Zeo Energy, a residential solar and energy efficiency solution provider, announced the completion of the previously announced acquisition of Heliogen.
Heliogen is a renewable energy technology company that provides solutions for delivering low-carbon energy production by combining commercially proven solar technologies with thermal systems and storage expertise.
The transaction consisted entirely of shares of Class A common stock of Zeo Energy. In addition to the foregoing expected benefits of the Heliogen transaction, Zeo Energy received, upon its closing, approximately $13.6 million in net cash of Heliogen through the transaction.
With this acquisition, Zeo intends to utilize Heliogen’s solutions, brand, intellectual property, capital, and technical talent to establish a new clean energy division focused on long-duration energy generation and storage for commercial and industrial-scale facilities, including AI and cloud computing data centers.
Piper Sandler & Co. acted as financial advisor, and Ellenoff Grossman & Schole acted as legal counsel to Zeo Energy. Pickering Energy Partners acted as financial advisor, and Cooley acted as legal counsel to Heliogen.
“Heliogen offers innovative, cost-effective energy storage options that are especially valuable for high-demand users like data centers. This combination complements our existing residential operations while also further expanding our reach into massive end markets. From individual homes to large industrial energy systems, Zeo now offers a comprehensive and diversified platform for scaled, next-generation energy storage,” said Tim Bridgewater, CEO of Zeo Energy.
With the completion of the transaction, shares of Heliogen’s common stock, which traded on the OTCQX, stopped trading, as Heliogen became a subsidiary of Zeo Energy as of August 8, 2025.
According to Mercom’s 1H and Q2 2025 Solar Funding and M&A report, in the first half, there were 50 solar M&A transactions, compared to 40 in the first half of 2024.
In June, AMPYR Distributed Energy, an investor in renewable energy solutions and part of the AGP Group, announced the acquisition of Eden Sustainable, a solar PV developer, funder, installer, and O&M across the U.K. for commercial real estate.
