STAMFORD, Conn. - Altus Power, Inc. (NYSE:AMPS), a commercial-scale clean electric power provider, announced a change in leadership with Gregg Felton taking over as the sole Chief Executive Officer after the resignation of Lars Norell on April 26, 2024.
The Board of Directors expressed confidence in Felton's ability to drive long-term shareholder value and acknowledged Norell's contributions to the company over the past 15 years.
Felton, who has been instrumental in Altus Power's partnership with CBRE, is expected to continue the company's mission of delivering clean power. CBRE's Chief Sustainability Officer, Robert Bernard, who also serves as a director at Altus Power, praised Felton's role in the partnership aimed at reducing clients' carbon footprints.
Blackstone (NYSE:BX)'s Robert Horn expressed continued excitement about financing Altus Power and confidence in Felton's leadership. Lars Norell reflected positively on his journey with Altus Power and commended Felton's exceptional talent and drive, which positions him to foster company growth.
Felton expressed gratitude for Norell's vision and partnership and conveyed optimism for Altus Power's future. The company also reaffirmed its full-year guidance for 2024, originally announced on March 14, 2024, and plans to discuss its outlook and strategy at its first Investor Day on May 14, 2024.
Based in Stamford, Connecticut, Altus Power provides clean electric power solutions including solar generation, energy storage, and charging infrastructure across the United States.
This leadership transition is based on a press release statement and reflects the company's strategic direction and focus on clean energy solutions.
InvestingPro Insights
As Altus Power, Inc. (NYSE:AMPS) navigates through a leadership transition, it's essential to analyze the company's financial health and market position. With Gregg Felton stepping in as the sole Chief Executive Officer, investors are closely watching the company’s performance metrics and future prospects.
According to InvestingPro, Altus Power operates with a significant debt burden and may have trouble making interest payments on its debt. This is a crucial consideration for investors, especially with the company's recent change in leadership. However, analysts are anticipating sales growth in the current year, which could signal a positive trajectory for Altus Power's revenue streams.
InvestingPro Data shows that Altus Power has a market capitalization of 578.75 million USD. Despite a negative P/E ratio of -78.50, the company boasts an impressive gross profit margin of 80.9% for the last twelve months as of Q4 2023.
This high margin indicates that Altus Power has been effective in managing its production costs and maintaining profitability at the gross level. Moreover, the company has experienced a significant revenue growth of 53.38% over the same period, which is an encouraging sign for potential investors.
Investors interested in further analysis and additional InvestingPro Tips can explore more at InvestingPro. There are 17 more InvestingPro Tips available for Altus Power, providing deeper insights into the company's financial health and market performance. For those considering an InvestingPro subscription, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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