Spruce Power Welcomes its Newest Leadership Addition: Clean Energy Executive and Entrepreneur, Richard DiMatteo

By: Spruce Power Holding Corporation via Business Wire

July 02, 2024 at 11:00 AM EDT

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 announced the addition of Richard DiMatteo as Senior Vice President, Head of Spruce Pro. The addition of Rich DiMatteo underscores Spruce’s strategic commitment to advancing its distributed energy platform through Spruce Pro, a brand that extends the Company’s servicing solutions to third-party asset owners.

Rich will direct and oversee all aspects of product innovation, formation and go-to-market strategy for Spruce Pro, with an emphasis on leveraging the Company’s existing capabilities and unique market opportunity to generate high margin organic revenue and shareholder value through a further productized and scalable third-party servicing platform.

As the latest addition to Spruce’s leadership team, Rich brings deep, seasoned expertise in the productization of innovative and market leading renewable energy services to the Company. Most recently, Rich was Co-founder and EVP at Highland Electric Fleets, Inc., a leading provider of fleet electrification-as-a-service (EaaS) for school districts, governments, and fleet operators in North America. At Highland, Rich created the first of its kind customer offering and contract for fleet electrification, enabling institutional financing, the Transportation Equipment Services Agreement (TESA). Prior to co-founding Highland, Rich’s career included Fortune 500 solar PPA origination at Edison Energy, structured finance at SunEdison, and executive training at GE.

"We are honored to have an innovator and company builder like Rich DiMatteo join our executive leadership team," said Chris Hayes, Chief Executive Officer. “His addition reflects Spruce’s dedication to driving growth and shareholder value through leveraging the Company’s existing distributed energy servicing technology to establish new product offerings and customer segments. As I have said before, Spruce Pro is a huge component of our organic growth strategy, and I couldn’t be more thrilled to see us already executing through Rich’s addition.”

For more information regarding Spruce Pro, please visit https://sprucepower.com/pro/.

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 over 75,000 home solar assets and contracts across the United States. For additional information, please visit www.sprucepower.com.

Forward Looking Statements

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