Alternus Clean Energy, Inc.

Alternus Clean Energy, Inc.

Company status and history

• Incorporated May 14, 2021 as Clean Earth Acquisitions Corp.
• Completed a business combination on December 22, 2023 and changed its name to Alternus Clean Energy, Inc.
• Headquartered in New York, NY; principal executive offices at 17 State Street, Suite 4000, New York, NY 10004.
• Operates as a holding company through eight operating subsidiaries.

People and structure

• Total employees: 13
  • 6 employees in Dublin, Ireland
  • 2 employees at the New York headquarters
  • 2 remote employees in the United States
  • 3 employees in Europe

Core business model and offerings

• Energy transition platform focused on decentralized, onsite energy solutions, with an emphasis on microgrids.
• Primary operating strategy executed through EverOn Energy LLC, a joint venture with Hover Energy LLC, to deliver wind-powered clean energy microgrids to corporate, data center, and industrial facility owners in the United States and United Kingdom.
• EverOn integrates Hover Energy’s compact wind turbine technology with solar and battery storage to deliver multi-technology microgrids.
• Revenue model relies on long-term energy service contracts (Power Purchase Agreements, PPAs) and Energy-as-a-Service (EaaS) arrangements, typically requiring no upfront capital expenditure from customers.
• Customer value proposition: energy independence, cost transparency, resilience, and predictable long-duration cash flows for Alternus; customers receive onsite energy at rates below or at parity with grid tariffs.
• Financing approach: Alternus and financing partners fund capital costs of microgrid assets, enabling faster adoption and ongoing ownership of income-generating assets.

Geographic and market focus

• Initial primary market for EverOn: the United Kingdom, driven by high energy prices and grid constraints in UK businesses.
• Target verticals: big box retail, real estate, education, and manufacturing.
• The EverOn pipeline includes a large proportion of Blue-Chip clients, with more than 70% of near-term growth represented in these opportunities.

Revenue and customers

• 2024 revenue: Generated revenues in the year ended December 31, 2024 from the sale of clean energy under long-term off-take agreements to national power grids (utility-scale solar and storage).
• 2025 revenue: No revenue was generated in the year ended December 31, 2025.
• Portfolio strategy: Targets roughly 70% of energy rates contracted long-term on a portfolio basis.

Financial condition and profitability

• The company reports substantial liquidity needs and ongoing capitalization requirements to fund development, installation, and operation of projects.
• As of December 31, 2025, approximately $6.2 million in outstanding short-term borrowings were reported.
• The company has reported the possibility of continued losses and substantial doubt about its ability to continue as a going concern, and plans to raise additional working capital through debt or equity financing.
• Historical and potential loss exposure includes legal contingencies and settlements, which have been accrued as liabilities where applicable.

Key strategic elements

• Integration of wind, solar, and storage to increase on-site generation density and resilience.
• Capital-light model that retains ownership of income-generating assets and prioritizes long-duration cash flows.
• Optionality on Italian solar assets (approximately 217 MW) retained by Alternus for potential future diversification.

Other disclosure context

• Operates globally with international regulatory and compliance considerations, supplier risks, and currency exposure.
• Business is capital-intensive and relies on external financing and partnerships to fund EPC, O&M, and project development activities.