TIGI (TASE: TIGI), an Israeli provider of renewable heat generation and storage solutions and services, today announced it has received the Austrian court's confirmation of the restructuring process of 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 creates several opportunities and benefits for TIGI:
- Extended Global Footprint: The combined entity enjoys a robust pipeline of global projects and can cater to a wider range of clientele.
- Synergy: TIGI's advanced solar collector technology and expertise in industrial heat, combined with SOLID's established global project execution capacity.
- Combined talent and skill: Combining a valuable team with unparallelled, extensive knowledge and experience in large-scale renewable heat.
SOLID, a pioneer with decades of experience in solar thermal systems, has successfully installed more than 300 systems worldwide. In 2023, TIGI joined forces with SOLID to build and operate a large-scale system for generating and storing heat for a large industrial plant in California, USA. The system provides heat-as-a-service, with no up-front investment from the plant, minimising the use of natural gas, leading to increased efficiency and reduction in cost and emissions.
"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. 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," stated Zvika Klier, CEO of TIGI.
"SOLID has a strong team of highly skilled experts with a notable portfolio of projects globally," stated Stephan Jantscher, CEO of SOLID. "We are excited to be part of this journey and believe our combined technologies, business expertise, and resources deliver robust, turnkey systems tailored to the unique demands of our customers."
With the energy market transitioning from natural gas to renewable energy, the heat sector has become a focal point. Recent developments, particularly in the wake of Russia's invasion of Ukraine, have catalysed a swift transition away from fossil fuels. This move is reinforced by growing climate awareness and the rapid expansion of renewable energy sources. The crisis has also spurred a significant shift in energy strategies among large energy users across Europe, including manufacturing, agriculture, hospitality, and healthcare sectors. These sectors increasingly focus on reducing their dependence on natural gas, especially for heating purposes. With its patented technology, TIGI is offering complete solutions to large heat users, industrial and commercial, including solar thermal collectors, industrial heat pumps, thermal storage, and control with cloud services. The consolidation of both companies' expertise and technology enables TIGI and SOLID to be key players in this industry with access to multiple opportunities.