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Denver–(business wire)–Spruce Power (NYSE: SPRU) (“Spruce” or “Company”, formerly known as XL Fleet), a primary owner and operator of distributed solar energy assets across the United States, today announced , which showed a previous leadership transition.
On February 1, 2023, Spruce President and Director Christian Fong will assume the CEO role from current CEO Eric Tech. Tech will remain on the board. Fong has over 15 years of executive leadership experience in the power and energy industry. Fong became the leader of Spruce Power in 2017, the largest privately held residential company in North America with over 50,000 customers and over $1 billion in distributed solar and energy efficiency assets. A solar owner/operator he built Spruce. Over the past 20 years, Fong has served on the boards of numerous companies and NGOs. Among them is Terraform Power, which at the time was the world’s largest public independent renewable power company.
Mr Fong commented: Our differentiated business model, focused on acquiring our existing portfolio, allows us to deliver one of the lowest customer acquisition costs in the industry, with over $200 million in unlimited cash sufficient to drive growth. I have a lot of funds. Rapid expansion over the past few years has doubled the size of both our portfolio and our experienced management team, but we have never been more excited about the growth opportunities ahead. ”
Leaving CEO Eric Teck added: We believe Spruce has done a great job in completing this strategic transformation and the future looks bright. Rooftop He is excited by the attractiveness of the solar market, the power of Spruce’s differentiated models, and the strength of its management team. We believe Spruce will be very successful in the years to come. ”
In connection with our transition plans, we have officially moved our headquarters to Denver, Colorado, effective January 1, 2023. Christian Fong and Spruce Power’s Leadership Several key members of his team are already in Denver, and other team members and leadership roles will transfer. in the coming months.
About Spruce Power
Spruce Power is a leading owner and operator of distributed solar energy assets across the United States. We offer subscription-based services that make it easy for homeowners and small businesses to own and maintain rooftop solar and storage. Our as-a-service model gives consumers access to new technologies without incurring large up-front investments and maintenance costs. In our company, he has over 51,000 subscribers across the United States. For more information, please visit www.sprucepower.com.
Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements generally include the words “believe,” “may,” “will,” “estimate,” “continue,” “expect,” “intend,” and “expect.” ‘, ‘should’, ‘would’, ‘plan’, ‘predict’, ‘could’, ‘seem’, ‘seek’, ‘future’, ‘prospect’, and future It is not a similar representation to predict or indicate events or trends, or a description of historical events. These statements are based on various assumptions and management’s current expectations, whether or not identified in this press release, and are not projections of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. This includes, but is not limited to, expectations regarding the growth of the solar industry, home electrification, electric and distributed vehicles. energy resources; the ability to successfully integrate the Spruce Power acquisition; the competitive nature of our business and markets; Ability to execute and complete the business plan within the expected timeframe. litigation, complaints, warranty claims, product liability claims, and/or bad publicity; operating results, financial condition, regulatory compliance, and customer experience; Potential loss of customers. Privacy and Data Protection Laws, Breach of Privacy or Data, or Loss of Data. changes in general economic, financial, legal, political and business conditions and domestic and international markets; risks associated with the development of our business and the timing of anticipated business milestones; This includes supply chain and labor shortage issues in the solar panel market. the impact of competition on our future business; the availability of capital; and the Company’s annual report on Form 10-K filed on March 31, 2022, subsequent quarterly reports on Form 10-Q, and other future filings by the Company with the SEC. other risks discussed under the heading “Risk Factors” in this document. If any of these risks materialize or our assumptions prove to be incorrect, the actual results results may differ materially from those implied by forward-looking statements. These forward-looking statements speak only as of the date hereof, and we expressly disclaim any obligation to update these forward-looking statements.
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