Zeo Energy Corporation · NASDAQ:ZEO
Zeo Energy — Investor Presentation (September 2025)
46 slides from Zeo Energy's investor presentation, Sep 8, 2025
Slide 1: Zeo Energy
a 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: Zeo Highlights
1 Zeo Highlights 3
Slide 4: Vertically-Integrated and Differentiated Residential Solar Platform
Differentiated Sales “Machine” Zeo is a Vertically - Integrated and Differentiated Residential Solar Platform 4 ● We deliver customers a satisfying energy experience through an efficient platform that provides sales, installation, and service ● Our comprehensive platform gives customers a reliable p
Slide 5: 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 6: 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 Commercial PV, Long - duration energy storage (“LDES”) ▪ Long - term, recurring revenue from existing customer relationships ▪ Provides “one - stop s
Slide 7: 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 8: 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 9: Zeo is Attractively Positioned in the Market
(fka Complete Solaria) (1) $125M $3.68B $80.2M Market Capitalization $146M $13.53B $18.8M Net Debt 1.2x 3.7x 0.23x Net Debt / Market Cap National National ض Exposure to Attractive Regional Markets Large Dealer Network Multiple Sales Partners ض Vertically - Integrated Sales and Install Preferred Tech
Slide 10: 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 ● Built to weather market disruptions ● 2025 fisca
Slide 11: Zeo has Multiple Avenues for Growth
Organic Expansion • Market in existing geographies is underpenetrated • Potential upside in new geographies • Heliogen acquisition presents path towards expansion in commercial markets 1 2 3 Complimentary Service Offering • Roofing and other home services are opportunities for upselling customers •
Slide 12: Market Trends for Solar + Storage
Market Trends for Solar + Storage 2 Long - term Economics Favor PV Solar Uptake 3 Utility Price Inflation is a Material Tailwind to Solar Adoption 4 Residential Solar and VPP Support Demand for Resilience 5 Affiliated Financing Platform Catalyzes Market Penetration 6 Energy Storage Supports Strong G
Slide 13: Heliogen Acquisition & Long-Duration Storage
Heliogen Acquisition & Long - Duration Storage 2 13
Slide 14: Transaction Costs and Benefits
Transaction Costs and Benefits 1) Excludes transaction fees and expenses 2) 10 - day VWAP as of May 28, 2025 Equity Ownership Transaction Benefits / Priorities 43.5% 11.3% 45.1% Non - Insider Public Float Heliogen Owners Legacy Insiders Market Diversification ● Complementary renewable energy technol
Slide 15: Expanded Market Reach and Acquisition Benefits
Expanded Market Reach ● Heliogen's 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 Zeo's histori
Slide 16: Heliogen Overview
● Concept - to - completion engineering and consulting services ● Specialty in thermal long - duration energy storage (“LDES”) ( 6+ hours to multi - day ) for commercial and industrial - scale facilities ● LDES solutions maximize efficiency through ingesting waste heat (from industrial plants), or u
Slide 17: Energy Storage: Engineering & Technology
Zeo’s Long - Duration Energy Storage (LDES) business specializes in: • Engineering & Consulting Services – Power, Heat, Water Systems – Technology screening & selection across renewable and traditional sources – Engineering studies, technoeconomic analysis & performance modeling – Industrial and com
Slide 18: Hybridization of energy sources diagram
Photovoltaic Field Generator Solar Receiver Steam Generator Cold Tank Hot Tank Steam Turbine Fired Boiler Gas Supply Condenser Facility Thermal Fluid Loop Reciprocating Engines w/ Generators Heliostat Array Hybridization ensures energy availability and efficiency by leveraging multiple energy source
Slide 19: Combined Cooling and Power System for Data Center
Combined Cooling and Power System for Data Center Refrigerant Delivery During the discharge stage, heat generated by the server racks is transferred to vaporize liquid CO ₂ into a high - pressure gas, which then powers a turbine. Upon cycle completion, the exhausted CO ₂ gas cools and can be reused
Slide 20: Current Zeo Storage Projects
• Techno - economic study for compressed CO2 storage project for data center off - takers • Techno - economic study for 100 MW thermal storage project serving data centers in U . S . locations • Community solar PV design and development • Requests for IP license and design assistance with concentrat
Slide 21: Appendix - Long-Duration Storage Technologies - Market Backdrop
Appendix - Long - Duration Storage Technologies - Market Backdrop 3 21
Slide 22: Compressed CO2
Compressed CO ₂
Slide 23: Charge
Compressor Thermal Energy Storage Condenser Energy Storage: Surplus electricity drives compressor to liquefy CO ₂ through pressure and condensation, while the generated heat during compression is stored. Charge
Slide 24: Discharge
Expansion Overheat Vaporization Energy Discharge Phase: During peak demand periods, the system utilizes stored thermal energy to vaporize the liquid CO ₂ , which then drives the turbine for power. Discharge
Slide 25: Compressed CO2 Energy Storage (CCES)
Compressed CO 2 Energy Storage (CCES)
Slide 26: CCES Systems in Operation
CCES Systems in Operation • Energy Dome and Alliant Energy: 20MW, 10 hr system in development in Wisconsin, with DoE support • Energy Dome: 20MW, 10 hr system under construction in Italy, off - taker agreement with Italian utility Engie, supported by European Investment Bank • Exa Energy: 10MW, 8 -
Slide 27: CCES Benefits
CCES Benefits Cooling capacity ideal for data centers Rapid construction timeline 60 - 65%+ Round - trip efficiency Scalable storage duration LCOE, < $.04/kWh achieved in China Geography independent
Slide 28: Molten Salt
Molten Salt
Slide 29: Molten Salt Storage Benefits
Molten Salt Storage Benefits Scalable: 6 hours to multi - day storage Reliable: mature supply chain, low maintenance needs Durable: Long lifetime (30 yrs) low efficiency degradation Safe: salt is non - flammable, non - toxic Low cost: lower $/kWh than legacy storage if > 6 hrs duration Environmental
Slide 30: Molten Salt Thermal Energy Storage (TES)
Molten Salt Thermal Energy Storage (TES) • Cost effective at scale • LCOS as low as $.08/kWh • CAPEX as low as $374/kWh (with 100MW, .9GWh capacity) • Durable • Decades of operational data • Low maintenance • Low degradation • Minimal capacity loss over 30 - yr. lifespan • Salt retains value and can
Slide 31: Example TES design guides
Example TES design guides • Plant output : Power (MWe): 5 to 500 MW • Thermal storage : Molten salt storage tanks • Storage capacity : 6 hours to multi - day • Charge cycle : Cold molten salt (290 ƒ C) to hot molten salt (565 ƒ C) via electric heater • Discharge cycle : Power – Steam generated in cl
Slide 32: Molten Salt Storage System Use Cases Include Load Balance/Peaking
Molten Salt Storage System Use Cases Include Load Balance/Peaking 32 Customer Generator Turbine Pump Condenser Circulation Pump(s) Cold Tank Hot Tank Steam Generator Grid Electric Heater Charge: Thermal energy stored in large tanks containing hot salt Discharge : S ystem uses heated salt to produce
Slide 33: Addressing Critical AI Data Center Needs
Addressing Critical AI Data Center Needs ● Heliogen's long - duration energy storage (“LDES”) solutions have the capability to provide smooth, on - demand power to critical commercial installations, including data centers, whether behind - the - meter or on the grid ● Provides high - value assurance
Slide 34: Developing Dispatchable Clean Power
Flexible design options are configurable to satisfy asset performance & carbon emissions requirements Developing Dispatchable Clean Power Concentrated Solar Field Photovoltaic Field Steam Generator Steam Turbine Generator Thermal Energy Storage Energy Sources Central Hub Grid Power End Users Natural
Slide 35: Improving the economics and operation of natural gas plants
• Heliogen solutions can make natural gas plants cleaner, bring them to market faster, with better economics and greater reliability • Natural gas systems can be incorporated into overall system designs to provide firming and power reliability • Heliogen assists in early project design or evaluation
Slide 36: LDES Technology Applications
Minerals & Metals Clean power, heat and steam for processing and production LDES Technology Applications Utilities & IPPs Power plants, infrastructure retrofits, and grid resiliency Data Centers Firm, renewable power solutions Energy Trading Energy arbitrage and storage assessments Fuels & Chemicals
Slide 37: Data Center and AI Boom Expected to Drive Significant 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 38: 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 39: 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 40: 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 41: 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 42: 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 43: 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 44: Market Disruptions Unlock Opportunity for Recurring Service Revenue
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 45: 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 46: Zeo Energy
a ZEO ENERGY