Affiliate Alternus Clean Energy Enters Strategic Alliance with Hover Energy

--Partnership to offer differentiated 24x7 zero-carbonpower to customers-

Dublin, Ireland - 25 January, 2024 - Utility-scale transatlantic clean energy
independent power producer (IPP) Alternus Energy Group Plc (OSE: ALT) announced
today that its majority owned subsidiary, Alternus Clean Energy (NASDAQ: ALCE)
("Alternus"),  entered a strategic alliance with Dallas-based Hover Energy
("Hover"), an established leader in the development and deployment of Wind
Powered MicrogridTM systems.

Alternus and Hover intend to differentiate their value proposition to customers
by offering consistent delivery of dependable clean 24x7 power.  By creating
microgrids that integrate Alternus' utility-scale solar projects with Hover's
24x7 wind-powered generators, the combined systems will drastically reduce
intermittency and minimize the expensive storage capacity needed to achieve full
grid independence.  With this alliance, commercial and industrial customers will
receive reliable 24x7 zero-carbon power at a competitive cost.

Hover will lead development, engineering, construction and commissioning, after
which the microgrids will be owned and operated by Alternus.  The initial phase
of the alliance targets 50 MW of projects, with the first project scheduled to
begin construction in 3Q'24.  This strategic alliance anticipates over fifteen
years of $16 million in high margin annual recurring revenue from these
projects.

Vincent Browne, CEO of Alternus Clean Energy, commented, "This alliance is
promising, because it enables us to differentiate our C&I offering versus
traditional solar-only competitors.  Hover's unique and proven wind technology
enables each project to generate around the clock.  The substantially reduced
intermittency enables us to limit customer dependence on either expensive
storage or the grid to fill the gaps.  We believe customers will recognize the
power of this innovative and proven solution, giving us both a strong
competitive advantage.  We look forward to driving rapid growth in North America
with Hover and are excited that our first project together will start
construction in a few short months."

Hover's CEO, Chris Griffin added, "Combining forces with Alternus can
turbo-charge the growth trajectories of both partners.  Our unique wind-driven
generating technology and proprietary control systems differentiate the
reliability and cost of traditional solar-based power, enhancing our ability to
sign attractive PPAs, and deliver on them.  Alternus is an established
owner-operator with a great track record and access to capital.  We are
enthusiastic about joining forces with them to rapidly expand our market."

About Alternus Energy Group (AEG):
AEG is a transatlantic clean energy independent power producer (IPP). We
currently develop, install, own and operate utility scale solar parks in North
America and Europe. Our highly motivated and dynamic team at Alternus have
achieved rapid growth in recent years. Building on this, our goal is to reach 3
GW of operating projects within 5 years through continued organic development
activities and targeted strategic opportunities. Our vision is to become a
leading provider of 24/7 clean energy delivering a sustainable future of
renewable power with people and planet in harmony.

AEG operates primarily through Alternus Clean Energy, Inc (Nasdaq: ALCE). AEG is
listed on the Euronext Growth Oslo and headquartered in Ireland while Alternus
Clean Energy, Inc. is listed on Nasdaq and headquartered in the US. They remain
as two separate legal entities.

About Hover Energy

Hover Energy designs, develops, and deploys its Wind-Powered MicrogridsTM to
efficiently harness the power of nature to generate power where it is consumed. 
Hover believes that while achieving net zero is a strong beginning, achieving
global real zero is the ultimate goal.  Learn more at www.hoverenergy.com.
 
Forward-Looking Statements

Certain information contained in this release, including any information on the
Company's plans or future financial or operating performance and other
statements that express the Company's management's expectations or estimates of
future performance, constitute forward-looking statements. When used in this
notice, words such as "anticipate," "believe," "continue," "could," "estimate,"
"expect," "intend," "may," "might," "plan," "possible," "potential," "predict,"
"project," "should," "would" and similar expressions, as they relate to us or
our management team, identify forward-looking statements. Such forward-looking
statements are based on the beliefs of management, as well as assumptions made
by, and information currently available to, the Company's management. Such
statements are based on a number of estimates and assumptions that are subject
to significant business, economic and competitive uncertainties, many of which
are beyond the control of the Company. The Company cautions that such
forward-looking statements involve known and unknown risks and other factors
that may cause the actual financial results, performance or achievements of the
Company to differ materially from the Company's estimated future results,
performance or achievements expressed or implied by the forward-looking
statements. These statements should not be relied upon as representing Alternus'
assessments of any date after the date of this release. The Company undertakes
no obligation to update these statements for revisions or changes after the date
of this release, except as required by law.

For More Information: 
 
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Alternus Energy Group
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Media: 
 
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