TIGI (TASE: TIGI), a provider of renewable heat generation and storage solutions and services with offices in Israel and Austria, is pleased to announce that it has entered into a partnership with Eren Groupe, a leading global player in energy transition. Eren will participate in a fundraising round to become a minority shareholder of TIGI and boost its growth. Heat can be transferred straight from the sun and pumped to storage and where it’s needed, showed Maria Telkes in the US decades ago.
This is the basis of the business of TIGI. In the new deal the two companies will set up dedicated platforms for developing, financing, and operating renewable heat projects via an innovative Heat-as-a-Service model, making clean energy accessible and affordable for industries globally. In recent news, Maxwell from HT Science Materials based in Dublin just released news of a nano-liquid that could help thermal storage solutions perform even further.
Up to 40M Euros will be made available for equity financing of projects providing capacity to finance projects valued at 100M Euros.
Maria Telkes and the Dover Sun House. The large windows faced the sun and collected heat and stored the energy in salts. Dover Sun House was one of the world’s first solar-heated houses.
As the energy market transitions from natural gas to renewable energy, the heat sector has become a focal point, representing a large share of global energy demand. Recent developments, particularly in the wake of the war in Ukraine, have triggered an increased drive for transition away from fossil fuels.
TIGI has recently completed the acquisition of Austrian-based SOLID, a leader in large-scale solar thermal heating systems. TIGI and SOLID installed over 250 systems in over 30 countries and cater to a variety of industries and geographies. Finalizing the agreement with Eren, a pioneer of renewable energies in Europe, creates a combined global partnership that spans technology leadership, global execution, and strong financial capacity.
“We are pleased to be partnering with TIGI to jointly form a first-of-its-kind renewable heat project platform,” commented Yonatan Shek, Managing Director of Eren Groupe. “We believe that large-scale renewable thermal energy presents a considerable global opportunity that was previously underserved but has recently gained momentum. I believe that by joining all three companies’ expertise, technology, and know-how, we set the premise for the next important step of our journey to facilitate the energy transition and a route for further decarbonization.”
Zvika Klier, CEO of TIGI, states, “This marks the dawn of a pivotal journey for TIGI. We are excited to join forces with Eren to provide a platform for Heat-as-a-Service projects. This collaboration and the recent announcement with SOLID take us one step closer to being a renewable heat powerhouse, offering end-to-end solutions globally. With a tightly focused international team and projects spanning multiple continents, TIGI is set to make a significant impact on the global transition to clean energy.”
Earlier this year TIGI bought SOLID, a global player in the renewable heat domain, of which TIGI holds 90%. This strategic consolidation enables TIGI to combine its renewable heat technology with SOLID’s global experience and execution capacity in solar-thermal systems, placing TIGI in a key position to expand into new markets and become a leader in the International Renewable Heat Energy sector.
“The acquisition of SOLID will enable us to develop and implement renewable energy-based heat projects for commercial, industrial and district heating uses on a global scale,” said Klier.
“TIGI and SOLID will work diligently to expand our joint reach and to further enhance our offering in the Heat-as-a-Service business model. The landscape of renewable heat is undergoing a seismic shift, and by joining forces with such a notable team, we are well positioned to serve this significant opportunity.”
Historically Israel has a great tract record for collecting thermal heat. Almost every Israeli home has a Dude Shemesh, a solar thermal unit that heats shower water and kitchen water from the sun.
