Solar thermal firm TIGI attracts Eren as investors, project partner

Israel-based TIGI (TASE:TIGI) announced on Wednesday that it has attracted renewable energy producer Eren Groupe as an equity backer of the business as well as as a partner in the creation of a renewable heat project platform.

TIGI has developed technology to utilise heat generated from varied renewable resources combined with smart thermal storage. Its portfolio includes the patented Honeycomb solar thermal collector, industrial heat pumps, smart thermal storage and control and cloud services, among others.

The company recently strengthened its business with the acquisition of Austrian solar thermal heating systems developer SOLID which has more than 30 years of experience and over 200 systems installed.

Eren has agreed to participate in a TIGI fundraising round to become a minority shareholder and help advance the company’s growth. Additionally, the two companies have agreed to establish dedicated platforms for developing, financing and operating renewable heat projects through a heat-as-a-service model.

Up to EUR 40 million (USD 43m) will be made available for equity financing of projects providing capacity to finance projects valued at EUR 100 million, the press statement said.

“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,” TIGI’s chief executive Zvika Klier noted.

(EUR 1 = USD 1.076)

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