XL Fleet Completes Transformational Acquisition of Spruce Power

XL Fleet Corp. announced the acquisition of Spruce Power, the largest privately held owner and operator of residential rooftop solar systems in the U.S. with more than 52,000 subscribers.

September 13, 2022. By News Bureau

XL Fleet Corp. announced the acquisition of Spruce Power, the largest privately held owner and operator of residential rooftop solar systems in the U.S. with more than 52,000 subscribers.

In connection with the acquisition of Spruce Power, XL Fleet also unveiled its new corporate strategy to provide subscription-based solutions for rooftop solar, battery storage, EV charging and other distributed energy resources.

XL Fleet completed the acquisition of the Spruce Power business from funds managed by HPS Investment Partners, LLC (HPS) for total cash consideration of approximately $58 million and the assumption of approximately $542 million of debt.

Eric Tech, Chief Executive Officer of XL Fleet, stated, “Earlier this year, we communicated our intent to transform the company and create shareholder value through strategic M&A. The acquisition of Spruce Power is a critical first step in that transformation and will be the cornerstone of our new strategy to provide subscription-based solutions for rooftop solar, battery storage and EV charging to homeowners and small businesses.”

Christian Fong, Chief Executive Officer of Spruce Power and newly appointed President of XL Fleet, commented, “The Spruce team is incredibly excited about joining the XL Fleet platform and motivated by the potential value created by combining our two companies. With XL Fleet’s resources, we now have the tools to significantly accelerate the growth in our business, while continuing to execute on our mission to lower the cost of energy for our customers and create a more sustainable future.”

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