Alternus, Hover Energy Form Microgrid JV for USA, Europe
- US solar company Alternus Clean Energy Inc and Hover Energy team up for microgrid projects, targeting data centers and industrial clients in the US and Europe.
US solar company Alternus Clean Energy Inc and microgrid solutions provider Hover Energy have formed a joint venture to focus on microgrid projects in the US and Europe. The partnership has a pipeline of 60 MW of capacity and aims to target data centers and commercial and industrial clients. Hover Energy brings expertise in wind generators and energy control systems, while Alternus specializes in solar and project finance.
Alternus will be the majority owner of the joint venture with a 51% shareholding, recognizing all revenue and making distributions after reinvestment. The agreement includes the issuance of five million restricted shares to Hover, with additional shares based on performance. Shares in Alternus were up 0.74% in pre-market trading, with a market capitalization of about USD 18.7 million.
What are the key details of Alternus Clean Energy Inc and Hover Energy's joint venture?
- Alternus Clean Energy Inc and Hover Energy have formed a joint venture to focus on microgrid projects in the US and Europe
- The partnership has a pipeline of 60 MW of capacity and aims to target data centers and commercial and industrial clients
- Hover Energy brings expertise in wind generators and energy control systems, while Alternus specializes in solar and project finance
- Alternus will be the majority owner of the joint venture with a 51% shareholding, recognizing all revenue and making distributions after reinvestment
- The agreement includes the issuance of five million restricted shares to Hover, with additional shares based on performance
- Shares in Alternus were up 0.74% in pre-market trading, with a market capitalization of about USD 18.7 million.