CBRE Group, Inc., the world’s largest commercial real estate
firm, and Altus Power, Inc. (“Altus Power”), a market-leading clean
electrification company, have partnered to develop an advanced
proprietary tool to identify locally sited clean energy
opportunities that help commercial real estate owners and occupiers
meet their energy needs while reducing their carbon footprints.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20211116006247/en/
The offering leverages CBRE’s vast commercial real estate data
platform, advanced analytics and proprietary algorithms to identify
and model clean energy opportunities for commercial &
industrial properties, community solar projects, and electric
vehicle charging stations.
CBRE collects and analyzes billions of datapoints on more than
100 billion square feet of commercial real estate – ranging from
property information to transaction detail to rooftop sizes to
energy consumption information.
Altus Power and CBRE have developed a proprietary application
that leverages artificial intelligence to rapidly identify
promising rooftops from CBRE’s dataset. Using CBRE’s proprietary
algorithms with access to advanced satellite imagery and CBRE’s
up-to-date information, the application can accurately model
building energy demand, potential power generation and identify
opportunities where solar energy and/or battery storage can be
deployed to accelerate owners’ and occupiers’ carbon reduction
efforts.
“Our partnership with CBRE is tremendous,” said Julia Sears,
Chief Digital Officer of Altus Power. “The early success of our
technology collaboration accelerates our ability to identify
attractive opportunities for clients to deploy clean energy
solutions at scale to deliver decarbonization outcomes and reduce
energy bills at no cost to those clients.”
“Our vast trove of data, combined with Altus Power’s clean
energy expertise and distribution network, provides a unique
advantage to property owners and occupiers that are looking to
drive down energy costs while lessening their impact on the
environment,” said Bill Bernabei, Global Head of Business Analytics
in CBRE’s Global Workplace Solutions business.
CBRE is the parent company of CBRE Acquisition Sponsor, LLC, the
sponsor of CBRE Acquisition Holdings, Inc. (NYSE: CBAH), a
blank-check company, which announced plans for a business
combination with Altus Power that is expected to result in Altus
Power becoming a publicly traded company.
About Altus Power
Altus Power, based in Stamford, Connecticut, is creating a clean
electrification ecosystem, serving its commercial, public sector
and community solar customers with locally sited solar generation,
energy storage, and EV-charging stations across the U.S. Since its
founding in 2009, Altus Power has developed or acquired over 350
megawatts from Vermont to Hawaii. Visit altuspower.com to learn
more.
About CBRE
CBRE Group, Inc., a Fortune 500 and S&P 500 company
headquartered in Dallas, is the world’s largest commercial real
estate services and investment firm (based on 2020 revenue). The
company has more than 100,000 employees serving clients in more
than 100 countries. CBRE serves a diverse range of clients with an
integrated suite of services, including facilities, transaction and
project management; property management; investment management;
appraisal and valuation; property leasing; strategic consulting;
property sales; mortgage services and development services. Please
visit our website at www.cbre.com.
About CBRE Acquisition Holdings, Inc.
CBRE Acquisition Holdings, Inc. (“CBAH”) (NYSE: CBAH) is a
blank-check company formed solely for the purpose of effecting a
merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses. CBAH is sponsored by CBRE Acquisition Sponsor, LLC,
which is a subsidiary of CBRE Group, Inc.
Important Information About the Business Combination and
Where to Find It
CBAH has filed with the U.S. Securities and Exchange Commission
(“SEC”) a Registration Statement on Form S-4 (the “Registration
Statement”), which includes a proxy statement/prospectus in
connection with the proposed business combination between Altus
Power and CBAH (the “business combination”) and the other
transactions contemplated by the business combination agreement
entered into by Altus Power and CBAH. The Registration Statement
was declared effective by the SEC on November 5, 2021 and CBAH also
filed the definitive proxy statement/prospectus with respect to the
business combination on that date. CBAH has mailed a definitive
proxy statement/prospectus and other relevant documents to its
stockholders as of October 27, 2021, the record date for the
Special Meeting. CBAH’s stockholders and other interested persons
are advised to read the definitive proxy statement/prospectus in
connection with CBAH’s solicitation of proxies for its
stockholders’ Special Meeting to be held to approve the business
combination because the proxy statement/prospectus contains
important information about CBAH, Altus Power and the business
combination. Stockholders will also be able to obtain copies of the
Registration Statement and the proxy statement/prospectus, without
charge at the SEC’s website at www.sec.gov or by directing a
request to CBRE Acquisition Holdings, Inc., 2100 McKinney Avenue,
Suite 1250, Dallas, TX 75201.
Participants in the Solicitation
CBAH, Altus Power and certain of their respective directors and
officers may be deemed participants in the solicitation of proxies
of CBAH’s stockholders with respect to the approval of the business
combination. CBAH and Altus Power urge investors, stockholders and
other interested persons to read the Registration Statement and the
definitive proxy statement/prospectus and exhibits thereto, as well
as other documents filed with the SEC in connection with the
business combination, as these materials contain important
information about Altus Power, CBAH and the business combination.
Information regarding CBAH’s directors and officers and a
description of their interests in CBAH is contained in the
Registration Statement and the definitive proxy
statement/prospectus.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“anticipate”, “believe”, “could”, “continue”, “expect”, “estimate”,
“may”, “plan”, “outlook”, “future” and “project” and other similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. These statements,
which involve risks and uncertainties, relate to analyses and other
information that are based on forecasts of future results and
estimates of amounts not yet determinable and may also relate to
CBAH’s and Altus Power’s future prospects, developments and
business strategies. In particular, such forward-looking statements
include statements concerning the timing of the business
combination, the business plans, objectives, expectations and
intentions of CBAH once the business combination and the other
transactions contemplated thereby (the “Transactions”) and change
of name are complete (“New Altus”), and New Altus’s estimated and
future results of operations, business strategies, competitive
position, industry environment and potential growth opportunities.
These statements are based on CBAH’s or Altus Power’s management’s
current expectations and beliefs, as well as a number of
assumptions concerning future events.
Such forward-looking statements are subject to known and unknown
risks, uncertainties, assumptions and other important factors, many
of which are outside CBAH’s or Altus Power’s control, that could
cause actual results to differ materially from the results
discussed in the forward-looking statements. These risks,
uncertainties, assumptions and other important factors include, but
are not limited to: (1) the occurrence of any event, change or
other circumstances that could give rise to the termination of the
business combination agreement; (2) the inability to complete the
Transactions due to the failure to obtain approval of the
stockholders of CBAH or Altus Power or other conditions to closing
in the business combination agreement; (3) the ability of New Altus
to meet NYSE’s listing standards (or the standards of any other
securities exchange on which securities of the public entity are
listed) following the business combination; (4) the inability to
complete the private placement of common stock of CBAH to certain
institutional accredited investors; (5) the risk that the
announcement and consummation of the Transactions disrupts Altus
Power’s current plans and operations; (6) the ability to recognize
the anticipated benefits of the Transactions, which may be affected
by, among other things, competition, the ability of New Altus to
grow and manage growth profitably, maintain relationships with
customers, business partners, suppliers and agents and retain its
management and key employees; (7) costs related to the
Transactions; (8) changes in applicable laws or regulations and
delays in obtaining, adverse conditions contained in, or the
inability to obtain necessary regulatory approvals required to
complete the Transactions; (9) the possibility that Altus Power and
New Altus may be adversely affected by other economic, business,
regulatory and/or competitive factors; (10) the impact of COVID-19
on Altus Power’s and New Altus’s business and/or the ability of the
parties to complete the Transactions; (11) the outcome of any legal
proceedings that may be instituted against CBAH, Altus Power, New
Altus or any of their respective directors or officers, following
the announcement of the Transactions; and (12) the failure to
realize anticipated pro forma results and underlying assumptions,
including with respect to estimated stockholder redemptions and
purchase price and other adjustments.
Additional factors that could cause actual results to differ
materially from those expressed or implied in forward-looking
statements can be found in CBAH’s most recent annual report on Form
10-K, subsequently filed quarterly reports on Form 10-Q and current
reports on Form 8-K, which are available, free of charge, at the
SEC’s website at www.sec.gov, and are provided in the Registration
Statement and CBAH’s definitive proxy statement/prospectus. New
risks and uncertainties arise from time to time, and it is
impossible for us to predict these events or how they may affect
us. You are cautioned not to place undue reliance upon any
forward-looking statements, which speak only as of the date made,
and CBAH and Altus Power undertake no obligation to update or
revise the forward-looking statements, whether as a result of new
information, changes in expectations, future events or
otherwise.
This communication is not intended to be all-inclusive or to
contain all the information that a person may desire in considering
an investment in CBAH and is not intended to form the basis of an
investment decision in CBAH. All subsequent written and oral
forward-looking statements concerning CBAH and Altus Power, the
Transactions or other matters and attributable to CBAH and Altus
Power or any person acting on their behalf are expressly qualified
in their entirety by the cautionary statements above.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211116006247/en/
Altus Power Contacts For Media: Cory Ziskind ICR, Inc.
AltusPowerPR@icrinc.com
For Investors: Caldwell Bailey ICR, Inc.
AltusPowerIR@icrinc.com
CBRE Acquisition Holdings Contacts Cash Smith CBRE
Acquisition Holdings, Inc. Cash.Smith@cbre.com
Steven Iaco CBRE Corporate Communications
Steven.Iaco@cbre.com
CBRE Acquisition (NYSE:CBAH)
Historical Stock Chart
From Nov 2024 to Dec 2024
CBRE Acquisition (NYSE:CBAH)
Historical Stock Chart
From Dec 2023 to Dec 2024
