Spruce Power Announces Expansion of Operating Headquarters in Houston, Texas

Rhea-AI Summary

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.

Distributed solar energy leader expands its Houston presence by over 10,000 square feet to support a growing portfolio of home solar assets and contracts

Commitment to Texas includes plans to expand the Houston team by 20 in 2024

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 a successful expansion of its operating headquarters in Houston, Texas.

Spruce’s operating headquarters in Houston is home to the business functions that support its goal of ensuring an industry leading customer experience. Beginning in 2019, the Company has organically built a residential energy services solution platform for the distributed generation (DG) solar sector, utilizing access to a deep pool of experienced energy professionals in Houston. Technology, Asset Operations, Customer Support, and Billings and Collections teams provide seamless support services to Spruce and third-party customers.

Following growth in Spruce’s home solar assets and contracts of about 50% over the past year, representing 25,000 rooftops, the Company is pleased to announce a sizable expansion of its Houston office footprint to over 40,000 square feet. The Company expects the expanded Houston footprint will support its current team of 150 DG professionals, as well as accommodate the planned addition of 20 employees as part of its overall corporate goal of reaching 90,000 customers and rooftop solar contracts in the coming year.

Christian Fong, CEO of Spruce, commented, “This announcement comes on the heels of our corporate headquarters’ relocation in Denver, with both expansions the execution of a value-creating move from California to our long-term work homes. Houston is our largest employment base, and being able to add high-paying jobs to our Houston location underpins our commitment to the community and continued growth in Texas.”

The newly expanded office is located at Two Memorial City Plaza at 820 Gessner Road in Houston. With this expansion, Spruce is now one of the largest tenants in the Memorial City Plaza office complex.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231214746242/en/

Investor Contact: investors@sprucepower.com

Head of Investor Relations: Bronson Fleig

Media Contact: publicrelations@sprucepower.com

Source: Spruce Power Holding Corporation

FAQ

What is Spruce Power Holding Corporation's ticker symbol?

The ticker symbol for Spruce Power Holding Corporation is SPRU.

Where is Spruce Power Holding Corporation expanding its headquarters?

Spruce Power Holding Corporation is expanding its operating headquarters in Houston, Texas.

How much is Spruce Power Holding Corporation expanding its Houston presence by?

Spruce Power Holding Corporation is expanding its Houston presence by over 10,000 square feet.

How many new team members is Spruce Power Holding Corporation planning to add in 2024?

Spruce Power Holding Corporation plans to expand the Houston team by 20 in 2024.

What is Spruce Power Holding Corporation's main focus?

Spruce Power Holding Corporation's main focus is on ensuring an industry-leading customer experience in the distributed solar energy sector.

What are the business functions supported at Spruce Power Holding Corporation's Houston headquarters?

The business functions supported at Spruce Power Holding Corporation's Houston headquarters include Technology, Asset Operations, Customer Support, and Billings and Collections teams.

What type of energy assets does Spruce Power Holding Corporation specialize in?

Spruce Power Holding Corporation specializes in distributed solar energy assets across the United States.