Company: ALCE
Filing Date: 2025-01-27
Form Type: S-1
Source: 0001213900-25-007054
Chunk: 292

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-01-27
Form: S-1
Chunk 292
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 2024 the Company was informed that the arbitration court at the Polish Chamber of Commerce in Warsaw ruled in favour of Solartechnik and awarded PLN 27,488,299.50(approximately $ 6.8million) to Solartechnik. In addition, Solartechnik was awarded PLN 300,275.32plus EUR 156,114.84(approximately $ 240,000), being legal and arbitration costs. On October 3, 2024, the Company sold Solis and its subsidiaries to Solis Trustee Special Vehicle Limited, the Solis Bondholders’ ownership vehicle, for € 1in accordance with the terms of the Solis Bonds, as amended. See Subsequent Events Footnote 23 for further details. F-63 On October 15, 2024 Sunrise Development LLC requested a hearing be scheduled in binding arbitration against the Company, two of its former indirect wholly owned subsidiaries, ALT US 03 and ALT US 04, and its majority shareholder, Alternus Energy Group PLC (“AEG”), to be conducted in Minneapolis, MN in accordance with the Commercial Arbitration Rules of the American Arbitration Association (the “AAA”), claiming that approximately $ 5million is due and owed to Sunrise pursuant to a settlement agreement by and among the parties, plus costs, expenses, legal fees and interest. The Company has accrued a liability for this loss contingency in the amount of approximately $ 5million, which represents the contractual amount allegedly owed. It is reasonably possible that the potential loss may exceed our accrued liability due to costs, expenses, legal fees, and interest that are also alleged by Sunrise as owed, but at the time of filing this report, we are unable to determine an estimate of that possible additional loss in excess of the amount accrued. The Company is vigorously defending itself in this action. On November 5, 2024, ALT US 03 and ALT US 04 were sold to AEG, pursuant to a Share Purchase Agreement. Commitments On October 14, 2024, the Company entered into a settlement agreement and release with Morgan Franklin Consulting LLC (“MF”) related to the settlement of payments owed to MF for services rendered in the total amount of $ 276,796through twelve equal monthly installments commencing in October of 2024. Contingencies On August 7, 2024, the “Company entered into a ‘Heads of Terms’ for Joint Business Venture (the “Agreement”) with Hover Energy LLC