It is not supported with the built in functions. However, you can tap into the underlying POI library and use a RichTextString to accomplish this.
Assuming you have already created the worksheet and an empty cell:
spreadsheetData = SpreadSheetNew("Sheet1", true);
SpreadsheetAddRow(spreadsheetData,"",1,1);
Grab reference to the underlying Workbook and create fonts with the appropriate colors:
wb = spreadsheetData.getWorkbook();
Colors = createObject("java", "org.apache.poi.ss.usermodel.IndexedColors");
greenFont = wb.createFont();
greenFont.setColor(Colors.GREEN.index);
blueFont = wb.createFont();
blueFont.setColor(Colors.BLUE.index);
Then create a RichTextString object and append each part of the text with the desired color:
// Using GREEN and BLUE for demo purposes
richString = createObject("java", "org.apache.poi.xssf.usermodel.XSSFRichTextString").init();
richString.append("Text1: ", greenFont);
richString.append("Text2", blueFont);
Finally, apply the RichTextString to the empty cell, ie A1 you created earlier. Note, unlike in CF, the indexes are 0-based.
cell = wb.getSheet("Sheet1").getRow( 0 ).getCell( 0 );
cell.setCellValue(richString);