XL Fleet changes name and exits from EV industry
By Bradley Osborne - 18th January 2023
USA – XL Fleet Corp, formerly a retrofit firm based in Boston, Massachusetts, has officially changed its name to Spruce Power Holding Corporation and has sold off its electric drivetrain assets as of 1 January 2023, signalling its exit from the commercial vehicle industry.
In September, XL Fleet acquired Spruce Power, an owner-operator of rooftop solar panels based in Houston, Texas. It bought Spruce Power for approximately USD58m and agreed to take on a debt of approximately USD542m. In its announcement of the acquisition, XL Fleet declared its intention to take up Spruce Power’s business model of providing solar energy, battery storage, and EV charging services to American residences. On 14 November, the company began trading under the Spruce Power name and changed its NYSE ticker symbol from ‘XL’ to ‘SPRU’.
