Spruce Power Holding Corporation (NYSE: SPRU) ("Spruce" or the "Company"), a leading owner and operator of distributed solar energy assets across the United States, today (Sept 4) announced a partnership with EnerWealth Solutions, a North Carolina-based solar development company, to launch the state's first residential solar plus storage lease program.
The partnership is designed to create a robust and growing pipeline of solar and storage projects across North Carolina, bringing affordable, resilient clean energy to thousands of homeowners. The inclusive lease model requires no upfront costs or credit checks, includes a production guarantee with maintenance, and features on-site battery storage for added reliability.
Chris Hayes, Chief Executive Officer of Spruce, said, "This new Spruce PRO customer win leveraged our decade-plus experience in management of our wholly owned residential solar assets. We see growing market interest in our suite of services, which we tailor for third-party owners of distributed generation assets. The agreement is a great example of how our strength in servicing reduces project risk and helps secure financial backing for project development. With Spruce PRO managing the administration, EnerWealth is better able to focus its resources on solar origination. We are delighted to support EnerWealth in its calling, and pleased to work with an organization that shares our values."
Ajulo Othow, CEO & Founder of EnerWealth Solutions, said, "EnerWealth is a local, mission-driven company focused on supporting homeowners. We believe solar energy should be accessible and affordable to all and are committed to bringing clean energy opportunities to homeowners through our offering of the first solar plus storage lease in North Carolina. We appreciate that Spruce Power customized a servicing solution to meet our needs."
Through its Spruce PRO channel, Spruce will deliver the operational infrastructure that enables EnerWealth to scale rapidly while maintaining exceptional homeowner experiences. This includes billing and collections, homeowner support, remote monitoring and remote technical support; all backed by Spruce's experience managing approximately 145,000 residential solar assets nationwide.
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 benefit from rooftop solar power and battery storage. Our power as-a-service model allows consumers to access new technology without making a significant upfront investment or incurring maintenance costs. Our company owns the cash flows from approximately 85,000 home solar assets and contracts across the United States. For additional information, please visit www.sprucepower.com.
About EnerWealth Solutions
EnerWealth Solutions is a solar development company committed to expanding access to sustainable energy. We offer a residential solar and battery lease, making clean energy more accessible and affordable for homeowners. Additionally, we generate opportunities for rural landowners and communities in the Southeastern United States through community solar projects. Based in Durham, North Carolina, our small team creates clean energy solutions that benefit landowners, homeowners, local communities, and our shared environment. Please visit www.enerwealthsol.com for more information.
Cautionary Note Regarding Forward Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are characterized by the use of certain words or phrases (and their derivatives) such as "anticipate," "believe," "could," "expect," "intend," "may," "opportunity," "plan," "goals," "target" "predict," "potential," "estimate," "should," "will," "would," "continue," "likely," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based upon our current plans and strategies, management's assumptions and expectations about future events, and market conditions and reflect our current assessment of the risks and uncertainties related to our business and are made as of the date of this release. Forward-looking statements in this release may include, without limitation, statements made in Mr. Hayes' quotation. There can be no assurance that actual future results, performance or achievements of, or trends affecting, us will not differ materially from any future results, performance, achievements or trends expressed or implied by such forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from historical results or the forward-looking statements contained herein; competition from traditional energy companies as well as solar and other renewable energy companies; and the other risks discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 31, 2025, subsequent Quarterly and Annual Reports on Form 10-Q and Form 10-K, respectively, and other documents that the Company files with the SEC in the future. These factors are not exhaustive. New risk factors emerge from time to time, and it is not possible to predict all such risk factors, nor can the Company assess the impact of all such risk factors on its business or the extent to which any factor or combination of factors may cause actual results to differ materially from the results implied by these forward-looking statements. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Contacts
For More Information
Investor Contact: investors@sprucepower.com
Media Contact: publicrelations@sprucepower.com
