The renewable energy company acquires solar parks across Europe, mainly in Italy and Germany, specifically scooping up parks connected to national power grids that benefit from feed-in tariffs.
The name change to Alternus, the Latin word for alternative, gives the company the long-term opportunity to expand beyond solar power into other forms of alternative energy.
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"We plan to further progress into other European markets in 2019 and look forward to announcing some of the other exciting developments we are currently working on as they come to fruition as we continue our mission to become a leading independent power producer in green energy, and to do so at the lowest possible risk and highest possible returns for our shareholders,” said CEO Vincent Browne in the company’s press release.
The company currently trades on the Pink Sheets but has plans to uplist to a national exchange as early as next year.
Shares of Alternus Energy were flat at $0.06 in Thursday morning trading.