Company Summary: Zeo Energy Corp.

Business Overview

• Type of Business:
  Vertical integration of energy solutions specializing in residential solar energy systems.
  Offers sale, design, procurement, installation, and maintenance of residential solar systems, energy efficiency equipment, and roofing services.

• Market Focus:
  Primarily in Florida, Texas, Arkansas, Missouri, Ohio, Illinois, California, Colorado, Minnesota, Utah, and Virginia.
  Recently acquired assets from Lumio HX, Inc., expanding operations into new states including Maryland, New Jersey, North Carolina, Oklahoma, and South Carolina.

Operations & Services

• Core Business:
  Selling and installing residential solar energy systems that generate electricity for homes.

• Additional Services:

  • Energy efficiency equipment such as insulation, hybrid electric water heaters, and swimming pool pumps.
  • Roofing services, with licensed roofing contractors in Florida and contracted roofing firms elsewhere.

• Recent Developments:

  • Acquired assets of Lumio Holdings, Inc., including uninstalled residential solar contracts and inventory, for a total purchase price of $4 million cash and 6,206,897 shares of Class A Common Stock.
  • Issued a $4 million Promissory Note to LHX with milestone-based borrowing and repayment in stock.
  • Expanded operations into several new states, with ongoing integration of projects from Lumio HX, Inc.

Customers & Workforce

• Customer Base:

  • As of May 19, 2025, approximately 22,824,845 shares of Class A Common Stock are issued and outstanding.
  • Installed approximately 1,150 leased solar energy systems in 2024.
  • Serves homeowners with options to buy or lease solar energy systems, with lease agreements typically spanning 25 years.

• Employees & Personnel:

  • About 190 full-time employees involved in processing orders, installation, and customer service.
  • Maintains a direct sales force of approximately 290 sales agents (as of December 31, 2024 and 2023).
  • Has a network of about 20 external dealers (down from 30 in 2023).

Revenue & Financial Metrics

• Revenue and Installation:

  • Significant portion of revenue derived from the sale and installation of residential solar systems.
  • In 2024, approximately 58% of installations were sold through internal sales agents; the remaining through external dealers.

• Leasing Program:

  • Began offering solar system leasing in April 2023.
  • As of December 31, 2024, leased systems comprised about 63% of installations in 2024, totaling approximately 1,150 leased systems in one year.
  • Leasing agreements have a 25-year term with monthly payments to leasing companies.

• Recent Financial Actions:

  • Acquired assets for $4 million cash and stock.
  • Issued a $4 million Promissory Note, repayable in stock based on the outstanding loan amount and a stock price of $1.35.
  • Capital investments also involve the issuance of stock to the Lumio sellers and other stakeholders.

Strategic Focus

• Expand into additional geographic markets and increase operational capacity.
• Grow external dealer relationships and customer options, including roofing and leasing.
• Leverage a scalable, software-driven business platform to support growth.
• Respond to industry trends including tariffs, trade restrictions, and evolving government incentives.

Summary

Zeo Energy Corp. is a Delaware-incorporated company specializing in residential solar energy systems, with a focus on sales, installation, and maintenance. It has a broad customer base across multiple states, with a significant portion of systems leased. The company employs around 190 full-time employees, supported by a sales team of 290 agents and external dealers. Revenue is primarily generated from solar system sales and installations, augmented by a leasing program introduced in 2023. The company is actively expanding geographically and operationally, with recent acquisitions and infrastructure investments to support growth.