XL Fleet / Spruce Power

Spruce Power Holding Corporation (NYSE: SPRU), formerly known as XL Fleet, is a publicly traded renewable energy company headquartered in Houston, Texas. Originally founded in 2008/2009, the company pivoted from fleet electrification (under the XL Fleet brand) to become a Power-as-a-Service provider focused on residential solar energy. Spruce Power owns and operates a large portfolio of distributed solar energy systems across the United States, offering homeowners clean electricity through subscription-based payment models and generating Solar Renewable Energy Credits (SRECs). The company is also one of the first solar companies to offer retrofit home battery systems, and is actively evaluating partnerships to bring EV chargers and smart home energy management devices to its customer base.

Spruce Power's technology platform includes "Spruce Pro," a comprehensive solar servicing platform that provides portfolio management services to both homeowner- and third-party-owned solar systems. Services include billing and collections, asset recovery, account support, financial asset management, homeowner support, and SREC transaction execution. This asset-light, recurring-revenue model positions the company as a critical infrastructure operator in the distributed clean energy ecosystem, bridging residential solar generation with broader grid decarbonization goals.

The company is significant to the US energy supply chain because it manages distributed solar assets at scale - effectively functioning as a lifecycle manager and operator for residential renewable energy infrastructure. By acquiring and servicing existing solar portfolios and layering on battery storage and EV charging capabilities, Spruce Power helps extend the productive life of clean energy assets, reduce energy waste, and enable homeowners to participate more fully in the clean energy transition. Its publicly listed status on the NYSE under ticker SPRU provides transparency and capital market access rare among distributed solar operators.