Alternus Clean Energy Enters Strategic Alliance with Hover Energy
January 25 2024 - 8:00AM
Utility-scale transatlantic clean energy independent power producer
(IPP) Alternus Clean Energy (NASDAQ: ALCE) (“Alternus”) announced
today that it entered a strategic alliance with Dallas-based Hover
Energy (“Hover”), an established leader in the development and
deployment of Wind Powered MicrogridTM systems.
Alternus and Hover intend to differentiate their
value proposition to customers by offering consistent delivery of
dependable clean 24x7 power. By creating microgrids that integrate
Alternus’ utility-scale solar projects with Hover’s 24x7
wind-powered generators, the combined systems will drastically
reduce intermittency and minimize the expensive storage capacity
needed to achieve full grid independence. With this alliance,
commercial and industrial customers will receive reliable 24x7
zero-carbon power at a competitive cost.
Hover will lead development, engineering,
construction and commissioning, after which the microgrids will be
owned and operated by Alternus. The initial phase of the alliance
targets 50 MW of projects that will provide rapid growth of high
margin revenue streams over anticipated 15-year offtake contracts,
with the first project scheduled to begin construction in
3Q’24.
Vincent Browne, CEO of Alternus Clean Energy,
commented, “This alliance is promising, because it enables us to
differentiate our C&I offering versus traditional solar-only
competitors. Hover’s unique and proven wind technology enables each
project to generate around the clock. The substantially reduced
intermittency enables us to limit customer dependence on either
expensive storage or the grid to fill the gaps. We believe
customers will recognize the power of this innovative and proven
solution, giving us both a strong competitive advantage. We look
forward to driving rapid growth in North America with Hover and are
excited that our first project together will start construction in
a few short months.”
Hover’s CEO, Chris Griffin added, “Combining
forces with Alternus can turbo-charge the growth trajectories of
both partners. Our unique wind-driven generating technology and
proprietary control systems differentiate the reliability and cost
of traditional solar-based power, enhancing our ability to sign
attractive PPAs, and deliver on them. Alternus is an established
owner-operator with a great track record and access to capital. We
are enthusiastic about joining forces with them to rapidly expand
our market.”
About Alternus Clean Energy,
Inc.
Alternus is a transatlantic clean energy
independent power producer. Headquartered in the United States, we
currently develop, install, own, and operate utility-scale solar
parks in the US and Europe. Our highly motivated and dynamic team
at Alternus have achieved rapid growth in recent years. Building on
this, our goal is to reach 3GW of operating projects within five
years through continued organic development activities and targeted
strategic opportunities. Our vision is to become a leading provider
of 24/7 clean energy delivering a sustainable future of renewable
power with people and planet in harmony. For more information visit
www.alternusenergy.com.
About Hover Energy
Hover Energy designs, develops, and deploys its Wind-Powered
Microgrids™ to efficiently harness the power of nature to generate
power where it is consumed. Hover believes that while achieving net
zero is a strong beginning, achieving global real zero is the
ultimate goal. Learn more at www.hoverenergy.com.
Forward-Looking Statements
Certain information contained in this release, including any
information on the Company’s plans or future financial or operating
performance and other statements that express the Company’s
management’s expectations or estimates of future performance,
constitute forward-looking statements. When used in this notice,
words such as “anticipate,” “believe,” “continue,” “could,”
“estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,”
“potential,” “predict,” “project,” “should,” “would” and similar
expressions, as they relate to us or our management team, identify
forward-looking statements. Such forward-looking statements are
based on the beliefs of management, as well as assumptions made by,
and information currently available to, the Company’s management.
Such statements are based on a number of estimates and assumptions
that are subject to significant business, economic and competitive
uncertainties, many of which are beyond the control of the Company.
The Company cautions that such forward-looking statements involve
known and unknown risks and other factors that may cause the actual
financial results, performance or achievements of the Company to
differ materially from the Company’s estimated future results,
performance or achievements expressed or implied by the
forward-looking statements. These statements should not be relied
upon as representing Alternus’ assessments of any date after the
date of this release. The Company undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.
For More Information:
Investors:
Alternus Clean Energy ir@alternusenergy.com +1 (913)
815-1557
or
Media:
The Blueshirt Group alternus@blueshirtgroup.com +1 (323)
240-5796
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