Results in around $188 million of gross cash proceeds to Heliogen
Accelerates and advances Heliogen’s mission to empower a sustainable civilization with very low-expense photo voltaic power that can make thoroughly clean energy extra inexpensive than fossil fuels
Heliogen’s shares to commence trading on the NYSE tomorrow, December 31, 2021 under ticker “HLGN”
PASADENA, Calif., December 30, 2021–(Business enterprise WIRE)–Heliogen Inc. (“Heliogen” or the “Enterprise”), a primary service provider of AI-enabled concentrated solar power, nowadays introduced that it has done its beforehand announced organization blend with Athena Technology Acquisition Corp. (“ATHN”).
The transaction was unanimously accepted by ATHN’s Board of Administrators and was permitted at a specific assembly of ATHN stockholders on December 28, 2021. Extra than 91% of the votes solid at the exclusive assembly were being in favor of acceptance of the business mix. THN stockholders also voted to approve all other proposals offered at the specific meeting.
Concurrent with the completion of its enterprise mixture, the mixed organization transformed its title from “Athena Technological innovation Acquisition Corp.” to “Heliogen Inc.” Commencing at the open of trading on December 31, 2021, Heliogen Inc.’s Class A frequent inventory and Heliogen Inc.’s warrants are predicted to start buying and selling on The New York Inventory Trade less than the symbols “HLGN” and “HLGNW,” respectively.
Founded in 2013, Heliogen’s modular, AI-enabled, concentrated solar electrical power crops have the prospective to revolutionize the power sector by assuaging intermittency concerns associated with renewable sources of electricity technology. Heliogen’s technology is intended to flatten the electricity era curve by working with concentrated photo voltaic electric power with storage to enhance the availability of strength to industrial clients.
The Company’s proprietary heliostat format and management process aid focus of the sun’s rays and have the skill to make temperatures at the position of concentration that can exceed 1,000 levels centigrade. This warmth can then be captured, saved and converted for industrial use, power generation, or to generate eco-friendly hydrogen gas, with the goal of supplying near-24 hour renewable electrical power that could exchange fossil fuels with concentrated sunlight. Heliogen is commencing the commercialization of its AI-enabled, concentrated photo voltaic electricity modules with internationally acknowledged buyers in the industrial, mining, and strength sectors.
Considering the fact that saying the business combination with ATHN on July 7, 2021, Heliogen has declared considerable professional progress which includes:
Collaboration with Woodside on a breakthrough solar technological innovation challenge to lessen carbon emissions. Heliogen has been granted by Woodside a Confined Discover To Move forward (“LNTP”) to commence procurement of essential products for a 5 megawatt (MW) business-scale demonstration facility in California. The proposed facility will use Heliogen’s AI-enabled concentrated solar technological innovation.
In partnership with Bloom Vitality, the era of eco-friendly hydrogen by integrating the companies’ technologies – Heliogen’s concentrated photo voltaic electricity method and the Bloom Electrolyzer. The new productive demonstration in Lancaster, California produced hydrogen and showcased the several added benefits of combining the companies’ complementary systems to accomplish lower-cost environmentally friendly hydrogen output.
A new technological breakthrough in the production of low-charge renewable vitality. In discipline exams at Heliogen’s Lancaster, California facility, the Firm effectively done the first technological demonstration of an autonomous subject servicing program, Heliogen’s Installation & Cleansing Autonomous Robotic & Utility Resolution, or ICARUS. By bringing the similar highly developed technologies that allow its AI-enabled concentrated solar electrical power units to the undertaking of installing and preserving those people units, the Company’s most up-to-date innovation is predicted to drastically decrease the time to deploy its concentrated solar services, as very well as the costs linked with development and ongoing upkeep.
Finalized a $39 million award from the U.S. Department of Electricity (“DOE”) to deploy the Company’s breakthrough renewable strength technological know-how in California. Heliogen will use the money received from the DOE toward a business-scale facility leveraging its AI-enabled concentrated photo voltaic technological know-how.
Collaboration with CarbonCapture to establish sustainably-run immediate air seize (DAC) amenities. The corporations intend to kick off entrance-stop engineering for the integration of Heliogen’s concentrated solar electric power and sound media thermal storage programs with CarbonCapture’s carbon elimination technological innovation to competently and cost-effectively harness the industrial heat manufacturing capabilities of Heliogen units for use in CarbonCapture DAC units.
Monthly bill Gross, Founder and Chief Executive Officer of Heliogen, commented: “Powering the earth with renewable vitality is not only critical to preventing local climate improve – it is also the biggest financial possibility in history. The cash lifted in this transaction will fund our accelerated advancement and aid us to globally scale our match shifting AI-enabled concentrated solar power technologies. We believe that we have the probable to transform the world’s electricity production and meaningfully tackle weather transform, though delivering very long-phrase stakeholder price. With our proficient and focused crew, a environment-course Board of Administrators, our potent consumer and partner associations, a rising purchaser pipeline, and technological innovation that is in significant demand globally, I couldn’t be more optimistic about Heliogen’s ability to provide on our mission of changing fossil fuels with concentrated sunlight.”
Phyllis Newhouse, former CEO of Athena Technological know-how Acquisition Corp. and member of the Heliogen board of administrators, commented: “We’re extremely happy to attain this milestone and start the subsequent chapter in Heliogen’s growth story. Our primary mission at Athena was to perform with believed leaders and technological know-how innovators whose pioneering options will guidance the two field and culture. With the closing of our business enterprise blend today, we’re relocating one phase nearer to a more healthy entire world exactly where fossil fuels are replaced by cleaner sources of energy.”
The transaction resulted in about $188 million of income to Heliogen’s balance sheet, comprised of each funds from ATHN’s former believe in account and a private expenditure in general public equity (PIPE). The PIPE is anchored by resources and accounts managed by Counterpoint Global (Morgan Stanley), Salient Associates, Saba Funds, and the XCarb Innovation Fund of ArcelorMittal.
In addition to the proceeds from this transaction, the Firm has beforehand disclosed the conversion to frequent shares of $83.4 million in Safe funding on closing of the organization mixture.
Heliogen Inc. will use the proceeds to scale heliostat manufacturing, to assistance exploration and advancement attempts on upcoming generation heliostat technological know-how, to aid world wide challenge advancement, and to fund the harmony sheet.
Heliogen’s present senior management team will proceed to guide the blended organization, such as Bill Gross (Chief Executive Officer Director), Christie Obiaya (Main Economic Officer), Steve Schell (Chief Technological innovation Officer and Main Engineer) and Tom Doyle (Chief Business Officer).
Heliogen Inc.’s Board of Directors will be comprised of a greater part of independent administrators, specifically Phyllis Newhouse, Stacey Abrams, Paddy Padmanathan, Julie Kane, Robert Kavner and David Crane. Heliogen CEO Invoice Gross will provide as the only non-impartial director.
Cohen & Enterprise Cash Marketplaces (a division of J.V.B. Economical Team, LLC), is serving as monetary advisor to Athena. Barclays is serving as economic advisor to Heliogen. Cohen & Company Capital Marketplaces is also serving as placement agent to Athena. DLA Piper LLP (US) is serving as legal advisor to Athena. Cooley LLP is acting as lawful advisor to Heliogen.
Heliogen is a renewable electricity engineering corporation centered on doing away with the will need for fossil fuels in hefty business and powering a sustainable upcoming. The company’s AI-enabled, modular concentrated solar know-how aims to value-effectively deliver around 24/7 carbon-no cost power in the variety of heat, energy, or green hydrogen gas at scale – for the 1st time in record. Heliogen was created at Idealab, the top technology incubator established by Bill Gross in 1996. For a lot more information and facts about Heliogen, be sure to check out heliogen.com.
This press release consists of selected ahead-seeking statements inside the indicating of the “harmless harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Statements that are not historical in character, together with the text “foresee,” “hope,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “initiatives,” “must,” “could,” “would,” “may perhaps,” “will,” “forecast” and other equivalent expressions are supposed to identify ahead-searching statements. Forward-searching statements are predictions, projections and other statements about upcoming gatherings that are primarily based on latest anticipations and assumptions and, as a end result, are subject to challenges and uncertainties. Quite a few factors could cause genuine future gatherings to vary materially from the forward-hunting statements in this press release, like but not minimal to: (i) the means to get or manage the listing of Heliogen’s widespread inventory on the New York Inventory Exchange pursuing the business combination (ii) the hazard that the proposed transaction disrupts present-day programs and functions as a result of the announcement and consummation of the small business combination (iii) the result of any legal proceedings that might be instituted towards Heliogen or many others following the business enterprise mix (iv) the ability to acknowledge the anticipated benefits of the company mix, which may possibly be impacted by, amid other things, the potential of Heliogen to improve and deal with expansion profitably, maintain associations with shoppers, contend inside its market and keep its vital personnel (v) costs relevant to the proposed business mix (vi) variations in relevant legislation or restrictions (vii) the outcome of the COVID-19 pandemic on Heliogen’s organization (viii) the means of Heliogen to execute its business design, together with market place acceptance of its planned merchandise and companies and acquiring adequate production volumes at suitable quality concentrations and price ranges (ix) Heliogen’s potential to elevate capital (x) the probability that Heliogen might be adversely impacted by other economic, business enterprise, and/or aggressive components and (xi) long run exchange and desire premiums. The foregoing checklist of things is not exhaustive. You should really thoroughly take into consideration the foregoing components and the other risks and uncertainties described in the “Hazard Things” part of the registration assertion on Form S-4, as amended by way of November 19, 2021, in the definitive proxy assertion / prospectus, dated December 3, 2021 and other files filed by the Corporation from time to time with the SEC. These filings establish and handle other significant threats and uncertainties that could cause genuine events and benefits to vary materially from people contained in the ahead-wanting statements. Forward-hunting statements converse only as of the day they are made. Viewers are cautioned not to put undue reliance on forward-searching statements, and Heliogen assumes no obligation and does not intend to update or revise these forward-wanting statements, whether as a outcome of new info, potential activities, or if not. No assurance is given that the blended business, will achieve its expectations.
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