Zeo Energy (ZEO) Investor Summit Virtual Conference summary

Business overview and strategy

• Focuses on residential solar sales, installation, and service, with expansion into long-duration energy storage for commercial and industrial projects, especially targeting data centers.

• Operates primarily in select states, including Virginia, Florida, Ohio, Pennsylvania, and Illinois, using a direct sales model with over 300 sales reps.

• Employs a capital-light model, leveraging drop-shipping from distribution partners and offering seamless sales, installation, and financing.

• Residential solar market is expected to return to high growth (25%-50% YoY) by 2026 after recent volatility and industry shakeout.

• Acquired Heliogen in August 2025 to expand into long-duration energy storage, targeting the AI-driven data center market.

Market trends and growth drivers

• U.S. residential solar penetration is only about 8%, representing significant growth potential with nearly 100 million homes as the addressable market.

• Rising utility prices (5%-15% increases) and grid pressure from AI data centers are driving demand for solar and storage solutions.

• Policy and investment tax credits continue to support solar and storage adoption, with incentives extended through 2032.

• Virtual power plants (VPPs) are emerging, allowing utilities to leverage installed batteries in homes and businesses for grid support.

• Partnerships with financing providers enable customers to access long-term, cost-saving solar solutions.

Technology and project development

• Heliogen’s molten salt and compressed CO2 storage technologies enable long-duration, behind-the-meter energy solutions for data centers.

• Signed an MOU with Creekstone for a 280 MW storage project supporting a Gigasite data center in Utah, with first gas-fired power delivery in 2027 and storage to follow.

• Storage solutions can deliver power at below $100/MWh, competing with grid and off-grid alternatives.

• Compressed CO2 technology, also used in projects like Energy Dome in Italy, is being advanced by the engineering team.

• Projects are designed to reduce grid interconnection delays and provide reliable, on-site power for commercial clients.