Research analysts covering Alternus Clean Energy.
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Alternus Clean Energy, Inc. Forms Joint Venture and Issues Convertible Preferred Stock
ALCE
M&A
Convertible Preferred Issuance
New Projects/Investments
- Alternus Clean Energy, Inc. (ALCE) entered into a Securities Purchase Agreement and a Joint Venture Operating Agreement with Hover Energy LLC on September 30, 2025, establishing a joint venture.
- As part of this transaction, ALCE issued a total of 21,150 shares of Series B Convertible Preferred Stock to Hover Energy LLC, with each share valued at $1,000, for an aggregate value of $21,150,000.
- This issuance included 20,000 shares in exchange for a 49% interest in ALCE's subsidiary, EverOn Energy LLC, and 1,150 shares as part of a $5,150,000 settlement for the termination of a Strategic Alliance Agreement.
- The Series B Convertible Preferred Stock is convertible into common stock at a price of $1.00 per share, grants full voting rights on an "as-converted" basis, but does not entitle holders to dividend payments.
- The joint venture is expected to bring in a significant pipeline of Wind Powered Microgrid projects, with future revenue streams and income initially valued at over $50 million.
Oct 6, 2025, 8:30 PM
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