors, many
of which are outside Altus Power’s control, that could cause actual
results to differ materially from the results discussed in the
forward-looking statements. These risks, uncertainties, assumptions
and other important factors include, but are not limited to: (1)
the ability of Altus Power to successfully integrate into its
business and recognize the anticipated benefits of recently
completed business combinations and related transactions and
generate profit from their operations; (2) the ability of Altus
Power to retain customers and maintain and expand relationships
with business partners, suppliers and customers; (3) the risk of
litigation and/or regulatory actions related to the proposed
acquisition of solar assets; (4) changes in applicable laws or
regulations ; and (5) the possibility that Altus Power may be
adversely affected by other economic, business, regulatory and/or
competitive factors. Additional factors that could cause actual
results to differ materially from those expressed or implied in
forward-looking statements can be found under the heading “Risk
Factors” in Altus Power’s Form 10-K for the year ended December 31,
2023, filed with the Securities and Exchange Commission on March
14, 2024, as well as the other information we file with the
Securities and Exchange Commission. New risks and uncertainties
arise from time to time, and it is impossible for us to predict
these events or how they may affect us. You are cautioned not to
place undue reliance upon any forward-looking statements, which
speak only as of the date made and the information and assumptions
underlying such statement as we know it and on the date such
statement was made, and Altus Power undertakes no obligation to
update or revise the forward-looking statements, whether as a
result of new information, changes in expectations, future events
or otherwise, except as required by applicable law. This press
release is not intended to be all-inclusive or to contain all the
information that a person may desire in considering an investment
in Altus Power and is not intended to form the basis of an
investment decision in Altus Power. All subsequent written and oral
forward-looking statements concerning Altus Power or other matters
and attributable to Altus Power or any person acting on its behalf
are expressly qualified in their entirety by the cautionary
statements above.
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version on businesswire.com: https://www.businesswire.com/news/home/20240429952624/en/
Chris Shelton Head of Investor Relations
InvestorRelations@altuspower.com
Grafico Azioni Altus Power (NYSE:AMPS)
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Grafico Azioni Altus Power (NYSE:AMPS)
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