Zeo Energy, a Florida-based provider of residential solar and energy efficiency solutions, finalized its acquisition of Heliogen, a specialist in concentrated solar power.
The merger creates a clean energy platform spanning residential, commercial and utility end markets. 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 concentrated solar power 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 and store energy for long durations.
“Heliogen’s strong balance sheet bolsters our current competitive positioning while its long-duration energy storage technology also diversifies our revenue streams into attractive and growing markets including behind-the-meter energy solutions for data center customers,” said Tim Bridgewater, chief executive officer, Zeo Energy Corp.
Zeo Energy is publicly traded on the Nasdaq exchange with the stock ticker ZEO. Heliogen went public through a special-purpose acquisition company in 2022.
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. The deal closed on August 8, 2025.
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.
Zeo’s share price rose about 115% the following trading day after the companies announced the merger in late May 2025.
Earnings
Zeo reported its Q2, 2025 earnings, listing $18.1 million in revenue, a 22% increase in the prior year’s Q2. Throughout the first six months of 2025, total revenue was $26.9 million, a 23.0% decrease from $34.9 million in the comparable 2024 period.
Gross profit increased to $14.4 million (53.5% of total revenue) from $13.6 million (38.9% of total revenue) in the comparable 2024 period.
Net loss was $16.0 million compared to $5.9 million in the comparable 2024 period. Zeo attributed net loses to softer residential solar market conditions in the first quarter of 2025.
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