STAMFORD, Conn. and
SAN FRANCISCO, Nov. 29, 2021 /PRNewswire/ -- Altus Power, Inc., ("Altus Power") a leading clean electrification
company, and Shell New Energies US LLC ("Shell") today announced
they will collaborate to bring integrated renewable energy and
storage solutions to customers to help them reduce their carbon
emissions and lower their energy costs.
The collaboration will leverage each firm's respective
strengths. Altus Power will bring
its experience in creating clean electrification ecosystems, which
includes solar generation, storage and community solar, while Shell
will bring its capabilities in electric mobility, stationary
battery storage, load management and renewable power supply.
Together both companies will explore opportunities to develop fully
integrated renewable energy supply and onsite energy services for
customers as well as for property portfolios managed by CBRE Group,
Inc. ("CBRE"). CBRE, the world's largest commercial real estate
services firm, has a strategic partnership with Altus Power, and CBRE Acquisition Holdings, Inc.
(NYSE: CBAH), a special-purpose acquisition company sponsored by a
subsidiary of CBRE, is in the process of completing a business
combination with Altus Power that
will result in Altus Power being a publicly traded company.
"Altus Power is excited to
collaborate with large corporations like Shell in the development
of integrated solutions that accelerate the transition to
sustainable electricity supply for all customers," said
Lars Norell, Co-CEO of Altus Power. "We have a track record of
partnering with large enterprise partners to serve the needs of the
community and we look forward to finding the best solutions for our
customers together with Shell."
Elisabeth Brinton, Shell's
Executive Vice-President, Renewable & Energy Solutions, said,
"Shell's collaboration with Altus
Power is another great example of how working together, we
can make renewable energy an easy and practical choice for
customers."
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 Shell
Shell's Renewables & Energy Solutions business leads the
development and growth of Shell's integrated power business,
including renewable energy from wind and solar, new mobility
solutions such as electric vehicle charging, and lower-carbon
fuels, like hydrogen, for industry and road transport. We are
working with customers - from individual consumers to small, medium
and large businesses – to help make emissions reduction an easy and
practical choice by providing low carbon energy products and
services. www.shell.com/res
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 will 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
Shell New Energies US LLC
For Media:
Shell Media Relations
Tel: +44 207 934 5550
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.