Altus Power replaces Maxeon Solar in the PPVX
Post date: 13/11/2023 - 17:57
Altus Power, Inc. has been added to the PHOTON Photovoltaic Stock Index PPVX effective November 10. The Stamford, Connecticut-based company, which has been listed on the New York Stock Exchange since July 2021, develops, owns and operates photovoltaic systems as well as energy storage and EV charging stations in several US states from Vermont to Hawaii.
With a market capitalization of approximately €782 million (based on a weekly closing price of $5.26), Altus Power replaces Maxeon Solar Technologies Ltd. (€259 million) as the lowest-valued of the 30 photovoltaic companies in the PPVX.
In 2022, Altus Power, which is led by founders Gregg J. Felton and Lars R. Norell, generated revenues of approximately $101 million, $29 million in the first quarter of 2023, and $46 million in the second quarter (third quarter figures are not yet available). In the first half of 2023, revenues increased by over 73 percent to $75.9 million, while operating income increased by 117 percent to $12.26 million. However, after-tax income fell from $81.7 million to $7.2 million ($0.08 per share) as interest expense more than doubled to $21 million in 2023 and other expenses of $3 million were incurred instead of other income (from over $76.6 million in the previous year). For the full year, management continues to expect adjusted EBITDA in the range of $97 million to $103 million, representing growth of approximately 70 percent.
Altus Power went public through a merger with SPAC company CBRE Acquisition Holdings.
The PPVX, which was launched on August 1, 2001 in cooperation with the solar power magazine PHOTON, is managed by the Vienna-based Öko-Invest-Verlags-GmbH.