Spruce Power Appoints Christian Fong as CEO Effective February 1

Spruce Power (NYSE: SPRU) (“Spruce” or the “Company”; formerly known as XL Fleet), a leading owner and operator of distributed solar energy assets across the United States, today announced the anticipated timing of its previously indicated leadership transition.

On February 1, 2023, Spruce President and Director Christian Fong will assume the role of Chief Executive Officer from current CEO Eric Tech. Tech will remain on the Board of Directors. Fong has over fifteen years of executive leadership experience in the power and energy industry. Fong assumed leadership of Spruce Power in 2017, where he built Spruce into the largest privately held residential solar owner/operator in North America, with over 50,000 customers and over $1 billion of distributed generation solar and energy efficiency assets. Over the past twenty years, Fong has served on numerous boards of companies and NGOs, including Terraform Power, then the world’s largest public independent renewable power producer.

Fong commented, “Spruce enters 2023 as a pure play owner/operator of residential rooftop solar, an enormous and growing market. Our differentiated business model focused on acquiring existing portfolios enables us to have one of the industry’s lowest customer acquisition costs, and we are well-funded to drive growth with over $200 million of unrestricted cash. Even as the last several years of rapid expansion doubled the size of both our portfolio and our experienced management team, I have never been more excited about the growth opportunities ahead for us.”

Outgoing CEO Eric Tech added, “Following on the exit of the XL Fleet Drivetrain business announced in December, today’s actions effectively complete the post-merger transition plan between XL Fleet and Spruce Power. As we complete this strategic transformation, we are confident that Spruce is in great hands and its future is bright. We are excited about the attractiveness of the rooftop solar market, the power of Spruce’s differentiated model, and the strength of their management team. I believe Spruce will achieve great success in the years to come.”

Related to the transition plan, the Company officially moved its headquarters to Denver, Colorado, effective January 1, 2023. Christian Fong and several key members of the Spruce Power leadership team are already located in Denver, and other team members and leadership roles will relocate in the months ahead.

About Spruce Power

Spruce Power is a leading owner and operator of distributed solar energy assets across the United States. We provide subscription-based services that make it easy for homeowners and small businesses to own and maintain rooftop solar and battery storage. Our as-a-service model allows consumers to access new technology without making a significant upfront investment or incurring maintenance costs. Our company has more than 51,000 subscribers across the United States. For additional information, please visit www.sprucepower.com.