XL Fleet completed the acquisition of Spruce Power for $58m.

XL Fleet, a provider of hybrid and plug-in hybrid electrification solutions for fleets, completed the acquisition of Spruce Power, a private owner and operator of residential distributed energy resources, for $58m. “Earlier this year, we communicated our intent to transform the company and create shareholder value through strategic M&A. The acquisition of Spruce Power is a critical first step in that transformation and will be the cornerstone of our new strategy to provide subscription-based solutions for rooftop solar, battery storage and EV charging to homeowners and small businesses,” Eric Tech, XL Fleet CEO.