Spruce Power Welcomes its Newest Leadership Addition: Clean Energy Executive and Entrepreneur, Richard DiMatteo
Spruce Power Holding (NYSE: SPRU) has appointed Richard DiMatteo as Senior Vice President, Head of Spruce Pro. This move aligns with Spruce's strategy to expand its distributed energy platform by extending its servicing solutions to third-party asset owners. Richard DiMatteo, with a robust background in renewable energy services, will oversee product innovation, market strategy, and leverage Spruce’s existing capabilities to boost high-margin organic revenue. DiMatteo’s prior roles include Co-founder and EVP at Highland Electric Fleets, where he pioneered the Transportation Equipment Services Agreement (TESA) for fleet electrification. His experience also spans roles at Edison Energy, SunEdison, and GE.
- Appointment of experienced clean energy executive Richard DiMatteo as SVP.
- Focus on leveraging existing capabilities to generate high-margin organic revenue.
- Expansion of servicing solutions to third-party asset owners through Spruce Pro.
- DiMatteo's previous success in pioneering fleet electrification contracts at Highland Electric Fleets.
- None.
Rich will direct and oversee all aspects of product innovation, formation and go-to-market strategy for Spruce Pro, with an emphasis on leveraging the Company’s existing capabilities and unique market opportunity to generate high margin organic revenue and shareholder value through a further productized and scalable third-party servicing platform.
As the latest addition to Spruce’s leadership team, Rich brings deep, seasoned expertise in the productization of innovative and market leading renewable energy services to the Company. Most recently, Rich was Co-founder and EVP at Highland Electric Fleets, Inc., a leading provider of fleet electrification-as-a-service (EaaS) for school districts, governments, and fleet operators in
"We are honored to have an innovator and company builder like Rich DiMatteo join our executive leadership team," said Chris Hayes, Chief Executive Officer. “His addition reflects Spruce’s dedication to driving growth and shareholder value through leveraging the Company’s existing distributed energy servicing technology to establish new product offerings and customer segments. As I have said before, Spruce Pro is a huge component of our organic growth strategy, and I couldn’t be more thrilled to see us already executing through Rich’s addition.”
For more information regarding Spruce Pro, 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
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 can be identified by the use of forward-looking words or phrases such as “anticipate,” “believe,” “could,” “expect,” “intends,” “may,” “opportunity,” “plans,” “goals,” “target” “predict,” “potential,” “estimate,” “should,” “will,” “would,” “continue,” “likely” or the negative of these terms or other words of similar meaning. These statements are based upon our current plans and strategies and reflect our current assessment of the risks and uncertainties. Forward-looking statements in this release include statements regarding the future direction of the Company and growth opportunities. 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, wildfires 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, 2023 filed with the SEC on April 9, 2024, subsequent Quarterly and Annual Reports on Form 10-Q and Form 10-K, respectively, 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.
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For More Information
Investor Contact: investors@sprucepower.com
Head of Investor Relations: Bronson Fleig
Media Contact: publicrelations@sprucepower.com
Source: Spruce Power Holding Corporation
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