Alternus Clean Energy

What Alternus Clean Energy does

Alternus Clean Energy, Inc. is a publicly traded (OTCQB: ALCE) transatlantic clean energy independent power producer that develops and operates utility-scale solar parks, microgrids integrating wind/solar/storage, and battery energy storage systems (BESS). Following a December 2023 SPAC business combination with Clean Earth Acquisitions Corp, the company inherited European operating assets across Italy, Romania, Spain, Poland, and the Netherlands; subsequent restructuring has divested all non-core geographies (Poland, Netherlands, Romania, and most of Spain) and repositioned the portfolio around US microgrid development, BESS, and select Italian solar. The company's technology stack centers on three pillars: patented Wind-Powered Microgrid systems (via a 51% JV with Hover Energy), patented lithium energy storage IP (via the December 2024 LiiON acquisition), and a proprietary Microgrid Management System for intelligent power routing across hybrid assets.

The company generates revenue through four primary streams: long-term Power Purchase Agreements (PPAs) averaging 12+ years remaining term with diversified utility, municipal, and corporate offtakers; Energy-as-a-Service (EaaS) contracts in which Alternus finances, owns, and operates on-site installations while customers pay per kWh; BESS design, installation, and managed services for enterprise customers (including Amazon, Walmart, and NASA); and project development with potential asset sales. Customer segments span utilities, municipalities, data centers, and large commercial/industrial enterprises across the US, UK, Ireland, and Italy, with named anchor customers including Duke Energy (AAA/AA-rated), UK Ministry of Defence, NASA, and Metro Water Services (Tennessee). Go-to-market combines direct enterprise sales, joint ventures (Hover Energy, Acadia Energy for 200 MW of NY microgrid projects), and channel partners for technology and regional market access.

The company's current financial profile is defined by a major balance sheet reset: roughly $207 million in liabilities have been eliminated through divestitures and debt restructuring, total debt has been reduced by over $130 million, and Q1 2025 SG&A was cut 54% year-over-year to $1.43 million. Revenue has declined sharply from $20.1 million in FY2023 to $6.0 million in H1 2024 and approximately $93 thousand in Q1 2025 due to asset sales and weaker European power prices. The company is listed on OTCQB following a September 2024 Nasdaq delisting and is pursuing national exchange relisting in 2025. Operations target a 3 GW operating portfolio within five years through the Acadia JV (200 MW), Hover JV (60+ MW), LiiON BESS division, and pipeline development in Italy, Spain, and the US, funded by a combination of small private placements (~$2.16M and ~$2.25M in April 2024 and January 2025) and expected asset-level project finance.

Name

Alternus Clean Energy

Legal name

Alternus Clean Energy, Inc.

Website

https://alternusce.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Alternus Clean Energy is a publicly traded (OTCQB: ALCE) transatlantic clean energy developer of utility-scale solar, hybrid wind-solar-storage microgrids, and battery energy storage systems, serving utilities, data centers, and large commercial customers across the US, UK, Ireland, and Italy via PPAs and an Energy-as-a-Service model.

Ownership category

akta.pro rank

Product category

Renewable Energy Services

NAICS

Solar Electric Power Generation (221114), Electric Power Generation, Transmission and Distribution (2211), Wind Electric Power Generation (221115)

SIC

Electric Services (4911)

akta.pro primary industry

Renewable Energy Infrastructure (FSAAAKAG)

akta.pro secondary industries

Renewable Energy Asset Management (Solar/Wind/Hydro/Geothermal) (EUAEAMAB), Microgrid, DER & Building Electrification Energy Controls (Solar/Storage/EV Load Orchestration) (BPABAGAJ), Energy Management Systems & Plant Controllers (PPC, AGC Participation, Curtailment Control) (EUAMAIAI)

Keywords

• Utility scale solar
• Battery energy storage
• Microgrid solutions
• Energy as a service
• Renewable energy development

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Technology or R&D, Personnel, Marketing or Sales

Revenue model

1. Power Purchase Agreements (PPAs): Long-term power purchase agreements with counterparties for electricity generated from utility-scale solar parks. Revenue is generated from selling clean energy to utilities, municipalities, and corporate customers. Average remaining contract life exceeds 12 years with diversified counterparty base including AAA/AA rated entities like Duke Energy.
2. Energy-as-a-Service (EaaS): Customers pay per kWh for clean energy generated by on-site microgrid installations. Alternus retains ownership of equipment and provides full service support. No upfront capital required for customers. Revenue recognized as customers consume energy over contract terms.
3. Battery Energy Storage Services: Revenue from battery storage solutions including design, installation, and ongoing services. Integrated with microgrid offerings and sold as part of comprehensive energy solutions to enterprise customers.
4. Project Development and Asset Sales: Development of solar projects with potential for sale upon operational status. Example: Italian solar portfolio generating ~$2M annually per 18MW project, with potential $7M cash proceeds if sold at operational stage.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Alternus Clean Energy develops, owns, and operates utility-scale solar parks, microgrids integrating wind/solar/storage, and lithium-ion battery energy storage systems across Europe and the United States. Through its Energy-as-a-Service (EaaS) model, the company finances clean energy installations, retains ownership, and sells electricity to enterprise customers on a per-kWh basis via long-term power purchase agreements, targeting data centers, utilities, municipalities, and commercial/industrial facilities.

Product overview

Alternus Clean Energy operates as a transatlantic clean energy independent power producer offering a multi-product portfolio comprising utility-scale solar parks, microgrids, and battery storage solutions. The company's offerings span both grid-connected (utility-scale solar) and distributed/decentralized (microgrids, battery storage) energy solutions. Following the December 2024 acquisition of LiiON, the company expanded into battery energy storage systems (BESS) for enterprise markets. Through partnerships with Hover Energy, the company offers Wind-Powered Microgrid™ solutions. The Energy as a Service (EaaS) model enables customers to access these technologies without upfront capital expenditure. The portfolio serves markets across Europe (Italy, Spain, Romania) and America (U.S.), targeting utility customers, data centers, and commercial/industrial facilities.

Differentiator

Problem solved

Functional benefit

Brands

• Sustainabilty Hub: Microgrid projects developed through Acadia Energy joint venture in New York State, combining renewable energy and storage for green, resilient power.
• Wind-Powered Microgrid

Products and services

• Utility Scale Solar Parks Large-scale solar power facilities with thousands of panels designed to generate electricity for the grid. The company develops, owns, and operates these parks in Italy, Spain, Romania, and the US, selling output to utilities, municipalities, and corporate customers through long-term PPAs averaging 12+ years remaining contract life.
• Microgrids Decentralized energy networks integrating solar, wind, and battery storage with intelligent control systems that can operate independently or in conjunction with the main grid. Designed for data centers, commercial facilities, government sites, and corporate customers requiring localized, resilient 24/7 power.
• Battery Storage Solutions High-capacity lithium-ion battery energy storage systems (BESS) that capture and store electricity from renewable sources for use during demand spikes, grid outages, or when energy prices surge. Sold and integrated into microgrid and utility-scale installations for enterprise customers including data centers, telecom, and retail.
• Energy as a Service (EaaS) A financing and delivery model where Alternus finances capital required for clean energy installations, retains ownership of equipment, and customers pay per kWh consumed at same or lower rates than current grid power. Eliminates upfront capex and operational risk for enterprise customers while building recurring revenue for the company.
• LiiON Battery Energy Storage Advanced lithium-based energy storage solutions for data center, telecom, cable, and solar/wind enterprise markets. Acquired through LiiON, LLC in December 2024 and operates as Alternus' BESS division serving Amazon, Walmart, and NASA among other clients, with patented and patent-pending platform designed to integrate with existing equipment and controls.
• Sustainabilty Hub Microgrid Scalable microgrid projects combining renewable energy and storage, offering green, resilient power developed through the Acadia Energy joint venture in New York State. Targets upstate New York communities and municipal customers with 200 MW development pipeline.

Quantifiable outcome

• 40.1 MW operating in Romania; 3.8 MW in US; 264 MW in pre-construction pipeline
• +6 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core, strategic and minor.

• LiiON, LLCcoreTechnology or Integration · 12 December 2024Acquisition completed December 2024 through asset purchase agreement for $5 million. LiiON's customer contracts, service agreements, partnerships, and exclusive IP licensing acquired. Company brings blue-chip clients (Amazon, Walmart, NASA) and expertise in advanced energy storage solutions for data center, telecom, and enterprise markets. Forms basis for new BESS division.
• Hawaii Construction & Development Consulting (HCDC)strategicChannel Partner/ Reseller/ Distributor · 28 August 2024Local partner for microgrid projects in Hawaii. Initial 4 Wind-Powered Microgrid projects totaling 1MW capacity at Union Plaza in Honolulu. Contract value $3-4 million. HCDC focuses on sustainable development with NetZero principles. Plans for SPV with local partners to facilitate ongoing sales and deployment in Hawaii.
• Hover EnergycoreStrategic or Co-development Partner · 8 August 2024Joint venture company formed August 2024 with Alternus holding 51% and Hover 49% ownership. Focuses on delivering next-generation microgrid solutions to data centers and corporate customers. Combines Hover's patented Wind-Powered Microgrid technology and Microgrid Management System with Alternus' project finance and development expertise. Initial pipeline of 35+ projects totaling 60+ MW in US, UK, and Ireland.
• Acadia EnergycoreStrategic or Co-development Partner · 4 April 2024Joint venture to co-develop 200 MW of Sustainabilty Hub microgrid projects in New York State. Alternus holds 51% majority stake, Acadia leads development with 50% cost/equity sharing. Acadia brings pipeline of 1.5-2.0 GW of renewable projects and deep regional relationships. Projects expected to achieve commercial operations within 2 years.
• Lightwave Renewable LLCminorStrategic or Co-development PartnerWholly owned subsidiary holding Omohundro and White's Creek Solar Projects in Tennessee. Projects provide energy for Metro Water Services operations. Used for first IRA tax equity transaction of ~$1.74M in ITCs.
• SRFC-law, KC LLPminorImplementation/ SI/ Consulting PartnerLegal advisory partner listed under 'Building with the Best Partnerships' section on company website.
• Crescendo CommunicationsminorGTM or Marketing PartnerInvestor relations partner. Listed under 'Building with the Best Partnerships' section.
• b2i DigitalminorGTM or Marketing PartnerDigital marketing partner. Listed under 'Building with the Best Partnerships' section.

Scale indicators12 records

Recent moves15 records

Expansion highlights5 records

Broad incumbents

• Sunrun: Largest US residential solar and storage installer with subscription and PPA business models. Comparable through its EaaS-style customer finance model and battery storage offering, though focused on residential rather than C&I / microgrid markets.
• Clearway Energy: Large US-listed renewables IPP with utility-scale solar, wind, and battery storage assets across multiple states. Comparable as a competing utility-scale solar and storage developer/operator, though substantially larger and more established than Alternus.
• Brookfield Renewable Partners: One of the world's largest publicly traded renewable power platforms, operating hydro, wind, solar, and storage assets globally. Comparable as a renewable energy IPP with utility-scale solar and storage exposure, though materially larger and more diversified than Alternus.
• NextEra Energy Partners: Yieldco affiliated with NextEra Energy, owning contracted renewable energy assets in the US. Comparable as a long-term PPA-backed renewables infrastructure operator, though at much greater scale than Alternus.

Direct peers

• Generate Capital: Private sustainable infrastructure platform providing financing and ownership of distributed solar, storage, microgrids, and energy efficiency projects. Highly comparable to Alternus in EaaS-style business model and distributed clean energy focus.
• Altus Power: US-listed commercial and industrial solar company offering Energy-as-a-Service to enterprise customers. Highly comparable to Alternus given its C&I focus, EaaS business model, and emphasis on turnkey clean energy solutions for data centers and corporations.
• Hannon Armstrong Sustainable Infrastructure Capital: US-listed specialty finance company providing capital for climate solutions including solar, storage, and energy efficiency. Comparable as a financier and owner of distributed clean energy infrastructure serving commercial and institutional customers, with similar customer and technology overlap to Alternus.
• Atlantica Sustainable Infrastructure: London-listed sustainable infrastructure company owning and operating renewable energy, transmission, and water assets globally. Comparable as a renewable IPP with similar transatlantic operating profile, contracted revenue model, and infrastructure asset focus to Alternus.

Emerging players

• Bloom Energy: US-listed fuel cell and distributed power company serving data centers and large commercial customers with on-site generation. Comparable in addressing enterprise customer demand for resilient, behind-the-meter power solutions, though using a different primary generation technology.
• Stem, Inc. AI-driven energy storage and software company serving commercial and industrial customers. Comparable as a battery storage solutions provider targeting enterprise customers and integrating with renewables, similar to Alternus's LiiON division.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/alternuscleanenergy

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Alternus Clean Energy