---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-22-056293"
form_type: "8-K"
ticker: "SPRU"
cik: "0001772720"
company_name: "SPRUCE POWER HOLDING CORP"
filed_at: "2022-09-15T23:59:59+00:00"
generated_at: "2026-06-23T09:26:59.941641+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# XL Fleet completes acquisition of Spruce solar companies for ~$58M cash plus ~$542M debt

## Summary
- Acquired 100% membership interests in three Spruce entities; largest private residential solar owner/operator with >52,000 subscribers.
- Total consideration: ~$58M cash plus assumption of ~$542M in existing debt (aggregate borrowings ~$530.6M as of June 30, 2022).
- Christian Fong appointed President and to Board; expected to become CEO by Feb 15, 2023; Eric Tech remains CEO until then.
- Fong receives $650k base salary, target 100% bonus, and signing grant of 909,091 fully vested shares.
- Assumed debt includes SVB term/LC facilities, KeyBank credit agreement, and mezzanine financing with $165.9M outstanding.

## SEC filing metadata
- accession: 0001213900-22-056293
- form_type: 8-K
- ticker: SPRU
- cik: 0001772720
- company_name: SPRUCE POWER HOLDING CORP
- filed_at: 2022-09-15T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 5.02, 2.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1772720/000121390022056293/0001213900-22-056293-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1772720/000121390022056293/ea165764-8k_xlfleet.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-22-056293
- JSON: https://secwatch.observer/filing/0001213900-22-056293.json
- Plain text: https://secwatch.observer/filing/0001213900-22-056293.txt

## Key facts
- Executive change
  Christian Fong changed role as Chief Executive Officer at SPRUCE POWER HOLDING CORP.
  - Action: expected to become
  - Role: Chief Executive Officer
  source text: expected to become the Registrant’s Chief Executive Officer on or prior to February 15, 2023
  evidence_url: https://www.sec.gov/Archives/edgar/data/1772720/000121390022056293/0001213900-22-056293-index.htm
- Executive change
  Christian Fong was appointed as President at SPRUCE POWER HOLDING CORP.
  - Action: appointed
  - Role: President
  source text: Christian Fong was appointed as the Registrant’s President
  evidence_url: https://www.sec.gov/Archives/edgar/data/1772720/000121390022056293/0001213900-22-056293-index.htm
- Executive change
  Christian Fong was appointed as Director at SPRUCE POWER HOLDING CORP.
  - Action: appointed
  - Role: Director
  source text: the Board appointed Mr. Fong to the Board as a Class C director
  evidence_url: https://www.sec.gov/Archives/edgar/data/1772720/000121390022056293/0001213900-22-056293-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.