STAMFORD, Conn., Nov. 22, 2021 /PRNewswire/ -- Altus Power, Inc. ("Altus Power" or the "Company"), a market-leading
clean electrification company, today announced the nomination of a
new Board of Directors to be seated after the close of the
Company's proposed business combination with CBRE Acquisition
Holdings, Inc. (NYSE: CBAH) ("CBAH"). All directors are subject to
approval by stockholders of CBAH at the upcoming Extraordinary
General Meeting, which is to be held December 6, 2021.
As part of Altus Power's
commitment to good governance and recognition that high performing
boards embody diversity across several important dimensions, the
composition of the proposed Board of Directors incorporates:
- Board independence: A majority of the proposed Board will
consist of independent Directors
- Gender parity: Women represent a majority of independent
directors, including the independent Chairperson of the Board
- Broad professional expertise: The proposed Board brings broad
industry experience in finance, business strategy, ESG, human
capital and board governance
The Altus Power Board nominees include the following five
independent Directors:
- Ms. Sarah Coyne, currently a
director of CBAH and Vice President at ValueAct Capital,
responsible for evaluating investment opportunities and managing a
diverse portfolio of investments. She has also served in finance
and investment banking roles at KKR & Co. Inc. and Goldman
Sachs & Co. LLC.
- Ms. Sharon Daley, formerly
Operating Partner at The Blackstone Group, and strategic thinker
and advisor in a variety of senior human resources roles at General
Electric for over thirty-four years. Ms. Daley is proposed to serve
as chairperson of the compensation committee.
- Ms. Christine Detrick, formerly
Senior Partner, Leader of the Financial Services Practice, and a
Senior Advisor at Bain & Company, where she spent ten years.
She was also Leader of the Global Financial Institutions group at
A.T. Kearney for ten years and a founding member of a venture
capital firm specializing in savings and loan institutions,
including serving as the CEO of St. Louis Bank for Savings. Ms.
Detrick is proposed to serve as chairperson of the Board and
chairperson of the corporate governance and nominating
committee.
- Mr. Robert Horn, Co-Head of
Energy Investing for Blackstone
Credit, a member of Blackstone's ESG committee which helps
to develop and implement the firm's ESG policies, and a member of
the investment committees for Blackstone
Credit's structured products.
- Mr. Richard Peretz, formerly Chief Financial Officer of
United Parcel Service (UPS), where he served in multiple leadership
roles, including heading the mergers and acquisitions group, across
30 years. Mr. Peretz is proposed to serve as the chairperson of the
audit committee.
In addition, the remaining three proposed non-independent
directors are:
- Mr. Gregg Felton, Co-Founder and Co-CEO of the Company
since 2013
- Mr. Lars Norell, Co-Founder and Co-CEO of the Company
since 2013
- Mr. William Concannon, CEO and
director of CBAH and CBRE Group, Inc.'s Global Group President,
Clients and Business Partners
Speaking about Altus Power's
proposed post-combination Board, Gregg Felton, Co-Founder and
Co-CEO said, "The proposed post-combination Board of
Directors, which includes a majority of independent Directors, is a
diverse group of incredibly experienced professionals, with
expertise across business, industry and finance. We are delighted
that Christine Detrick has agreed to
serve as the Board's non-executive chair and believe Altus will
benefit greatly from her broad and deep financial knowledge and
strategic leadership. The proposed Board is the ideal group to
guide Altus Power in its next phase
of growth, and to serve as stewards for the new publicly listed
company. I look forward to working with all of them to continue our
market leading efforts in clean electrification."
Full biographies of the proposed Directors are available in the
Company's Form S-4 filing, which is accessible
at www.sec.gov.
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 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.
Contacts
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
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SOURCE Altus Power, Inc.