Spruce Expands Executive Team for Strategic Growth

Solar Technology & Consumer Finance Veterans Will Drive Volume and Scale

San Francisco – March 9, 2016 – Spruce Finance Inc. (“Spruce”), a provider of consumer financing for residential solar, energy efficiency and water conservation upgrades in the U.S., is expanding its executive team. Spruce was founded in December 2015 when Clean Power Finance and Kilowatt Financial merged. The new executive team members will build on the transition team’s work to scale Spruce’s products, services and technology.

Jeff Loebbaka, formerly senior vice president of global sales, marketing and service at Enphase Energy, joins Spruce as its chief commercial officer. While at Enphase, Jeff increased annual revenues from $20 million to $345 million and boosted the company’s residential and small commercial market share from 15 to 45 percent. Prior to Enphase, Jeff was a senior vice president at Seagate Technologies and held senior marketing and sales roles at Brunswick, Zenith Data Systems and Apple.

“We’re delighted to welcome Jeff to the Spruce team,” said Spruce CEO Nat Kreamer. “Over the last few months, we’ve strengthened our technology platform and developed a broader array of finance products and channel services for homeowners and partners. Jeff’s experience successfully marketing solar and technology at global companies is invaluable as we expand our residential solar and efficiency financing businesses nationwide.”

Steve Olszewski, currently senior vice president of operations at Spruce, will take over from Matt Melius as chief operating officer. Steve was previously a senior vice president at Discover Financial Services, where he oversaw the largest portfolio acquisition in Discover’s history and managed the six-fold growth of the deposits business, which became Discover’s largest funding source. Prior to that, Steve led underwriting operations for GMAC’s auto insurance business.

“Matt Melius was instrumental in the successful merger of Clean Power Finance and Kilowatt Financial, and helped Spruce emerge as a single, unified organization in our crucial first few months,” said Kreamer. “Steve will build on Matt’s work to scale Spruce’s business and streamline our operations. His deep operational experience will help us improve speed and efficiency while maintaining our risk management discipline.”

About Spruce
Spruce empowers people to improve their environments. We provide homeowners with simple, affordable financing for residential solar systems, water conservation upgrades and energy efficiency home improvements. Working with a national network of channel and contractor partners in 50 states, we help homeowners reduce their total utility spend on power, water, and heating and cooling. To learn more about the company, visit www.sprucefinance.com.

Media Contact:
Alison Mickey
amickey@sprucefinance.com
415-963-4319