Altus Power Announces CEO Transition, Board Of Directors Has Accepted The Resignation Of Lars Norell As Co-CEO And Appointed Gregg Felton As Sole Chief Executive Officer; Reaffirms Full Year Guidance For 2024

Altus Power +0.45%

Altus Power

AMPS

4.50

+0.45%

The Board of Directors has Accepted the Resignation of Lars Norell as co-CEO and Appointed Gregg Felton as sole Chief Executive Officer

Altus Power, Inc. (NYSE:AMPS) ("Altus Power" or the "Company") announced today that the Board of Directors has accepted the resignation of Lars Norell as a co-CEO and as a director of the Company, effective April 26, 2024, and has appointed Gregg Felton as sole Chief Executive Officer of the Company. Mr. Felton will assume all of the duties formerly performed by Mr. Norell.

Christine Detrick, Chairperson of Altus Power, said, "The Board has confidence that Gregg will move Altus Power forward with positive momentum and drive long-term shareholder value creation. We express our thanks to Lars for his years of service to the Company."

Robert Bernard, CBRE's Chief Sustainability Officer, and an Altus Power Director, stated, "Our partnership with Altus Power provides a unique solution that helps CBRE clients reduce their carbon footprints. Gregg has been integral to our partnership and I look forward to continuing to work with him as he leads Altus forward."

Robert Horn, Global Head of Infrastructure and Asset-Based Credit at Blackstone, added, "We continue to be excited about partnering with Altus Power by providing the Company with large scale and efficient financing. We have a high degree of confidence in Gregg and his ability to lead and add value for the Company."

Lars Norell stated, "It's been an incredible journey since the founding of Altus Power 15 years ago and the Company's vision to deliver clean power to its customers is as relevant today as it was when we started. It's been a privilege collaborating with Gregg to assemble this team; his exceptional talent and drive position him perfectly to continue to grow the Company. My experience at Altus Power has been invaluable."

Gregg Felton commented, "I want to thank Lars for his long-term vision, years of dedication, and close partnership in creating this company of amazing, passionate individuals who have worked together to build the largest commercial-scale solar company in the country. I am honored to lead the Company forward, and the team and I remain very optimistic about the future of Altus Power."

The Company is reaffirming our full year guidance for 2024, which it announced on March 14, 2024 and will discuss its outlook and strategy at its first Investor Day on May 14, 2024.

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