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By Chris Wake
Spruce Power Holding Corp. said it is taking other steps to exit its motor transportation business to become a pure-play clean energy solutions business.
The Wixom, Mich.-based solar energy company said it will cease operations in its hybrid and drivetrain-related business lines, including all product development and commercial activities.
Shyft Group USA, a wholly owned subsidiary of Shyft Group Inc. Spruce retains rights to future royalties from the program.
Shyft will purchase certain technical equipment and assume leases related to initiatives in Wixom. Shyft is expected to provide jobs to engineers and other people employed by Spruce.
Spruce also sold some battery inventory and legacy hybrid technology to RMA Group, an automotive and equipment supplier in Southeast Asia.
The company believes that these actions will be completed by January 1 and should significantly reduce the use of future operating cash.
Write to Chris Wack at chris.wack@wsj.com
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