Company: ALCE
Filing Date: 2025-01-27
Form Type: S-1
Source: 0001213900-25-007054
Chunk: 259

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-01-27
Form: S-1
Chunk 259
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 11,945,000 |     | $        | 11.50 |     |              | 5.98 |
| Issued during the year          |     |          |          - |     |          |     - |     |              |    - |
| Expired during the year         |     |          |          - |     |          |     - |     |              |    - |
| Outstanding - December 31, 2022 |     |          | 11,945,000 |     | $        | 11.50 |     |              | 5.98 |
| Issued during the year          |     |          |    400,000 |     |          |  0.35 |     |              | 0.16 |
| Expired during the year         |     |          |          - |     |          |     - |     |              |    - |
| Outstanding – December 31, 2023 |     |          | 12,345,000 |     |          | 11.22 |     |              | 4.93 |
| Exercisable – December 31, 2023 |     |          | 12,345,000 |     | $        | 11.22 |     |              | 4.93 |

Convertible Note

As of December 31, 2022 and
2023, no convertible notes were issued or outstanding.

| 23. | Segment and Geographic Information |

The Company has two reportable
segments that consist of PV operations by geographical region, U.S. Operations and European Operations. European operations represent
our most significant business. The Chief Operating Decision-Maker (CODM) is the CEO and CFO of the Company (as a group).

The European Segment derives
revenues from three sources, Country Renewable Programs, Green Certificates and Long-term Offtake Agreements. The US Segment revenues
are derived from Long-term Offtake Agreements.

In evaluating financial performance,
we focus on EBITDA, as a segment’s measure of profit or loss. EBITDA is earnings before interest expense, income tax expense, depreciation
and amortization. As a trans-Atlantic independent solar power provider, we evaluate many of our capital expenditure decisions at a regional
level. Accordingly, expenditures on property, plant and equipment and associated debt by segment are presented.

F-36

The Company did not report
segments in 2022 but are retrospectively reporting segments for