Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

___________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): February 27, 2024

___________________________________

Altus Power, Inc.

(Exact name of registrant as specified in its charter)

___________________________________


Delaware (State or other jurisdiction of incorporation or organization)	001-39798 (Commission File Number)	85-3448396 (I.R.S. Employer Identification Number)
2200 Atlantic Street, 6th Floor Stamford, CT 06902
(Address of principal executive offices and zip code)
(203) 698-0090
(Registrant's telephone number, including area code)

___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol	Name of each exchange on which registered
Class A common stock, par value $.0001	AMPS	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 27, 2024, William F. Concannon, in connection with his retirement from CBRE, Inc. (“CBRE”), a global commercial real estate services company and sponsor of the Company during its initial public offering, submitted his resignation as a member of the Board of Directors (the “Board”) of Altus Power, Inc. (the “Company”), as the Class B Director. The resignation was effective as of such date. The Company appreciates Mr. Concannon’s dedicated service to the Board. There were no disagreements between the Company and Mr. Concannon that led to his decision to resign.

Effective February 27, 2024, the Class B Stockholders have designated Robert Bernard, age 58, to fill the vacancy created by such resignation, in accordance with the Company’s organizational documents, whereby the majority of the Class B Stockholders have the right to appoint the Class B Director, and they have designated Mr Bernard, who is employed by CBRE. Since February 2023, Mr. Bernard has served as Chief Sustainability Officer with CBRE. Prior to that, he was Managing Director and Founder of CommonWeath Equity Partners, LLC, a circular economy private equity firm focused on investments that convert highly polluting waste streams into profitable products, from August 2019 to December 2022. He served as a Strategic Advisor, Global Head of Strategic Partnerships, for National Geographic from October 2018 to July 2019 and held various positions as Chief Environmental Strategist, General Manager Global Software Partnerships and Senior Director of Program Management, with Microsoft, a software company, from 1997 to 2018. Mr. Bernard has also been on the Board of Directors and Compensation Committee of Ecore International, a privately held manufacturer of recycled rubber products, since January 2021.

Mr. Bernard will be entitled to the standard compensation provided to non-employee directors, on a prorated basis for the current year, as such compensation is described in the Company’s Annual Proxy Statement filed with the Securities and Exchange Commission on April 13, 2022, as amended by the Board from time to time.

Item 8.01 - Other Events.

On March 4, 2024, Altus Power issued a press release announcing Mr. Concannon’s resignation and Mr. Bernard’s appointment as a Class B director. A copy of the press release is attached as Exhibit 99.1 and incorporated herein by reference,

Item 9.01 - Financial Statements and Exhibits

(d) Exhibits.


Exhibit No.						Description
99.1						Press Release dat e d March 4, 2024
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 4th day of March, 2024.


Altus Power, Inc.

By:			/s/ Gregg J. Felton
Name:			Gregg J. Felton
Title:			Co-Chief Executive Officer and Director

For Immediate Release

Altus Power Announces Appointment of CBRE Chief Sustainability Officer, Robert Bernard, to Board of Directors

Stamford, Conn.- March 4, 2024 – Altus Power, the largest commercial scale provider of clean, electric power, today announced the appointment of Robert Bernard, CBRE’s Chief Sustainability Officer, to its Board of Directors. Bernard assumes the board seat made available by the recent retirement of Bill Concannon, who led CBRE’s partnership with Altus Power since 2021.

“With more than two decades of experience investing in companies that drive sustainable investment and as Microsoft’s first Chief Environmental Strategist, Rob’s wealth of experience aligns well with our vision to engage large enterprise clients,” said Lars Norell, co-founder and co-CEO, Altus Power. “We offer our immense gratitude to Bill for his vision and determination to have CBRE and Altus join forces in early 2021 and his legacy leaves us well-positioned to continue serving CBRE clients.”

“Altus Power is one of CBRE’s most important partners in our mission to decarbonize commercial real estate buildings,” said Bernard. “I’m looking forward to working closely with the rest of the Board and the Altus leadership team to identify new strategic opportunities to accelerate the transformation of our industry’s sustainability efforts.”

“We are grateful to Bill for his leadership and vision as one of our original board members,” said Christine Detrick, Chairperson of Altus Power. “Rob’s appointment is endorsed by CBRE’s senior leadership and reaffirms CBRE’s commitment to our partnership.”

“Rob’s role on Altus Power’s board will help drive CBRE’s commitment to sustainability for our clients,” added Bob Sulentic, Chair & CEO of CBRE. “We continue to view our partnership with Altus Power as providing a unique solution for CBRE clients that are committed to reducing their carbon footprints.”

As Chief Sustainability Officer, Bernard drives enterprise-wide strategies that strengthen the suite of sustainability services that CBRE delivers for its clients. Prior to joining CBRE, Bernard founded and served as Managing Director of Commonwealth Equity Partners, LLC, a private equity firm focused on investments in companies that participate in the circular economy. He was also Microsoft’s first Chief Environmental Strategist, establishing a global strategic framework to transform the company’s approach to carbon, climate, energy, water and waste. Bernard has also advised companies including National Geographic, Allbirds and Watsco, Inc. He holds a BA from Columbia University and an MBA from the University of Pennsylvania’s Wharton School.

About Altus Power

Altus Power, based in Stamford, Connecticut, is the largest commercial-scale provider of clean electric power serving commercial, industrial, public sector and Community Solar customers with end-to-end solutions. Altus Power originates, develops, owns and operates locally-sited solar generation, energy storage and charging infrastructure across the nation. Visit www.altuspower.com to learn more.

Media Contact

Chris Shelton

Head of Investor Relations

mediarelations@altuspower.com

Cover	Feb. 27, 2024
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 27, 2024
Entity Registrant Name	Altus Power, Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-39798
Entity Tax Identification Number	85-3448396
Entity Address, Address Line One	2200 Atlantic Street, 6th Floor
Entity Address, City or Town	Stamford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06902
City Area Code	203
Local Phone Number	698-0090
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A common stock, par value $.0001
Trading Symbol	AMPS
Security Exchange Name	NYSE
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Central Index Key	0001828723
Amendment Flag	false