As we reflect on 2024, we at TIGI are proud to share the significant milestones and achievements that have marked this transformative year for our company. Through strategic partnerships, technological innovations, and market expansion, we’ve strengthened our position as a leader in sustainable heat energy solutions.
Key Strategic Developments
This year, we’ve formed powerful partnerships that will drive our future growth. We welcomed EREN Industries, a European renewable energy pioneer, as a strategic investor with an NIS8M investment. This partnership opens unprecedented opportunities, with EREN committing up to €40M (expandable to €60M) for equity investing in joint projects for heat-as-a-service solutions.
We also completed the acquisition of a 90% stake in Solid Austria, a significant step that brings global execution capacity, with a proven track record of 200 successfully implemented systems worldwide, substantially expanding our presence in European and Asian markets.
Growing Investment Confidence
We’re honored by the continued trust of our investors. Ratio Technologies’ NIS 2M strategic investment for a 3.6% stake represents a significant vote of confidence from a leading energy sector player. Additionally, our existing shareholders, including JJRF (the Richter family) and others, demonstrated their ongoing commitment through a recent NIS 2.38M investment via SAFE agreements, on top of NIS 17M invested earlier in the year.
Market Expansion and Business Evolution
Our Heat as a Service (HaaS) model continues to prove successful, with our first major implementation in California – a $5M project delivering heat energy solutions over a 10-year contract. In the hospitality sector, we’ve secured significant new projects, including a NIS1.3M system installation for a Jerusalem hotel and a NIS1.7M system for a Tel Aviv hotel on Rothschild Boulevard.
Looking Forward
As we enter 2025, TIGI has built the infrastructure for fast growth, is stronger than ever, backed by robust partnerships and increased financial resources. We remain committed to expanding our international presence while maintaining our leadership in the Israeli market. Our focus continues to be on delivering innovative, sustainable heat energy solutions that drive both economic value and environmental benefits for our clients.
We extend our gratitude to our partners, investors, and clients for their trust and support throughout this remarkable year. Together, we’re building a more sustainable future in industrial and commercial heat generation.
