TIGI enters into a strategic partnership with Eren Groupe to meet growing demand for renewable heat solutions

HOD HASHARON, Israel and LUXEMBOURG, July 3, 2024 /PRNewswire/ -- 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. Furthermore, 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. Up to 40M Euros will be made available for equity financing of projects providing capacity to finance projects valued at 100M Euros.

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."

About TIGI

TIGI develops renewable heat generation and storage solutions and services, generating savings and reducing environmental impact. It supplies efficient systems that include its own patented and highly efficient solar thermal collectors, industrial heat pumps, smart storage, and cloud services. For more information, please visit www.tigisolar.com

About Eren Groupe

Over the past 20 years, Pâris Mouratoglou, David Corchia and their teams have significantly contributed to the expansion of new and renewable energy sources. They have executed projects with a combined capacity of more than 15 GW through ambitious and successful partnerships forged with major energy companies, notably EDF and TotalEnergies, as well as local businesses and entrepreneurs in over 40 countries. In recent years, Eren has been broadening the scope of its ambitions to become a key player in the energy transition and decarbonization. For more information: www.eren-groupe.com

For media inquiries, please contact:

TIGI
Noa Rozental
marketing@tigisolar.com

Eren Groupe
Brunswick Group
Sarah Levy-Quentin
EREN@brunswickgroup.com