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Highlights

  • All-stock Merger expected to close in Q3 2025, pending customary closing conditions
  • Zeo targets AI and Data Center markets with Heliogen’s long-duration energy storage tech
  • Over $44 million in tax Equity Financing available for future Utility-scale energy projects

Zeo Energy Corp. (Nasdaq: ZEO), a Florida-based residential solar and energy efficiency provider, has announced a definitive agreement to acquire Heliogen, Inc. (OTCQX: HLGN), a developer of long-duration clean energy technology, in an all-stock transaction. The deal is expected to close in the third quarter of 2025, subject to regulatory approvals and standard closing conditions.

Upon completion of the merger, Zeo intends to establish a new division dedicated to commercial and industrial-scale energy solutions, leveraging Heliogen’s intellectual property, technical personnel, and Brand Recognition. This move reflects Zeo’s strategy to broaden its service offerings beyond residential solar into utility-scale applications, including clean energy infrastructure for AI and cloud data centers.

Heliogen’s thermal energy storage solutions are designed to deliver dispatchable power, which has become increasingly relevant for facilities requiring uninterrupted, high-capacity electricity. These capabilities are expected to complement Zeo’s existing operations and expand its reach into commercial and grid-level projects.

The merger is also positioned to generate operational efficiencies. Zeo plans to consolidate corporate functions and streamline costs while preserving Heliogen’s technical talent and development pipeline. Financially, Zeo anticipates benefiting from Heliogen’s remaining Liquidity to fund near-term growth opportunities.

In addition, Zeo’s affiliated financing arm, which has already facilitated over $44 million in clean energy tax equity financing, may support future investments in long-duration storage projects post-merger. This resource is expected to enhance the combined company’s ability to execute Capital-intensive installations in the evolving energy landscape.

This Acquisition follows a period of strategic evaluation by Heliogen’s board, which concluded that a merger with Zeo offered the best available path forward for stockholders. The companies plan to jointly address growing Demand for energy resilience and carbon reduction, particularly in sectors with high energy usage and strict performance requirements.