Spruce Power Announces Changes to its Board of Directors
December 21 2022 - 9:13PM
Business Wire
--Deb Frodl and Sarah Sclarsic Transition off
Board Effective December 31, 2022--
--Chris Hayes Elected as Chair Effective
January 1, 2023--
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 that
Debora Frodl will be retiring, and Sarah Sclarsic will be stepping
down, from the Company’s board of directors (the “Board”) effective
December 31, 2022. Ms. Frodl is retiring after serving as a Company
director since May 2018, and as Chair since December 2020. She has
also served as chair of the Nomination and Governance Committee and
as a member of the Audit Committee. Ms. Sclarsic, who has served on
the board since December 2020 as a member of the Audit Committee,
is departing to pursue opportunities through a climate technology
venture capital firm that she co-founded in 2021.
“Deb has been a highly valued contributor to the Board and has
driven the Company’s success,” said Eric Tech, Spruce Power’s chief
executive officer. “Her strategic guidance, strong leadership, and
high standard of excellence helped pivot our Company’s strategy,
and now position Spruce as an emerging leader in rooftop
residential solar. We are grateful for her dedication and
commitment to the Company and wish her all the best as she embarks
upon her next chapter.”
Tech continued, “We appreciate Sarah’s contributions and are
confident she will find continued success as an early stage
investor in companies that are creating a decarbonized global
economy. Through her firm, Voyager Ventures, Sarah is making a
difference in the world. We look forward to seeing many successful
ventures from her in the years ahead.”
Simultaneous to Ms. Frodl’s retirement and Ms. Sclarsic’s
resignation, the board has elected current director Chris Hayes as
the new Chair, effective January 1, 2023. Mr. Hayes has served as a
director of the Company since May 2018. Chris has more than twenty
years’ experience in clean energy and sustainability and is founder
and managing partner of Alturus, which invests in sustainable
infrastructure projects. “I am enormously excited about Spruce
Power becoming a high growth company in the distributed energy
resources arena. We are positioned to be a leading provider of
solutions to help homeowners create a cleaner and more sustainable
future. The Company appreciates all the hard work from the team to
transition the Company into a pure play distributed energy platform
that maximizes investor value," said Mr. Hayes. “I am particularly
grateful for the leadership contributions from Deb and Sarah over
the years.”
More information can be found in the Corporate Governance on
Spruce Power’s investor relations website at
https://investors.sprucepower.com/governance/management/default.aspx.
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.
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Investor Contact: investors@sprucepower.com Media Contact:
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