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Spruce Power Holding Corporation - SPRU STOCK NEWS

Welcome to our dedicated page for Spruce Power Holding Corporation news (Ticker: SPRU), a resource for investors and traders seeking the latest updates and insights on Spruce Power Holding Corporation stock.

Spruce Power Holding Corporation (symbol: SPRU) is a prominent player in the distributed solar energy sector in the United States. The company is dedicated to making renewable energy accessible and affordable through its innovative subscription-based services. With a customer base of approximately 75,000 home solar assets and contracts, Spruce Power's core offerings focus on generating and selling electricity from home solar energy systems, trading solar renewable energy credits (SRECs), and maintaining agreements for third-party owners of solar systems.

Founded with a mission to promote sustainability, Spruce Power collaborates closely with homeowners to deliver clean energy solutions that save money and reduce carbon footprints. The company leverages advanced technology to ensure efficient energy production, making significant strides in the renewable energy market.

Spruce Power's operations are grounded in financial stability, with steady revenue streams from electricity sales and SRECs. The company also benefits from strategic partnerships and institutional contracts, enhancing its market presence and ensuring long-term growth.

By providing low-risk, high-efficiency hybrid electric powertrain technology for commercial fleet vehicles, Spruce Power extends its environmental impact beyond residential solar solutions. Their hybrid technology, developed by a team from MIT, helps businesses reduce fuel consumption, lower costs, and decrease emissions without compromising performance.

Recent achievements include expanding their solar asset portfolio and strengthening their service agreements with various institutional partners. Spruce Power continues to innovate and adapt, aiming to meet the increasing demand for sustainable energy solutions and support communities in transitioning to renewable energy sources.

News

Spruce Power Adds Industry Veteran to Lead Asset Operations

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Spruce Power Holding (NYSE: SPRU) announced the hiring of Kevin Minton as Vice President, Asset Operations. Minton's addition strengthens Spruce's distributed energy servicing technology platform and supports the growth prospects for the Company in the commercial solar market. With over 25 years of experience, Minton will oversee asset operations activities, focusing on fleet performance, field operations efficiency, and customer experiences. His background includes leadership roles at ADT Solar and service in the United States Marine Corps.
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Spruce Power Holding Corporation Announces Leadership Changes

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Spruce Power Holding (SPRU) appoints Chris Hayes as President & CEO and welcomes Dr. Audrey Lee to the Board of Directors. Hayes to lead the company's growth initiatives leveraging technology and existing solar assets.
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Spruce Power Reports Fourth Quarter and Full-Year 2023 Results

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Spruce Power Holding Corporation (SPRU) reported strong financial results for Q4 and full year 2023, highlighting significant growth in customer contracts and cash liquidity. The company added 25,000 customer contracts in 2023, reaching over 75,000 home solar assets. They launched 'Spruce Pro' brand for commercial solar market expansion. Total cash stood at $173 million at year end. Operating EBITDA for Q4 2023 was $9.9 million. The company expects 2024 Operating EBITDA between $68 - $86 million and Adjusted Free Cash Flow between $0 - $5 million. Despite revenue decline due to weather fluctuations, Spruce remains focused on growth and shareholder value maximization.
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Spruce Power to Release Fourth Quarter and Full-Year 2023 Results and Host Conference Call on March 14

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Spruce Power Holding Corporation (NYSE: SPRU) will report its fourth quarter and full-year 2023 financial results on March 14, 2024. The results will be available on the Investor Relations section of its website. A conference call and webcast will follow to discuss the results.
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Spruce Power Launches ‘Spruce Pro’ Brand, Expanding its Servicing Solutions into the Commercial Solar Market

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Spruce Power Holding Corporation (NYSE: SPRU) announced the launch of Spruce Pro, expanding into the commercial solar market. The new business line offers asset management and commodity trading tools to increase productivity and servicing quality for commercial solar customers. The expansion aligns with the company's commitment to clean energy solutions and underscores its dedication to serving a broader spectrum of photovoltaic asset owners.
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Spruce Power Announces Expansion of Operating Headquarters in Houston, Texas

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Spruce Power Holding Corporation (NYSE: SPRU) expands its Houston headquarters by over 10,000 square feet to support a growing portfolio of home solar assets and contracts. The company plans to expand the Houston team by 20 in 2024. Spruce is a leading owner and operator of distributed solar energy assets across the United States, committed to ensuring an industry-leading customer experience.
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Spruce Power Announces Record Revenue in Third Quarter 2023 Earnings Results

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SPRU: Spruce Power Holding Corporation Reports Record Third Quarter Revenue of $23.3 Million and Growth of Home Solar Assets by 49% Year-Over-Year. Company's Total Cash Reaches $193 Million with Pro-Forma Cash of $9.14 per Share. Positive Outlook for Business Cash Inflows of $120 to $130 Million Annually. Legal Proceedings Settled with SEC and Shareholder Class Action Lawsuits.
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Spruce Power to Release Third Quarter 2023 Results and Host Conference Call on November 9

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Spruce Power Holding Corporation to report Q3 2023 financial results
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Spruce Power Announces Reverse Stock Split

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Spruce Power Holding Corporation's stockholders have approved a 1-for-8 reverse stock split, expected to become effective on October 6, 2023. The common stock will begin trading on a split-adjusted basis on October 9, 2023. The reverse split aims to comply with NYSE's listing requirements and attract institutional investors. No fractional shares will be issued, and cash payments will be made instead.
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Spruce Power Announces Resolution of SEC Inquiry of XL Fleet

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Spruce Power Holding Corporation settles SEC enforcement action related to 2020 merger of predecessor company, XL Fleet Corp, by paying $11 million civil penalty. Settlement funded from corporate cash of approximately $192 million. Allows Spruce to focus on growing its distributed energy business.
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FAQ

What is the current stock price of Spruce Power Holding Corporation (SPRU)?

The current stock price of Spruce Power Holding Corporation (SPRU) is $2.48 as of November 4, 2024.

What is the market cap of Spruce Power Holding Corporation (SPRU)?

The market cap of Spruce Power Holding Corporation (SPRU) is approximately 46.0M.

What does Spruce Power Holding Corporation do?

Spruce Power specializes in owning and operating distributed solar energy assets, offering subscription-based services to homeowners across the U.S.

How does Spruce Power generate revenue?

Revenue is generated through electricity sales from home solar systems, trading solar renewable energy credits (SRECs), and servicing agreements for third-party solar asset owners.

How many home solar assets does Spruce Power manage?

Spruce Power manages approximately 75,000 home solar assets.

What are SRECs?

Solar Renewable Energy Credits (SRECs) are tradable commodities representing the environmental benefits of generating solar power.

Who are Spruce Power's primary customers?

The primary customers are homeowners who use the company's solar energy systems.

What technology does Spruce Power offer for commercial fleets?

Spruce Power offers hybrid electric powertrain technology for commercial fleet vehicles, helping businesses reduce fuel use and emissions.

Who founded Spruce Power?

Spruce Power was founded by a team from MIT, focusing on innovative solutions for the renewable energy sector.

How does Spruce Power support sustainability?

Spruce Power supports sustainability by providing clean solar energy solutions, reducing carbon footprints, and offering hybrid technology for commercial fleets.

What recent achievements has Spruce Power accomplished?

Recent achievements include expanding their solar asset portfolio and strengthening service agreements with institutional partners.

Is Spruce Power financially stable?

Yes, Spruce Power has stable revenue streams from electricity sales, SRECs, and strategic partnerships, ensuring long-term growth.

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Spruce Power Holding Corporation

NYSE:SPRU

SPRU Rankings

#4884 Ranked by Market Cap
N/A Ranked by Dividends

SPRU Stock Data

46.02M
18.56M
13.43%
21.01%
1.75%
Solar
Electric Services
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United States of America
DENVER