Pickering Energy Partners Advises Heliogen, Inc. in Merger with Zeo Energy Corp.
Transaction Creates Clean Energy Platform Spanning Residential, Commercial, and Utility Markets
Pickering Energy Partners (PEP) served as financial advisor to Heliogen, Inc. in its announced merger with Zeo Energy Corp. (NASDAQ:ZEO) which closed on August 8, 2025. This transaction creates a clean energy platform spanning 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, while also strengthening its financial position and enhancing financing capabilities. Following the announcement, Zeo shares surged more than 115% from the previous day's close.
"This transaction represents a significant milestone in the evolution of clean energy solutions," said Dan Pickering, Chief Investment Officer of Pickering Energy Partners. "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."
Background on the Transaction
Heliogen is a concentrated solar power (CSP) and long-duration energy storage technology provider that went public through a SPAC in 2022. The transaction represents the culmination of Heliogen's comprehensive strategic alternatives process.
Pickering Energy Partners' Role
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.
About Pickering Energy Partners
Pickering Energy Partners is an energy-focused financial services platform. Our expertise spans decades across the entire energy landscape. We've deployed over $16 billion across all energy sub-sectors. We are, at our core, trusted energy advisors, investors, and partners alongside our clients. Headquartered in Houston, Texas, PEP 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. For more information, please visit www.PickeringEnergyPartners.com.
Pickering Energy Partners LP ("PEP") is an SEC Registered Investment Advisor. Affiliated PEP Advisory LLC ("PEP BD") is a registered broker-dealer, member FINRA/SIPC.
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