Zeo Energy acquires Heliogen, combining rooftop PV with CSP towers

Florida-based rooftop solar developer Zeo Energy Corp. has acquired Heliogen, a concentrated solar power (CSP) tower specialist, combining distributed PV expertise with utility-scale solar technology.

From pv magazine USA

Zeo Energy, a Florida-based provider of residential solar and energy efficiency solutions, has 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 Energy 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 C. 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 of Zeo Energy.

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 adviser and Ellenoff Grossman & Schole LLP is acting as legal counsel to Zeo Energy. Pickering Energy Partners is acting as financial adviser and Cooley LLP is acting as legal counsel to Heliogen. The deal closed on Aug. 8, 2025.

Zeo Energy said its affiliated financing arm, which has provided more than $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.