Heliogen, Inc. and Zeo Energy Corp. Merge to Form Clean Energy Platform

Pickering Energy Partners advised Heliogen, Inc. in its merger with Zeo Energy Corp., creating a clean energy platform spanning residential, commercial, and utility end markets. The combined company will deliver operational synergies, streamline costs, and strengthen its financial position. Heliogen's Board conducted a comprehensive strategic alternatives process, receiving several offers before selecting Zeo. Pickering Energy Partners assisted in negotiating the transaction and provided a Fairness Opinion to Heliogen's Board of Directors.

Houston, TX - Pickering Energy Partners (PEP) has served as the financial advisor to Heliogen, Inc. in its recently announced merger with Zeo Energy Corp. (Nasdaq: ZEO), which closed on August 8, 2025. This strategic move creates a clean energy platform that spans residential, commercial, and utility end markets.

The merger unites Zeo’s established residential solar and storage footprint with Heliogen’s long-duration energy storage expertise. The combined company is expected to deliver operational synergies by streamlining costs while retaining technical and commercial talent, and it will strengthen its financial position and enhance financing capabilities. Following the announcement, Zeo shares surged more than 115% from the previous day’s close.

Dan Pickering, Chief Investment Officer of Pickering Energy Partners, stated, “This transaction represents a significant milestone in the evolution of clean energy solutions. By bringing together complementary capabilities from Zeo and Heliogen, the merged platform is well-positioned to deliver innovative energy storage and solar solutions at scale. We are proud to have advised Heliogen’s Board throughout this process and to have played a role in shaping a stronger, more competitive clean energy company.”

Heliogen, a concentrated solar power (CSP) and long-duration energy storage technology provider, went public through a SPAC in 2022. The merger with Zeo represents the culmination of Heliogen’s comprehensive strategic alternatives process. PEP was engaged in 2024 to conduct a strategic review for Heliogen, reaching out to an extended number of strategic and financial institutions. Several offers were received by late March 2025. PEP assisted Heliogen’s Board in selecting the winning bidder, negotiating the transaction (announced May 29, 2025), and supporting S-4 filings and other requirements for closing a public company deal. PEP also provided a Fairness Opinion to Heliogen’s Board of Directors.

Pickering Energy Partners is an energy-focused financial services platform with over $16 billion deployed across all energy sub-sectors. The company is headquartered in Houston, Texas, and delivers an experienced, opportunistic team that aims to provide guidance and long-term value for clients while having a positive impact on the companies and communities that PEP invests in.

References:
[1] https://www.stocktitan.net/news/ZEO/pickering-energy-partners-advises-heliogen-inc-in-merger-with-zeo-7jsyhmgb509u.html
[2] https://www.quiverquant.com/news/Zeo+Energy+Corp.+Completes+Acquisition+of+Heliogen%2C+Expanding+Clean+Energy+Solutions+Portfolio