Zeo Energy, a Florida-based provider of residential solar and energy efficiency solutions, announced it plans to acquire Heliogen, a specialist in concentrated solar power (CSP).
Zeo will perform a merger and reorganization of Heliogen and said it plans to leverage Heliogen’s existing solutions, brand, intellectual property, capital and technical talent. The transaction is expected to close in Q3, 2025.
Zeo said it intends to establish a division focused on long-duration energy generation and storage for commercial and industrial-scale facilities, including AI and cloud computing data centers.
Heliogen develops and installs modular concentrated solar power plants, which use AI to precisely direct mirrors called heliostats to a collection tower. It also uses an autonomous system to install heliostats with a high level of locational accuracy and to clean and maintain the system.
The company’s CSP system creates heat, steam, and electricity from concentrated sunlight. Heliogen’s collection tower is capable of achieving temperatures in excess of 1,000 degrees Celsius. The available stored heat can reduce intermittency of renewable energy generation.
“Heliogen brings a set of practical solutions to customers, particularly data centers, looking for longer duration energy storage with substantially lower costs than alternatives on the market,” said Tim Bridgewater, CEO of Zeo Energy. “Through this acquisition, we believe that Zeo will be able to accelerate our vision of serving energy consumers across the spectrum – from residential rooftops to larger-scale industrial solar and storage applications to build an energy platform at scale.”
Zeo said its affiliated financing arm, which has provided over $44 million in clean energy tax equity financing to date, can be used for future Heliogen utility-scale and long-duration energy storage projects.
Under the merger agreement, Heliogen’s securityholders will receive shares of Zeo’s Class-A common stock valued at approximately $10 million in the aggregate, based on a Zeo Class A common stock price of about $1.59 per share.
Piper Sandler & Co. is acting as financial advisor and Ellenoff Grossman & Schole LLP is acting as legal counsel to Zeo. Pickering Energy Partners is acting as financial advisor and Cooley LLP is acting as legal counsel to Heliogen.
In addition to powering AI and datacenters, CSP has shown promise in hydrogen fuel electrolysis. In 2021, Heliogen partnered with Bloom Energy to demonstrate the use of its CSP in the development of hydrogen fuel. The high temperatures provided by the CSP allowed Bloom to make hydrogen 45% more efficiently than low-temperature methods, said the company. Electricity dictates nearly 80% of the cost of hydrogen from electrolysis, and the CSP-backed method dramatically reduces the need for electricity, using heat to aid operations.
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