Alternus Clean Energy Enters Strategic Alliance with Hover Energy

--Alliance to offer differentiated 24x7 zero-carbon power to customers--

FORT MILL, S.C., Jan. 25, 2024 (GLOBE NEWSWIRE) -- 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 Microgrid^TM 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.”