July 17, 2024

Tricia Oak

Business & Finance Excellency

Heliogen, Inc. Announces Completion of Company Mixture with Athena Technological innovation Acquisition Corp.

Heliogen, Inc. Announces Completion of Company Mixture with Athena Technological innovation Acquisition Corp.

Effects in about $188 million of gross hard cash proceeds to Heliogen

Accelerates and advances Heliogen’s mission to empower a sustainable civilization with very low-price photo voltaic electrical power that can make thoroughly clean electrical power more very affordable than fossil fuels

Heliogen’s shares to commence trading on the NYSE tomorrow, December 31, 2021 less than ticker “HLGN”

PASADENA, Calif., December 30, 2021–(Enterprise WIRE)–Heliogen Inc. (“Heliogen” or the “Enterprise”), a leading supplier of AI-enabled concentrated solar energy, today announced that it has concluded its beforehand declared company mix with Athena Technological know-how Acquisition Corp. (“ATHN”).

The transaction was unanimously approved by ATHN’s Board of Administrators and was accepted at a distinctive meeting of ATHN stockholders on December 28, 2021. A lot more than 91% of the votes solid at the unique conference were in favor of acceptance of the business blend. THN stockholders also voted to approve all other proposals introduced at the special conference.

Concurrent with the completion of its enterprise mixture, the put together enterprise adjusted its identify from “Athena Technological know-how Acquisition Corp.” to “Heliogen Inc.” Commencing at the open of trading on December 31, 2021, Heliogen Inc.’s Class A popular inventory and Heliogen Inc.’s warrants are expected to begin buying and selling on The New York Stock Trade underneath the symbols “HLGN” and “HLGNW,” respectively.

Company Track record

Established in 2013, Heliogen’s modular, AI-enabled, concentrated photo voltaic ability plants have the likely to revolutionize the power sector by assuaging intermittency troubles associated with renewable sources of electric power generation. Heliogen’s know-how is made to flatten the electricity generation curve by employing concentrated solar power with storage to increase the availability of vitality to industrial clients.

The Company’s proprietary heliostat format and regulate procedure aid focus of the sun’s rays and have the capability to produce temperatures at the place of emphasis that can exceed 1,000 levels centigrade. This warmth can then be captured, saved and converted for industrial use, power generation, or to create eco-friendly hydrogen fuel, with the intention of furnishing in close proximity to-24 hour renewable vitality that could replace fossil fuels with concentrated daylight. Heliogen is commencing the commercialization of its AI-enabled, concentrated photo voltaic power modules with internationally acknowledged prospects in the industrial, mining, and electrical power sectors.

Considering that announcing the company combination with ATHN on July 7, 2021, Heliogen has announced considerable industrial progress which includes:

  • Collaboration with Woodside on a breakthrough solar engineering job to decrease carbon emissions. Heliogen has been granted by Woodside a Confined Observe To Commence (“LNTP”) to start out 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 technology.

  • In partnership with Bloom Vitality, the technology of environmentally friendly hydrogen by integrating the companies’ technologies – Heliogen’s concentrated photo voltaic strength procedure and the Bloom Electrolyzer. The modern profitable demonstration in Lancaster, California made hydrogen and showcased the lots of rewards of combining the companies’ complementary systems to reach reduced-price inexperienced hydrogen manufacturing.

  • A new technological breakthrough in the creation of very low-expense renewable electricity. In field tests at Heliogen’s Lancaster, California facility, the Firm productively done the initial complex demonstration of an autonomous subject upkeep process, Heliogen’s Set up & Cleaning Autonomous Robot & Utility Resolution, or ICARUS. By bringing the exact same superior technologies that permit its AI-enabled concentrated solar electrical power programs to the task of installing and sustaining people systems, the Company’s newest innovation is anticipated to significantly lower the time to deploy its concentrated solar services, as perfectly as the costs affiliated with development and ongoing upkeep.

  • Finalized a $39 million award from the U.S. Section of Vitality (“DOE”) to deploy the Company’s breakthrough renewable strength engineering in California. Heliogen will apply the money been given from the DOE toward a professional-scale facility leveraging its AI-enabled concentrated solar technologies.

  • Collaboration with CarbonCapture to establish sustainably-driven immediate air seize (DAC) amenities. The providers intend to kick off entrance-conclusion engineering for the integration of Heliogen’s concentrated photo voltaic power and solid media thermal storage methods with CarbonCapture’s carbon removal technology to successfully and price tag-correctly harness the industrial heat production capabilities of Heliogen methods for use in CarbonCapture DAC systems.

Administration Commentary

Monthly bill Gross, Founder and Chief Executive Officer of Heliogen, commented: “Powering the world with renewable electrical power is not only significant to preventing local climate modify – it is also the major economic option in record. The money elevated in this transaction will fund our accelerated growth and help us to globally scale our activity changing AI-enabled concentrated solar ability know-how. We feel we have the opportunity to remodel the world’s electricity creation and meaningfully tackle climate transform, whilst offering long-expression stakeholder worth. With our proficient and dedicated workforce, a earth-class Board of Directors, our powerful purchaser and husband or wife relationships, a escalating client pipeline, and technological innovation that is in substantial demand from customers globally, I could not be additional optimistic about Heliogen’s potential to deliver on our mission of replacing fossil fuels with concentrated daylight.”

Phyllis Newhouse, previous CEO of Athena Technology Acquisition Corp. and member of the Heliogen board of directors, commented: “We’re really very pleased to realize this milestone and start off the upcoming chapter in Heliogen’s expansion tale. Our unique mission at Athena was to operate with thought leaders and technologies innovators whose revolutionary solutions will assist equally sector and society. With the closing of our company blend now, we’re going one particular action nearer to a more healthy environment exactly where fossil fuels are replaced by cleaner resources of electrical power.”

Transaction Overview

The transaction resulted in approximately $188 million of money to Heliogen’s equilibrium sheet, comprised of equally resources from ATHN’s former have faith in account and a non-public investment in public equity (PIPE). The PIPE is anchored by money and accounts managed by Counterpoint World-wide (Morgan Stanley), Salient Associates, Saba Cash, and the XCarb Innovation Fund of ArcelorMittal.

In addition to the proceeds from this transaction, the Firm has beforehand disclosed the conversion to common shares of $83.4 million in Secure financing upon closing of the business blend.

Heliogen Inc. will use the proceeds to scale heliostat producing, to guidance investigation and improvement endeavours on future technology heliostat engineering, to help world job improvement, and to fund the equilibrium sheet.


Heliogen’s present senior management crew will carry on to lead the blended organization, together with Bill Gross (Chief Govt Officer Director), Christie Obiaya (Chief Fiscal Officer), Steve Schell (Chief Technological know-how Officer and Chief Engineer) and Tom Doyle (Chief Industrial Officer).

Heliogen Inc.’s Board of Directors will be comprised of a the greater part of impartial administrators, namely 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 & Organization Capital Markets (a division of J.V.B. Economical Team, LLC), is serving as monetary advisor to Athena. Barclays is serving as economical advisor to Heliogen. Cohen & Company Capital Markets is also serving as placement agent to Athena. DLA Piper LLP (US) is serving as lawful advisor to Athena. Cooley LLP is acting as lawful advisor to Heliogen.

About Heliogen

Heliogen is a renewable electricity technologies enterprise targeted on removing the want for fossil fuels in major business and powering a sustainable upcoming. The company’s AI-enabled, modular concentrated photo voltaic technology aims to expense-efficiently deliver in close proximity to 24/7 carbon-totally free electrical power in the kind of warmth, ability, or eco-friendly hydrogen fuel at scale – for the initially time in history. Heliogen was created at Idealab, the top technology incubator started by Invoice Gross in 1996. For a lot more data about Heliogen, remember to stop by heliogen.com.

Forward-Wanting Statements

This push launch incorporates particular forward-looking statements in just the that means of the “harmless harbor” provisions of the United States Personal Securities Litigation Reform Act of 1995. Statements that are not historic in character, including the terms “anticipate,” “count on,” “indicates,” “approach,” “believe,” “intend,” “estimates,” “targets,” “tasks,” “should,” “could,” “would,” “might,” “will,” “forecast” and other identical expressions are intended to determine forward-wanting statements. Forward-looking statements are predictions, projections and other statements about upcoming functions that are dependent on present-day expectations and assumptions and, as a end result, are subject to dangers and uncertainties. Many elements could cause actual future gatherings to differ materially from the forward-searching statements in this push release, which includes but not minimal to: (i) the capacity to obtain or preserve the listing of Heliogen’s frequent inventory on the New York Stock Trade next the enterprise blend (ii) the threat that the proposed transaction disrupts existing ideas and operations as a outcome of the announcement and consummation of the company mixture (iii) the result of any lawful proceedings that may possibly be instituted from Heliogen or many others subsequent the small business mixture (iv) the potential to identify the expected rewards of the company mixture, which may possibly be influenced by, between other matters, the capacity of Heliogen to increase and take care of growth profitably, retain relationships with prospects, compete inside its market and keep its crucial personnel (v) charges relevant to the proposed business enterprise mixture (vi) variations in applicable laws or regulations (vii) the effect of the COVID-19 pandemic on Heliogen’s business enterprise (viii) the ability of Heliogen to execute its organization design, which include current market acceptance of its planned products and solutions and acquiring ample generation volumes at acceptable quality ranges and charges (ix) Heliogen’s capability to raise cash (x) the probability that Heliogen may possibly be adversely impacted by other economic, company, and/or aggressive aspects and (xi) future trade and interest fees. The foregoing checklist of components is not exhaustive. You should really carefully take into consideration the foregoing aspects and the other challenges and uncertainties described in the “Chance Components” section of the registration assertion on Form S-4, as amended by way of November 19, 2021, in the definitive proxy statement / prospectus, dated December 3, 2021 and other documents submitted by the Firm from time to time with the SEC. These filings determine and address other essential hazards and uncertainties that could lead to genuine occasions and success to differ materially from those people contained in the ahead-hunting statements. Ahead-searching statements communicate only as of the date they are manufactured. Viewers are cautioned not to put undue reliance on forward-on the lookout statements, and Heliogen assumes no obligation and does not intend to update or revise these forward-wanting statements, no matter if as a end result of new information, long term gatherings, or or else. No assurance is given that the blended company, will achieve its anticipations.

Look at resource model on businesswire.com: https://www.businesswire.com/news/household/20211230005285/en/


Athena Know-how Acquisition Corp. Contacts
For Media:
Berns Communications Group
[email protected]

Heliogen Contacts
For Media:
[email protected]

For Buyers:
Caldwell Bailey
ICR, Inc.
[email protected]