Company: ALCE
Filing Date: 2025-01-27
Form Type: S-1
Source: 0001213900-25-007054
Chunk: 216

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-01-27
Form: S-1
Chunk 216
---
 with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. /s/ Mazars Ireland We have served as the Company’s auditor since 2022. Dublin, Ireland April 15, 2024 F-3 ALTERNUS CLEAN ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data)

| ASSETS                                                                                                                                                                                                    
 Current Assets                                                                                                                                                                                            |     | As of        
 December 31, 
 2023         |         |   |     | As of        
 December 31, 
 2022         |         |   |
|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:-------------|--------:|:--|:----|:-------------|--------:|:--|
| Cash and cash equivalents                                                                                                                                                                                 |     | $            |   4,618 |   |     | $            |     705 |   |
| Accounts receivable, net                                                                                                                                                                                  |     |              |     651 |   |     |              |   3,335 |   |
| Unbilled energy incentives earned                                                                                                                                                                         |     |              |   5,607 |   |     |              |   4,954 |   |
| Prepaid expenses and other current assets                                                                                                                                                                 |     |              |   3,344 |   |     |              |   1,482 |   |
| Taxes recoverable                                                                                                                                                                                         |     |              |     631 |   |     |              |   1