Heliogen, Inc. Announces Completion of Business Combination with Athena Technology Acquisition Corp.
Results in approximately
Accelerates and advances Heliogen’s mission to empower a sustainable civilization with low-cost solar energy that makes clean power more affordable than fossil fuels
Heliogen’s shares to begin trading on the NYSE tomorrow,
The transaction was unanimously approved by ATHN’s Board of Directors and was approved at a special meeting of ATHN stockholders on
Concurrent with the completion of its business combination, the combined company changed its name from “Athena Technology Acquisition Corp.” to “Heliogen Inc.” Commencing at the open of trading on
Company Background
Founded in 2013, Heliogen’s modular, AI-enabled, concentrated solar power plants have the potential to revolutionize the energy market by alleviating intermittency issues associated with renewable sources of power generation. Heliogen’s technology is designed to flatten the power generation curve by using concentrated solar power with storage to increase the availability of energy to industrial customers.
The Company’s proprietary heliostat layout and control system facilitate concentration of the sun’s rays and have the ability to generate temperatures at the point of focus that can exceed 1,000 degrees centigrade. This heat can then be captured, stored and converted for industrial use, power generation, or to produce green hydrogen fuel, with the goal of providing near-24 hour renewable energy that could replace fossil fuels with concentrated sunlight. Heliogen is commencing the commercialization of its AI-enabled, concentrated solar power modules with internationally recognized customers in the industrial, mining, and energy sectors.
Since announcing the business combination with ATHN on
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Collaboration with Woodside on a breakthrough solar technology project to reduce carbon emissions. Heliogen has been granted by Woodside a Limited Notice To Proceed (“LNTP”) to begin procurement of key equipment for a 5 megawatt (MW) commercial-scale demonstration facility in
California . The proposed facility will use Heliogen’s AI-enabled concentrated solar technology.
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In partnership with Bloom Energy, the generation of green hydrogen by integrating the companies’ technologies – Heliogen’s concentrated solar energy system and the Bloom Electrolyzer. The recent successful demonstration in
Lancaster, California produced hydrogen and showcased the many benefits of combining the companies’ complementary technologies to achieve low-cost green hydrogen production.
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A new technological breakthrough in the production of low-cost renewable energy. In field tests at Heliogen’s
Lancaster, California facility, the Company successfully completed the first technical demonstration of an autonomous field maintenance system, Heliogen’s Installation & Cleaning Autonomous Robot & Utility Solution, or ICARUS. By bringing the same advanced technologies that enable its AI-enabled concentrated solar power systems to the task of installing and maintaining those systems, the Company’s latest innovation is expected to significantly reduce the time to deploy its concentrated solar facilities, as well as the costs associated with construction and ongoing maintenance.
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Finalized a
award from the$39 million U.S. Department of Energy (“DOE”) to deploy the Company’s breakthrough renewable energy technology inCalifornia . Heliogen will apply the funds received from theDOE towards a commercial-scale facility leveraging its AI-enabled concentrated solar technology.
- Collaboration with CarbonCapture to develop sustainably-powered direct air capture (DAC) facilities. The companies intend to kick off front-end engineering for the integration of Heliogen’s concentrated solar power and solid media thermal storage systems with CarbonCapture’s carbon removal technology to efficiently and cost-effectively harness the industrial heat production capabilities of Heliogen systems for use in CarbonCapture DAC systems.
Management Commentary
Transaction Overview
The transaction resulted in approximately
In addition to the proceeds from this transaction, the Company has previously disclosed the conversion to common shares of
Leadership
Heliogen’s existing senior management team will continue to lead the combined company, including
Heliogen Inc.’s Board of Directors will be comprised of a majority of independent directors, namely
Advisors
About Heliogen
Heliogen is a renewable energy technology company focused on eliminating the need for fossil fuels in heavy industry and powering a sustainable future. The company’s AI-enabled, modular concentrated solar technology aims to cost-effectively deliver near 24/7 carbon-free energy in the form of heat, power, or green hydrogen fuel at scale – for the first time in history. Heliogen was created at
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the ability to obtain or maintain the listing of Heliogen’s common stock on the
View source version on businesswire.com: https://www.businesswire.com/news/home/20211230005285/en/
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AthenaPR@bcg-pr.com
Heliogen Contacts
For Media:
Press@Heliogen.com
For Investors:
HeliogenIR@icrinc.com
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