Zeo Energy Corporation · NASDAQ:ZEO
Zeo Energy — Merger or Acquisition (May 2025)
30 slides from Zeo Energy's merger presentation, May 29, 2025
Slide 1: Zeo Energy
Slide 2: Forward-looking statements
This presentation (“Presentation”) contains, and oral comments related to it may contain, “forward - looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward - looking statements can be identified by words such as “ant
Slide 3: Acquisition of Heliogen
Acquisition of Heliogen 1 3
Slide 4: Heliogen Overview and Transaction Overview
Heliogen Overview ● Provider of thermal long - duration energy storage (“LDES”) ( 10+ hour ) technology for commercial and industrial - scale facilities ● Complementary end - market exposure, including AI data centers , delivering commercial and utility - scale solutions ● Meaningful tangible synerg
Slide 5: Expanded Market Reach and Synergies
Expanded Market Reach ● Heliogen's proprietary long duration energy solutions are expected to support Zeo's expansion into commercial installations, including those serving AI data centers ● Further diversifies combined platform with exposure to commercial and utility - scale markets to complement Z
Slide 6: Well-Positioned to Address Critical AI Data Center Needs
Well - Positioned to Address Critical AI Data Center Needs ● Heliogen's long - duration energy storage (“LDES”) solution has the capability to provide smooth, on - demand power to critical commercial installations, including data centers ● Provides high - value assurance on energy availability and p
Slide 7: Data Center and AI Boom Expected to Drive Energy Demand
Data Center and AI Boom Is Expected to Drive Significant Energy Demand Top 10 Countries with Hyperscaler DC Net Power by 2029 (Electricity demand – GWs) AI Power Demand Driving Global Data Center Buildout ($ in billions) $240 ~110 GWs of incremental power demand from AI by 2029P $73 $80 $89 $97 $109
Slide 8: Transaction Costs and Benefits
Transaction Costs and Benefits 1) Excludes transaction fees and expenses and subject to minimum cash balance of Heliogen, subject to net cash adjustment 2) 10 - day VWAP as of May 27, 2025 Illustrative Transaction Details ($ and shares in millions except share price) Pro Forma Equity Ownership Trans
Slide 9: Zeo Highlights
2 Zeo Highlights 9
Slide 10: Vertically Integrated and Differentiated Residential Solar Platform
Differentiated Sales “Machine” Zeo is a Vertically Integrated and Differentiated Residential Solar Platform ● We deliver customers a satisfying energy experience through an efficient platform that provides sales, installation, and service ● Our comprehensive platform gives customers a reliable partn
Slide 11: Overview of Zeo's Additional Offerings
▪ Provides exposure to high growth end markets such as AI data centers ▪ Diversifies the customer mix with high quality utility and commercial clients LDES (planned) ▪ Long - term, recurring revenue from existing customer relationships ▪ Provides “one - stop shop” for residential customers, removing
Slide 12: Differentiated Sales Approach Unlocks Attractive Margins
Differentiated Sales Approach Unlocks Attractive Margins Zeo’s Sales Process Drives Low - Cost CAC (1) ● Multi - tiered sales process maximizes lead generation and conversion efficiencies ● Senior sales resources focused on high - potential and developed leads to maximize conversion into installs ●
Slide 13: Value Proposition: Why Customers Choose Zeo
Value Proposition: Why Customers Choose Zeo Locally controlled residential energy solution helps customers avoid blackouts and utility disruptions Ability to monetize excess power generation through exports to grid We lower utility prices, with effective energy solutions at better than market prices
Slide 14: Leading Residential Solar Provider
Leading Residential Solar Provider Strategic Geographical Presence Operating in select markets with a focus on attractive growth Sunergy / Zeo Corporate Timeline ● Zeo is a Florida - based provider of integrated rooftop PV solar, energy storage, and energy efficiency solutions to residential custome
Slide 15: Solar Penetration Remains Low Relative to TAM
Solar Penetration Remains Low Relative to TAM Australia 38% Italy 5% Germany 12% Netherlands 24% United States 5% United Kingdom 5% Largest residential market globally is in early innings of significant growth ● Zeo believes that U.S. market adoption is in its early innings and materially lags other
Slide 16: Zeo is Attractively Positioned in the Market
(fka Complete Solaria) (1) $105M $27M $1,556M $76M Market Capitalization $132M $8,275M $13,064M $11M Net Debt 1.3x 305.5x 8.4x 0.1x Net Debt / Market Cap National National National ض Exposure to Attractive Regional Markets Large Dealer Network Large Dealer Network Multiple Sales Partners ض Verticall
Slide 17: Fully Funded and Self-Sustaining Business
Fully Funded and Self - Sustaining Business ● Track record of profitability and free cash flow generation, with minimal go - forward capital requirements ● Strong balance sheet supported by a net cash position ● Minimal leverage on the balance sheet ● Build to weather market disruptions Results Refl
Slide 18: Our Leaders
Our Leaders Cannon Holbrook Chief Financial Officer 18 ■ 20+ years as a finance and accounting leader ■ Prior experience with corporate planning, M&A and SEC reporting ■ 8+ years of solar management experience ■ 5+ years direct sales building ■ Undergrad Studies Weber State University Kalen Larsen C
Slide 19: Zeo has Multiple Avenues for Growth
Organic Regional Expansion • Market in existing geographies is underpenetrated • Additional potential upside in new geographies 1 2 3 Organic Service Offering • Roofing and other home services are opportunities for upselling customers • Integrated offering preserves customer warranties • Acquisition
Slide 20: Market Backdrop
Market Backdrop 3 20
Slide 21: Favorable Market Trends
Favorable Market Trends 2 Long - term Economics Favor PV Solar Uptake 3 Utility Price Inflation is a Material Tailwind to Solar Adoption 4 Residential Solar Supports Growing Demand for Resilience 5 Affiliated Financing Platform Catalyzes Market Penetration 6 Energy Storage Supports Strong Growth Pot
Slide 22: Projected Load Growth Expected to Accelerate Demand
Projected Load Growth Expected to Accelerate Demand Across Energy Sources ● Electrification mega - trend is resulting in accelerating demand for electricity ● Trend has sharply accelerated with the rise of AI and associated data centers, which are significantly more power - intensive versus other in
Slide 23: Long-term Economics Favor PV Solar Uptake
Long - term Economics Favor PV Solar Uptake ● Residential PV solar installations expected to continue to grow and increase penetration domestically ● As installation costs fall, homeowners unlock a wider range of self and third - party finance options to access rooftop solar ● Positive long - term t
Slide 24: Utility Price Inflation is a Material Tailwind for Adoption
Sources: BloombergNEF as of March 24, 2023, Total company functional spending of U.S. Investor - Owned Electric Companies. Edison Electric Institute Industry Outlook as of September 2024 and U.S. Energy Information Administration as of May 19, 2025 Utility Price Inflation is a Material Tailwind for
Slide 25: Rooftop Solar Satisfies Growing Demand for Resilience
● Recent natural events with the potential to disrupt utility operations have resulted in energy resilience gaining increasing focus among residential, commercial and industrial customers ● Hours of electrical outages have consistently climbed due to natural events and an aging grid ● Rising demand
Slide 26: Affiliated Financing Platform Catalyzes Market Penetration
Affiliated Financing Platform Catalyzes Market Penetration ● Recent high interest rates have diminished appetite for solar loans ● Companies have shifted towards solar leases and Power Purchase Agreements (“PPAs”) as a means to monetize the Investment Tax Credit (“ITC”) ● Zeo’s existing relationship
Slide 27: Energy Storage Supports Strong Growth Potential
Energy Storage Supports Strong Growth Potential ● Despite the fall in rooftop solar installations, the U.S. added ~0.8 GW of residential battery capacity and small - scale battery storage installations doubled last year (1) ● The heightened focus on grid reliability and resilience has driven solutio
Slide 28: Market Disruptions Unlock Recurring Service Revenue from Stranded Assets
Market Disruptions Unlock Opportunity for Recurring Service Revenue from Stranded Assets ● Recent U.S. residential solar bankruptcies have left a significant customer base with assets in need of operations and maintenance (“O&M”) services that Zeo can service ● Zeo is well positioned to serve both i
Slide 29: Complementary Residential Energy Market Offers Significant Potential Upside
Complementary Residential Energy Market Offers Significant Potential Upside ● Homeowner focus on residential energy efficiency and weatherization has accelerated as a result of inflation in electricity prices combined with the rising cost of energy commodities ● Zeo’s carefully assembled product por
Slide 30: 30
30