Christian Fong, the president and director of Spruce Power (formerly known as XL Fleet), will assume the role of CEO from current CEO Eric Tech on February 1.
Tech will remain on the board of directors. Fong has over 15 years of executive leadership experience in the power and energy industry. Fong assumed leadership of Spruce Power in 2017, where he built Spruce into the largest privately held residential solar owner/operator in North America, with over 50,000 customers and over $1 billion of distributed generation solar and energy efficiency assets.
“Spruce enters 2023 as a pure play owner/operator of residential rooftop solar, an enormous and growing market,” says Fong. “Our differentiated business model focused on acquiring existing portfolios enables us to have one of the industry’s lowest customer acquisition costs, and we are well-funded to drive growth with over $200 million of unrestricted cash. Even as the last several years of rapid expansion doubled the size of both our portfolio and our experienced management team, I have never been more excited about the growth opportunities ahead for us.”
“Following on the exit of the XL Fleet Drivetrain business announced in December, today’s actions effectively complete the post-merger transition plan between XL Fleet and Spruce Power,” adds Tech. “As we complete this strategic transformation, we are confident that Spruce is in great hands and its future is bright. We are excited about the attractiveness of the rooftop solar market, the power of Spruce’s differentiated model, and the strength of their management team. I believe Spruce will achieve great success in the years to come.”
Related to the transition plan, the company has officially moved its headquarters to Denver, Colo.