Alternus Clean Energy appoints new independent director

Alternus Clean Energy, Inc. (NASDAQ:ALCE), a company specializing in electric and other combined services trading at $0.39 per share, announced today the resignation of board member John McQuillan and the immediate election of Rolf S. Wikborg as a new independent director. The company’s stock has experienced significant pressure, declining over 98% in the past year according to InvestingPro data.

On Monday, McQuillan, a Class I director, stepped down from his position on the company’s Board of Directors, citing personal reasons. The company clarified that his departure was not due to any disagreements with Alternus Clean Energy’s operations, policies, or financial matters.

Simultaneously, the board welcomed Rolf S. Wikborg, whose extensive experience in renewable energy and various executive roles makes him a valuable addition. Wikborg’s current roles include Chairman of Norhybrid and Carbon Value Technologies, as well as Director at FutureXchange. This leadership change comes as InvestingPro analysis indicates the company faces financial health challenges, with metrics showing weak gross profit margins. Unlock 12+ additional insights with InvestingPro. His past endeavors encompass partnership at Greenlight Group and directorship at both DHT Holdings (NYSE:DHT), Inc. on the NYSE and Western Bulk on the Oslo Stock Exchange.

Wikborg’s appointment, effective immediately, includes roles on the Audit Committee, Chair of the Compensation Committee, and member of the Nominating and Corporate Governance Committee. He will serve as an independent director until the 2025 annual meeting of stockholders.

Alternus Clean Energy believes that Wikborg’s international experience, previous board positions in the United States and Norway, and his knowledge of the renewable energy industry qualify him for the role. The company has not disclosed any familial or financial ties between Wikborg and other company officers or directors.

With Wikborg joining the Audit Committee, Alternus Clean Energy affirms it is now in compliance with Nasdaq’s board independence and audit committee requirements. This update is based on a press release statement. The stock has shown relatively low price volatility despite trading near its 52-week low of $0.36, with an average daily trading volume of 1.26 million shares over the past three months.

In other recent news, Alternus Clean Energy, Inc. has initiated construction on a solar project in Italy, projected to generate over $2 million in annual revenue upon completion in mid-2026. The renewable energy company has also acquired advanced energy storage solution provider, LiiON, for $5 million, a strategic move expected to increase shareholder equity by approximately $3 million. The company recently terminated a Forward Purchase Agreement with Meteora Capital Partners (WA:CPAP), issuing a $500,000 Promissory Note to the same entity.

In efforts to optimize its financial standing, Alternus enacted a 1-for-25 reverse stock split, reducing its outstanding common stock significantly. The company also expanded its renewable energy pursuits with the acquisition of an 80 MWp solar portfolio across the United States, a transaction valued at $60 million, anticipated to yield an average annual revenue of $6.7 million.

These are the recent developments for Alternus Clean Energy, Inc., which continues to make strides in the renewable energy sector, despite InvestingPro’s analysis indicating weak financial health. The company has also increased its authorized shares of common stock and elected John McQuillan as a Class I director, reflecting its ongoing efforts to enhance operational capabilities.

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