Allego signs long-term power purchase agreement providing 100% renewable electricity

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25-gigawatt-hour, 10-year deal will help mitigate volatility in the company’s input base

Allego NV (“Allego” or the “Company”) (NYSE:ALLG), a leading pan-European public electric vehicle fast-charging network, today announced the signing of its first power purchase agreement term (“PPA”) with one of the main independent power producers.

Allego will begin receiving 25 gigawatt hours of renewable electricity starting January 1, 2023 to support the majority of the company’s operations in Germany. The signed agreement represents approximately 16% of Allego’s entire European charging network. In an ongoing effort to further hedge input costs and raw material volatility, the company plans to sign additional PPAs to cover more than 80% of Allego’s operations.

Mathieu Bonnet, Chairman and CEO of Allego, said: “I am pleased that we have signed our first power purchase agreement for 25 gigawatt hours. By using 100% renewable energy from a solar farm, we reinforce our mission to supply our charging stations with 100% green energy. Additionally, this is the first step in our execution strategy to cover at least 80% of our generation in 2023 with long-term, low-cost PPAs based on renewable energy assets. We continue to have active discussions with other providers to cover more of our network.

About Allego

Allego offers charging solutions for electric cars, motors, buses and trucks, for consumers, businesses and cities. Allego’s end-to-end charging solutions make it easier for businesses and cities to deliver the infrastructure drivers need, while the scalability of our solutions makes us the partner of the future. Founded in 2013, Allego is a leader in charging solutions, with an international charging network comprising around 34,000 public charging stations in operation across the pan-European market – and growing. Our charging solutions are connected to our proprietary platform, EV-Cloud, which offers our customers and ourselves a comprehensive portfolio of features and services to meet and exceed market demands. We are committed to providing independent, reliable and safe charging solutions, regardless of vehicle model or network affiliation. At Allego, we strive every day to make electric vehicle charging easier, more convenient and more enjoyable for everyone.

Forward-looking statements

All statements other than statements of historical facts contained in this press release are forward-looking statements. Allego intends that these forward-looking statements be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by the use of words such as “believe”, “may”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “should”, “should” “, “plan”, “project”, “forecast”, “predict”, “potential”, “seem”, “seek”, “future”, “prospect”, “target” or other similar expressions (or the negative versions of such words or phrases) that predict or indicate future events or trends or are not statements of historical matters. These forward-looking statements include, but are not limited to, Allego’s expectations regarding future performance. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially, and potentially adversely, from those expressed or implied by the forward-looking statements. Most of these factors are beyond Allego’s control and are difficult to predict. Factors that could cause such differences include, but are not limited to: (i) changes adversely affecting Allego’s business, (ii) the price and availability of electricity, (iii) risks associated with vulnerability to industry downturns and regional or national downturns, (iv) fluctuations in Allego’s revenues and operating results, (v) adverse conditions or other disruptions in the capital and labor markets, credit, (vi) Allego’s ability to generate cash, incur debt and incur additional debt, (vii) competition from existing businesses and new competitors, (viii) growth of the electric vehicle market, ( (ix) Allego’s ability to integrate businesses it may acquire, (x) Allego’s ability to recruit and retain experienced personnel, (xi) risks relating to legal proceedings or claims, including claims relating to liability, (xii) Allego’s reliance on third party contractors to provide various services, (xiii) Allego’s ability to obtain additional capital on commercially reasonable terms, (xiv) the impact of COVID-19, including supply chain disruptions and increases in expenses related to COVID-19, (xv) general economic or political conditions, including the armed conflict in Ukraine and (xvi) other factors detailed in the section titled “Risk Factors” in Allego’s 424(b)(3) Final Prospectus Supplement filed with the United States Securities and Exchange Commission (“SEC”) on October 12, 2022 and in other documents filed by Allego with the SEC. The above list of factors is not exclusive. Should any of these risks materialize, or should Allego’s assumptions prove incorrect, actual results could differ materially from the results implied by such forward-looking statements. There may be additional risks that Allego does not currently know about or that Allego currently believes to be immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Allego’s expectations, plans or forecasts regarding future events and views as of the date of this press release. Allego anticipates that subsequent events and developments will cause Allego’s valuations to change. However, while Allego may choose to update these forward-looking statements at some time in the future, Allego specifically disclaims any obligation to do so, except as required by applicable law. These forward-looking statements should not be relied upon as representing Allego’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed on forward-looking statements.

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