SPRU News & Events

Spruce Power announced that Thomas Cimino has been appointed CFO, effective immediately. Cimino had served as interim CFO since June. Cimino brings more than 25 years of senior financial leadership experience, including CFO roles at Vantage Drilling International and AEI Services.

Reports Q3 revenue $30.72M vs $21.38M last year. Spruce Power Chief Executive Officer Chris Hayes commented, "Third quarter results reflect the efforts of our ongoing mission to operate efficiently with a laser focus on costs and cash management while sustainably growing the business. A 44% growth in revenue from the year-earlier period and Operating EBITDA up 48% show the effects of growth in our servicing business. At the same time, we achieved meaningful cost reductions, including a 53% year-over-year decline in O&M and a 4% year-over-year decline in SG&A."

Spruce Power Holding announced a strategic partnership with Treehouse to accelerate Spruce's expansion of offerings into the home battery storage market. The partnership builds on the company's Spruce Pro servicing platform, extending its reach beyond solar into battery energy storage.

Spruce Power Holding announced a multi-year backup servicing agreement with Sunvida, a Puerto Rico-based solar financing options platform. The Spruce PRO backup servicing partnership will initially include data storage, data validity and reporting, with the potential for an expanded relationship over time.