Altus Power adds finance veteran to board of directors

Altus Power, Inc. (NYSE: AMPS), a leading commercial-scale provider of clean electric power, has appointed finance expert Richard A. Shapiro to its Board of Directors.

Shapiro will assume the role of chair of the Compensation Committee, bringing nearly three decades of investment management and financial advisory experience to the company.

Shapiro's extensive background includes his current position as the Founder and Chief Investment Officer of Ridge Run Partners, LLC, a family office firm he established in 2021. His previous roles include Portfolio Manager at Millennium Management and Partner at Wexford Capital, both multi-billion dollar hedge funds.

Shapiro's expertise in finance, mergers and acquisitions, and company value enhancement is expected to complement the existing skill set of Altus Power's Board.

Shapiro's academic credentials include an MBA from Georgetown University and a BS in Business Administration from the University of Southern California. His experience extends to serving on the boards of several public companies, including Elah Holdings, Orion Energy Systems (NASDAQ:OESX), Inc., and CDON AB, where he has also been part of the compensation committee.

Gregg Felton, CEO of Altus Power, expressed confidence in Shapiro's ability to contribute to the company's growth and capital structure optimization. Christine Detrick, Chairperson of Altus Power, highlighted Shapiro's proven track record and the value it brings to the board's collective expertise.

Altus Power is recognized as the largest commercial-scale clean electric power provider and offers end-to-end solutions for various customers, including commercial, industrial, public sector, and Community Solar projects.

The company specializes in originating, developing, owning, and operating solar generation, energy storage, and charging infrastructure nationwide.

The addition of Shapiro to Altus Power's Board of Directors is part of the company's ongoing strategy to enhance long-term growth and shareholder value.

Seaport Global Securities initiated coverage on the company with a Buy rating, highlighting the company's unique market approach and potential for growth in the renewable energy industry. However, B.Riley adjusted its financial outlook for Altus Power, decreasing the price target due to a more moderate growth trajectory than initially predicted. Evercore ISI also revised its share price target reflecting key factors influencing the company's growth trajectory.

InvestingPro Insights

With the strategic appointment of Richard A. Shapiro to its Board of Directors, Altus Power, Inc. (NYSE: AMPS) continues to fortify its position in the clean electric power industry. The financial acumen of Shapiro is poised to be a valuable asset, especially as the company navigates through its financial landscape. Here are some insights based on recent data and analysis from InvestingPro:

Altus Power operates with a substantial debt load, which may present challenges in meeting interest payments, an important consideration for the new chair of the Compensation Committee to address (InvestingPro Tip). Despite this, analysts remain optimistic about the company's future, anticipating growth in net income and sales for the current year. This potential for growth is underscored by Altus Power's impressive gross profit margins, which stood at 79.22% over the last twelve months as of Q1 2024 (InvestingPro Data).

InvestingPro Data further reveals that Altus Power has a market capitalization of $671.47 million, and although it has been trading at high valuation multiples, such as a P/E ratio of -89.98 and a price to revenue multiple that is also considered high, the company has managed a strong return over the past month, with a 12.6% price total return. This performance is particularly notable given the overall negative year-to-date price total return of -38.51%.

For investors and analysts looking to dive deeper into Altus Power's financial health and future prospects, additional insights are available. There are 12 more InvestingPro Tips for Altus Power, which can be accessed for a more comprehensive understanding of the company's performance and outlook. These tips provide valuable context for the appointment of Shapiro and the potential impact of his financial expertise on Altus Power's strategic direction.

As Altus Power continues to expand its footprint in the renewable energy sector, the insights provided by InvestingPro offer a lens through which investors can assess the company's financial health and growth trajectory. With Shapiro's guidance, Altus Power may well navigate its debt and leverage its assets to maintain its leadership in the provision of clean electric power.

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