Spruce Power Appoints Sarah Wells as New Chief Financial Officer

Spruce Power Holding Corporation (NYSE: SPRU) (“Spruce” or the “Company”), a leading owner and operator of distributed solar energy assets across the United States, announced that Sarah Wells has been appointed Chief Financial Officer, effective May 19^th. Mrs. Wells succeeds Don Klein, who is departing in connection with the previously announced transition from XL Fleet to Spruce Power executive management.

Sarah Wells brings considerable industry experience and expertise with disruptive sustainability strategies and is a long-time Spruce Power leader in cost efficiency and growth enablement. Mrs. Wells joined Spruce Power in 2018 and most recently served as Senior Vice President, Finance and Accounting and Head of Sustainability, managing financial planning and analysis, accounting and reporting, treasury and various operations duties. Prior to joining Spruce Power, she held various positions of progressive responsibility in finance and accounting, including as Finance and SOX Manager, at Cornerstone Building Brands (formerly NCI Building Systems, Inc.), at that time North America’s largest publicly traded integrated manufacturer of metal building products. Earlier in her career, she served as a senior auditor at PKF Texas, working with various public companies including IPOs and mergers. Mrs. Wells earned a Bachelor of Business Administration in Accounting from the University of Lafayette.

“I am excited to start my next chapter at Spruce Power,” said Sarah Wells. “We have a strong team, and I’m grateful to Christian Fong and the Board of Directors for the opportunity. As we continue to execute our growth strategy, I will remain committed to upholding the Company’s mission. In my expanded role, I look forward to continuing to contribute to the growth and success of the Company. I want to express my appreciation to Don Klein for his collaboration during these last few months of transition from XL Fleet to Spruce Power.”

“I am pleased to announce the promotion of Sarah to CFO,” said Christian Fong, CEO of Spruce Power. “Sarah is a trusted member of the Spruce team and has been instrumental in supporting the strong growth of our residential solar platform. Her executive management, operations, finance, and accounting experience will benefit Spruce Power in our next steps as a public company as we drive towards further scale and growth in free cash flow. We are proud of the tremendous work Don Klein did in the business combination with XL Fleet in September 2022 and the skill and care he brought in executing the integration. His contributions and selflessness in building strength into this company are remarkable. With Sarah stepping into the CFO role, the Company is now led by the executive team that built Spruce Power over the last five years.”

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 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 owns over 70,000 rooftop 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. 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 Power; 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 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 the COVID-19 pandemic on the Company’s business, results of operations, financial condition, regulatory compliance and customer experience; the potential loss of certain significant 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; 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 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.

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