Tiggy Agrees to Merge with US Firm EPPUR in Server Farm Venture
Israeli company Tiggy, which develops heat production and storage systems, has signed a non-binding memorandum of understanding to merge with EPPUR, a US-based company focused on developing server farms. Under the agreement, EPPUR's shareholders will receive 90% of Tiggy's shares. The merger will be structured so that EPPUR's shareholders establish a dedicated entity to hold its server farm assets, which will then merge with Tiggy. Tiggy will continue to be traded on the Tel Aviv Stock Exchange.
EPPUR currently has no operational server farms but has signed binding letters of intent to acquire 80% to 95% of six project companies. These companies hold assets in England, Greece, Macedonia, Albania, and Montenegro, which are in various stages of development for server farms with a planned aggregate capacity of approximately 652 megawatts. EPPUR is slated to advance these assets for actual construction. Additionally, EPPUR is developing 12 more server farm projects, totaling an estimated 5,000 megawatts.
The merger's completion is contingent on an independent valuation confirming EPPUR's incoming operations are worth at least 800 million shekels. Tiggy sees potential synergy, aiming to utilize waste heat from server farms for regional heating infrastructure and participate in renewable energy contracting for server farm development.
Tiggy, which went public in March 2021 during a wave of tech "dream stock" IPOs, has struggled to translate its advanced technological concepts into profitable reality. Despite increasing revenues from 2 million shekels in 2021 to 8.8 million shekels in 2025, the company has incurred significant losses, totaling 75 million shekels between 2021 and 2025. In the first half of 2026, Tiggy reported a loss of 6.5 million shekels.
This merger agreement follows Tiggy's first-half 2026 financial reports, which indicated that current funding and revenue streams are insufficient for continued operation, raising substantial doubts about its viability as a going concern. Tiggy's market value has plummeted from 141 million shekels at its IPO to just 40 million shekels.
