Company: ALCE
Filing Date: 2025-10-06
Form Type: 8-K
Source: 0001213900-25-096559
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Company: Alternus Clean Energy, Inc.
Filing Date: 2025-10-06
Form: 8-K
Item: Item 1.01
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Item 1.01. Entry into a Material Definitive Agreement.

On September 30, 2025, Alternus Clean Energy,
Inc. (the “ Alternus” or the “ Company”) entered into and closed a Securities Purchase Agreement (“ SPA”)
and a Joint Venture Operating Agreement (“ JVOA”) with Hover Energy LLC (“ Hover”), a Delaware company engaged in
the business of developing, manufacturing and deploying distributed generation renewable energy projects featuring Hover wind powered
generators together with varied generation and storage technologies (“ Microgrid Projects”), pursuant to which Alternus sold
a 49% interest in its subsidiary, EverOn Energy LLC (the “ JV”) to Hover, and issued 20,000 shares of the Company’s Series
B Convertible Preferred Stock (the “ Series B”) to Hover, in exchange for which Hover contributed certain Microgrid Projects
to the JV, including related supply and management services agreements to be entered into with the JV (together, the transaction hereinafter
shall be referred to as the “ Joint Venture”).

Additionally, one of the Company’s subsidiaries,
Alt Alliance LLC, entered into a Settlement Agreement with Hover related to the termination of the Strategic Alliance Agreement dated
October 31, 2023 (“ SAA”) as the Joint Venture has superceded the SAA. As part of the settlement, the Company agreed to repay
the total outstanding amount of $5,150,000 owed to Hover under the SAA through the following methods: i) $1,150,000 through the issuance
of 1,150 shares of Series B, ii) $1,700,000 by Southern Point Capital through the settlement agreement and stipulation as previously disclosed
in the Company’s SEC Current Report on Form 8-k filed on May 2, 2025, and iii) the remaining amount to be repaid in cash by the
Company as mutually agreed upon by both parties from time to time.

The Company has determined the fair value of the
Series B issued to Hover to be $1,000 per share, for an aggregate consideration value of approximately $21 million. The Joint Venture
brings in a substantial pipeline of Wind Powered Microgridstmprojects and clients in the UK and the US, and the Company believes
that the Joint Venture will immediately improve Company’s stockholder’s equity. The Company has initially valued the future
revenue streams and income from these projects at over $50 million, subject to third party valuation. The transaction represents a material