• Fong Led Spruce Power Before Merger with XL Fleet
• Current CEO Eric Tech to Remain on Board of Directors
• Headquarters Moved to Denver, Colorado Effective January 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.

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. 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 the Spruce Power acquisition; 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, warranty claims, product liability claims and/or adverse publicity; results of operations, financial condition, regulatory compliance and customer experience; the potential loss of customers; 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, including supply chain and labor shortage challenges in the solar panel markets; 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 filed on March 31, 2022, 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.