XL Fleet (NYSE:XL) shares are moving upwards today after the company completed its Spruce Power acquisition. XL offers new-age technologies such as rooftop solar, battery storage, and electric vehicle charging systems under a subscription-based model.
It acquired Spruce for a total cash consideration of $58 million while also assuming ~$542 million in debt. Spruce is the largest private owner and operator of residential solar systems in the U.S. and the acquisition is part of XL’s move to be a leading name in subscription-based services for new-age technologies.
Further, Christian Fong, the CEO of Spruce has been named to XL’s Board and appointed its President as well. Fong is also anticipated to become the CEO of XL by February 15, 2023.
Read full Disclosure