Intel stock spikes after report of possible US government stake
ANNAPOLIS, Md. - New Energy Equity, part of ALLETE, Inc. (NYSE: ALE) portfolio, today announced an upcoming leadership change. ALLETE, which according to InvestingPro data has maintained dividend payments for 55 consecutive years and remains profitable over the last twelve months, continues to strengthen its renewable energy portfolio. Josh Kunkel, currently serving as the company's president, is set to become Chief Executive Officer starting June 1, 2025. He will be taking over from co-founder Matt Hankey, who will transition to a new role within the parent company as Emerging Technologies Officer.
Kunkel joined New Energy Equity in 2020 as Vice President of Business Development before advancing to President in 2022. He expressed honor in succeeding Hankey and enthusiasm for leading the company's expansion in the renewable energy sector.
Since its inception in 2013, New Energy Equity has seen considerable growth under Hankey's guidance, including the execution of over 270 solar projects nationwide, equating to 600MW and surpassing $1.5 billion in project investments. This growth aligns with ALLETE's stable financial profile, which InvestingPro analysis shows includes low price volatility and consistent dividend increases for 14 consecutive years. Hankey's move to ALLETE will involve steering initiatives across the company's spectrum of businesses while maintaining his presence on New Energy Equity's Board of Directors.
Bethany Owen, CEO of ALLETE and Chair of New Energy Equity's Board, praised Hankey for establishing a robust and dynamic team, positioning the company as a leader in distributed renewable energy development. Owen also expressed confidence in Kunkel's ability to drive further growth, citing his proven leadership and dedication to the company's mission and values.
New Energy Equity, a wholly owned subsidiary of ALLETE, specializes in developing, financing, operating, and managing solar power projects. The company has established a significant portfolio of solar energy assets, providing clean electricity to various customer segments under long-term agreements.
This leadership transition is based on a press release statement and marks a strategic step for New Energy Equity as they continue to navigate the evolving landscape of renewable energy development. For deeper insights into ALLETE's financial health and growth prospects, including exclusive analysis and Fair Value estimates, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Allegro Group reported its fourth-quarter 2024 earnings, which fell short of expectations. The company posted an earnings per share (EPS) of $0.87, missing the forecasted $1.01, and reported revenue of $364.8 million, below the anticipated $413.54 million. Despite these misses, Allegro demonstrated strong growth in gross merchandise value (GMV), crossing the $60 billion mark for the full year with a 9.6% increase. Additionally, Allegro saw a 6.7% rise in revenue and a 17.9% increase in adjusted EBITDA to approximately $3 billion.
Strategic focus areas include logistics and international expansion, with Allegro anticipating a 9-11% growth in GMV for its Polish operations in 2025. The company also aims for a break-even point for its international marketplaces by 2027-2028. In terms of analyst actions, there were no specific upgrades or downgrades mentioned, but the focus remains on Allegro's strategic initiatives and future growth prospects. Allegro's CEO and CFO highlighted the company's strong cash generation capabilities and financial strategies during the earnings call, emphasizing ongoing growth in active buyers and advertising income.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.