Company: ALCE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001213900-25-105077
Chunk: 12

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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 “Business Combination”).
In connection with the Closing, the Company changed its name from Clean Earth Acquisition Corp. to Alternus Clean Energy, Inc.

Clean Earth’s (SPAC)
only pre-combination assets were cash and investments and the SPAC did not meet the definition of a business in accordance with U.S. GAAP.
Therefore, the substance of the transaction was a recapitalization of the target (AEG) rather than a business combination or an asset
acquisition. In such a situation, the transaction is accounted for as though the target issued its equity for the net assets of the SPAC
and, since a business combination has not occurred, no goodwill or intangible assets would be recorded. As such, AEG was considered the
accounting acquirer and these consolidated financial statements represent a continuation of the consolidated financial statements of the
AEG Acquired Subsidiaries. Assets and liabilities of AEG are presented at their historical carrying values.

Alternus Clean Energy Inc.
is a holding company that operates through the following 8 subsidiaries as of June 30, 2025:

  Subsidiary   Principal 
Activity   Date Acquired / 
Established   ALTN Ownership   Country of
Operations  Alternus Europe Limited f/k/a AEG JD 03 Limited   Holding Company   21 March 2022   Alternus Lux 01 S.a.r.l.   Ireland  Alternus LUX 01 S.a.r.l.   Holding Company   5 October 2022   Alternus Clean Energy, Inc.   Luxembourg  Alt Alliance LLC   Holding Company   September 2023   Alternus Clean Energy, Inc.   USA  AEG MH 04 Limited   Holding Company   16 January 2024   Alternus Lux 01 S.a.r.l.   Ireland  ALT POL HC 02 sp. z.o.o.   Holding Company   20 January 2023   Alternus Europe Limited   Poland  ALANTEAN LLC   Joint Venture LLC Partnership   10 April 2024   Alt Alliance LLC   USA  BESS LLC   Holding Company   10 December 2024   Alternus Clean Energy, Inc.   USA  EverOn Energy LLC   Holding Company   24 March 2025   Alternus Clean Energy, Inc.   USA 

6

2. Going Concern and Management’s Plans

The Company has evaluated
whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability