— Spruce Pro expands Spruce Power into the commercial solar market, which is projected to experience double-digit growth through the end of the decade
— The new business line introduces a set of asset management and commodity trading tools to increase productivity and servicing quality for commercial solar customers
— Best-in-class customer and portfolio servicing can assist customers in increasing revenue, lengthening asset life, lowering operating costs and profitably meeting sustainability goals
DENVER–(BUSINESS WIRE)–Spruce Power Holding Corporation (NYSE: SPRU) (“Spruce” or the “Company”), a leading owner and operator of distributed solar energy assets across the United States, today announced the launch of Spruce Pro, a brand that extends Spruce’s distributed solar energy servicing capabilities into a new growth segment of commercial solar.
Built on the foundational strength of Spruce’s existing portfolio servicing of owned and third-party home solar assets, Spruce Pro is poised to capitalize on a market segment previously untapped by the Company, adding both growth prospects and value creation for the Company and commercial clients. This expansion aligns with the Company’s commitment to advancing clean energy solutions and underscores its dedication to serving a broader spectrum of photovoltaic asset owners.
Christian Fong, CEO of Spruce Power, commented, “This expansion to work with commercial clients is a natural fit for our organization, which has championed servicing solutions for distributed solar energy assets over the past decade. Leveraging this experience, we can step into a fast-growing market of commercial solar to make available to new clients Spruce’s trusted servicing and environmental commodities teams.”
The Spruce Pro launch comes after forging partnerships with commercial solar owners in 2023. Spruce was able to create new revenue at high investment returns and increase net margins for their partner companies. The initial successes proved the scalability and market-readiness of the Spruce Pro platform.
Spruce Pro: Unlocking Productivity and Value for Businesses
Spruce Pro leverages its fit-for-purpose systems to streamline operational efficiency and increase productivity for commercial customers through end-to-end portfolio servicing and an experienced environmental commodities team. Spruce Power believes these service offerings create a foundation for mutually beneficial relationships, unlocking platform value for the relatively underserved commercial solar market while offering high investment returns for the Company.
- Commercial Customer Servicing- With mature servicing infrastructure, a US-based call center, and industry-specific technology already in place, Spruce Pro handles the needs of enterprise portfolio owners at any scale. Spruce’s servicing experience includes lender and tax-equity management and reporting, invoicing and collections, and asset management.
- Portfolio Financial Operations- Spruce’s long history as a premier owner of distributed solar energy gives Spruce Pro clients access to a proven track record of efficient and accurate back-office ownership services. This includes accounting, regulatory filings, treasury, and cash management.
- Environmental Commodities Markets (ECM)– Spruce Pro unlocks value by maximizing SREC revenue or limiting future exposure to volatility in environmental commodities. At launch, Spruce Pro is already positioned as one of the top market makers for California SRECS. As an owner and operator of one of North America’s largest rooftop solar portfolios, Spruce’s ECM team has years of experience reporting, minting, and transacting renewable energy credits.
With broad capabilities ranging from asset management services, environmental commodities market offerings to broad-based industry servicing, Spruce Pro can offer tailored solutions for unique client needs.
For more information, please visit https://sprucepower.com/pro/.
About Spruce Power
Spruce Power Holding Corporation (NYSE: SPRU) 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 to benefit from rooftop solar power and battery storage. Our power as-a-service model allows consumers to access new technology without making a significant upfront investment or incurring maintenance costs. Our company owns the cash flows from over 75,000 home solar assets and contracts across the United States. For additional information, please visit www.sprucepower.com.
Forward Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements in this release include statements regarding future repurchases under the stock repurchase program, potential future acquisitions and debt reductions, and the Company’s prospects for long-term growth in revenues, business cash inflows and earnings. Repurchases under the stock repurchase program will depend upon market prices, trading volume, available cash and other factors, and, therefore, there is no guarantee as to the number of shares that may be purchased. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions 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, including but not limited to: expectations regarding the growth of the solar industry, home electrification, electric vehicles and distributed energy resources; the ability to successfully integrate XL Fleet and Spruce; the ability to identify and complete future acquisitions; the ability to develop and market new products and services; the effects of pending and future legislation; the highly competitive nature of the Company’s business and markets; the ability to execute on and consummate business plans in anticipated time frames; litigation, complaints, product liability claims, government investigations and/or adverse publicity; cost increases or shortages in the components or chassis necessary to support the Company’s products and services; the introduction of new technologies; the impact of natural disasters and other events beyond our control, such as hurricanes or pandemics on the Company’s business, results of operations, financial condition, regulatory compliance and customer experience; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; risks related to the rollout of the Company’s business and the timing of expected business milestones; the effects of competition on the Company’s future business; the availability of capital; and the other risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 30, 2023, subsequent Quarterly Reports on Form 10-Q and other documents that the Company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements.
Contacts
Investor Contact: investors@sprucepower.com
Head of Investor Relations: Bronson Fleig
Media Contact: publicrelations@sprucepower.com
