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Alternus Energy successfully completes audits for 2016, 2017

CEO Vincent Browne says it’s a ‘significant milestone’ as filing the audits brings Alternus a step closer to its goal of uplisting to a US national exchange
A man working on solar panels
The company's newly-acquired solar parks in Germany and Italy benefit from feed-in-tariff (FiT) government incentives

Alternus Energy Inc (OTCMKTS:ALTN), the renewable energy company, announced Wednesday that its 2016 and 2017 annual financial audits have been sucessfully completed.

Marcum LLP issued an opinion on Alternus Energy’s audited financial statements, which have now been filed with the OTC Markets, said the company in a statement.

The New York-based renewable energy company’s revenue for the year ended December 31, came to $2.6 million, compared to $2.5 million in 2017.

READ: Alternus Energy reports rising revenue in 2018, thanks to new European solar power contracts

Its gross profit, meanwhile, jumped to $1.3 million, up from $1.2 million in 2017.

“This is another significant milestone in the development of Alternus as we strive to elevate the company’s capital markets position by uplisting to a US National Exchange at the earliest,” said Alternus Energy CEO Vincent Browne in a statement. “Such a move will make the company more accessible to a wider investor audience. Finalizing our 2016 and 2017 audits is a necessary first step towards that goal.”

Building investor confidence

Browne said that having an independent issued opinion on the company’s results from Marcum LLP shows “our commitment to taking the necessary steps to build investor confidence.”

“While we continue to grow our business by acquiring additional PV solar parks across Europe to further enhance our long-term government counterparty income streams, it is just as important for us to advance our capital markets activities,” said Browne.

Last year, Alternus notched a number of key advances and expanded its operations to include handling business in Germany, Italy and Romania.

Its newly-acquired solar parks in Germany and Italy benefit from feed-in-tariff (FiT) government incentives that guarantee a fixed-sales price for every megawatt of energy that the parks generate over 20 years from the date of their construction. As a result, Alternus has a contracted revenue backlog of about $4.8 million over the next 15 years.   

Completes first step in process to become SEC reporting

Marcum LLP is currently auditing the company’s 2018 annual financial statements, which will be complete before the end of the second quarter.

“Completion of this audit will allow us to file a Form 10 with the Securities and Exchange Commission to become a reporting entity, a further step in our capital markets evolution,” said Browne. “We look forward to elevating our capital markets efforts in parallel to building our business, as we continue our mission to create long-term shareholder value at the lowest possible risk.”

If all goes according to plan, Alternus will finish 2019 with over 100 megawatts of installed power that should deliver over $300 million in contracted revenue backlog over 15 to 20 years.

Alternus Energy is a renewable energy company that owns and operates solar parks. Each park generates clean energy that is sold to national power grids under long term, government counterparty, fixed price contracts.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter@UttaraProactive 

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