By Sabela Ojea
Altus Power said it has launched a formal review of strategic alternatives for the company to unlock growth.
The commercial scale provider of clean electric power, whose stock has fallen 56% this year, on Tuesday said its board of directors is in charge of the review, which it expects to be completed by the first half of 2025.
"The ongoing disconnect between the share price and our view of intrinsic value gives the board and management confidence that exploring alternative ownership structures is a prudent course to maximize value for our investors, partners, customers and employees," board chair Christine Detrick said.
Altus Power didn't disclose further details of the review.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
October 15, 2024 16:51 ET (20:51 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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