June 5, 2023


The Business & Finance guru

Heliogen, Inc. Announces Completion of Business Blend with Athena Technological innovation Acquisition Corp.

PASADENA, Calif.–(Company WIRE)–Heliogen Inc. (“Heliogen” or the “Company”), a foremost company of AI-enabled concentrated solar electrical power, today announced that it has accomplished its formerly declared business mix with Athena Technologies Acquisition Corp. (“ATHN”).

The transaction was unanimously authorized by ATHN’s Board of Directors and was approved at a special meeting of ATHN stockholders on December 28, 2021. Additional than 91% of the votes forged at the exclusive meeting were in favor of approval of the enterprise mix. THN stockholders also voted to approve all other proposals presented at the specific assembly.

Concurrent with the completion of its business combination, the blended enterprise adjusted its title from “Athena Technological innovation Acquisition Corp.” to “Heliogen Inc.” Commencing at the open up of trading on December 31, 2021, Heliogen Inc.’s Class A typical stock and Heliogen Inc.’s warrants are envisioned to begin investing on The New York Stock Trade less than the symbols “HLGN” and “HLGNW,” respectively.

Business Track record

Founded in 2013, Heliogen’s modular, AI-enabled, concentrated photo voltaic ability crops have the prospective to revolutionize the energy market by alleviating intermittency problems linked with renewable resources of power technology. Heliogen’s technology is created to flatten the electrical power generation curve by employing concentrated photo voltaic energy with storage to improve the availability of vitality to industrial prospects.

The Company’s proprietary heliostat structure and command procedure facilitate concentration of the sun’s rays and have the ability to make temperatures at the point of focus that can exceed 1,000 levels centigrade. This warmth can then be captured, saved and converted for industrial use, energy generation, or to produce eco-friendly hydrogen gasoline, with the objective of giving in the vicinity of-24 hour renewable power that could change fossil fuels with concentrated sunlight. Heliogen is commencing the commercialization of its AI-enabled, concentrated photo voltaic electric power modules with internationally identified prospects in the industrial, mining, and power sectors.

Given that saying the organization mixture with ATHN on July 7, 2021, Heliogen has introduced important commercial progress together with:

  • Collaboration with Woodside on a breakthrough solar know-how undertaking to decrease carbon emissions. Heliogen has been granted by Woodside a Restricted Detect To Progress (“LNTP”) to start out procurement of crucial tools for a 5 megawatt (MW) commercial-scale demonstration facility in California. The proposed facility will use Heliogen’s AI-enabled concentrated solar know-how.
  • In partnership with Bloom Energy, the technology of inexperienced hydrogen by integrating the companies’ technologies – Heliogen’s concentrated photo voltaic electricity method and the Bloom Electrolyzer. The recent prosperous demonstration in Lancaster, California made hydrogen and showcased the quite a few positive aspects of combining the companies’ complementary technologies to obtain small-price green hydrogen manufacturing.
  • A new technological breakthrough in the creation of very low-expense renewable energy. In field exams at Heliogen’s Lancaster, California facility, the Company effectively concluded the 1st complex demonstration of an autonomous field servicing procedure, Heliogen’s Installation & Cleaning Autonomous Robotic & Utility Solution, or ICARUS. By bringing the very same highly developed systems that permit its AI-enabled concentrated photo voltaic electricity units to the endeavor of setting up and retaining these methods, the Company’s most recent innovation is predicted to noticeably lower the time to deploy its concentrated photo voltaic services, as properly as the prices involved with building and ongoing servicing.
  • Finalized a $39 million award from the U.S. Department of Vitality (“DOE”) to deploy the Company’s breakthrough renewable energy technology in California. Heliogen will apply the cash obtained from the DOE to a professional-scale facility leveraging its AI-enabled concentrated solar know-how.
  • Collaboration with CarbonCapture to acquire sustainably-run immediate air seize (DAC) facilities. The providers intend to kick off entrance-end engineering for the integration of Heliogen’s concentrated solar electrical power and sound media thermal storage methods with CarbonCapture’s carbon elimination technology to effectively and price tag-efficiently harness the industrial heat output abilities of Heliogen systems for use in CarbonCapture DAC devices.

Management Commentary

Invoice Gross, Founder and Main Government Officer of Heliogen, commented: “Powering the world with renewable electricity is not only vital to combating climate change – it is also the major financial chance in history. The cash lifted in this transaction will fund our accelerated growth and assist us to globally scale our game altering AI-enabled concentrated solar electrical power technology. We think we have the opportunity to transform the world’s power generation and meaningfully deal with local climate improve, when delivering extended-phrase stakeholder benefit. With our gifted and dedicated team, a environment-course Board of Administrators, our solid shopper and spouse associations, a expanding purchaser pipeline, and engineering that is in large need globally, I couldn’t be far more optimistic about Heliogen’s capability to produce on our mission of changing fossil fuels with concentrated daylight.”

Phyllis Newhouse, former CEO of Athena Technological innovation Acquisition Corp. and member of the Heliogen board of directors, commented: “We’re incredibly very pleased to accomplish this milestone and begin the following chapter in Heliogen’s progress tale. Our authentic mission at Athena was to function with imagined leaders and engineering innovators whose revolutionary options will help equally sector and modern society. With the closing of our small business combination currently, we’re going one step nearer to a more healthy entire world where by fossil fuels are replaced by cleaner sources of electrical power.”

Transaction Overview

The transaction resulted in approximately $188 million of hard cash to Heliogen’s equilibrium sheet, comprised of both of those money from ATHN’s former believe in account and a non-public financial investment in community fairness (PIPE). The PIPE is anchored by money and accounts managed by Counterpoint World-wide (Morgan Stanley), Salient Partners, Saba Cash, and the XCarb Innovation Fund of ArcelorMittal.

In addition to the proceeds from this transaction, the Company has formerly disclosed the conversion to popular shares of $83.4 million in Secure financing upon closing of the small business mix.

Heliogen Inc. will use the proceeds to scale heliostat producing, to support exploration and enhancement initiatives on subsequent era heliostat technological innovation, to assist worldwide job advancement, and to fund the equilibrium sheet.


Heliogen’s present senior management staff will continue to guide the mixed organization, like Monthly bill Gross (Main Govt Officer Director), Christie Obiaya (Main Fiscal Officer), Steve Schell (Main Technological know-how Officer and Main Engineer) and Tom Doyle (Chief Professional Officer).

Heliogen Inc.’s Board of Administrators will be comprised of a majority of unbiased directors, namely Phyllis Newhouse, Stacey Abrams, Paddy Padmanathan, Julie Kane, Robert Kavner and David Crane. Heliogen CEO Monthly bill Gross will serve as the only non-independent director.


Cohen & Firm Cash Marketplaces (a division of J.V.B. Fiscal Team, LLC), is serving as fiscal advisor to Athena. Barclays is serving as economic advisor to Heliogen. Cohen & Corporation Funds Marketplaces is also serving as placement agent to Athena. DLA Piper LLP (US) is serving as authorized advisor to Athena. Cooley LLP is acting as authorized advisor to Heliogen.

About Heliogen

Heliogen is a renewable vitality technological innovation business centered on removing the need for fossil fuels in significant business and powering a sustainable long run. The company’s AI-enabled, modular concentrated photo voltaic technologies aims to price tag-proficiently supply close to 24/7 carbon-absolutely free electricity in the kind of warmth, energy, or eco-friendly hydrogen gasoline at scale – for the initially time in background. Heliogen was designed at Idealab, the top technological know-how incubator founded by Monthly bill Gross in 1996. For much more information and facts about Heliogen, be sure to go to heliogen.com.

Forward-Wanting Statements

This push launch is made up of certain ahead-searching statements within the meaning of the “safe harbor” provisions of the United States Non-public Securities Litigation Reform Act of 1995. Statements that are not historical in nature, including the text “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other comparable expressions are intended to establish forward-seeking statements. Forward-looking statements are predictions, projections and other statements about foreseeable future activities that are based on existing anticipations and assumptions and, as a outcome, are topic to pitfalls and uncertainties. Numerous factors could lead to precise long term occasions to differ materially from the ahead-hunting statements in this push release, like but not constrained to: (i) the capacity to get or retain the listing of Heliogen’s widespread inventory on the New York Inventory Exchange next the company blend (ii) the threat that the proposed transaction disrupts present plans and operations as a outcome of the announcement and consummation of the organization combination (iii) the result of any authorized proceedings that may well be instituted in opposition to Heliogen or other folks adhering to the enterprise mixture (iv) the means to identify the expected gains of the company combination, which may well be impacted by, between other things, the means of Heliogen to improve and handle expansion profitably, preserve relationships with shoppers, contend within its sector and retain its key staff members (v) fees connected to the proposed company combination (vi) variations in relevant legislation or restrictions (vii) the influence of the COVID-19 pandemic on Heliogen’s small business (viii) the means of Heliogen to execute its small business model, together with marketplace acceptance of its prepared products and solutions and products and services and achieving sufficient creation volumes at satisfactory quality concentrations and costs (ix) Heliogen’s ability to elevate money (x) the chance that Heliogen may perhaps be adversely impacted by other financial, business, and/or competitive aspects and (xi) long run exchange and fascination prices. The foregoing list of aspects is not exhaustive. You really should diligently consider the foregoing components and the other threats and uncertainties described in the “Risk Factors” section of the registration assertion on Type S-4, as amended by way of November 19, 2021, in the definitive proxy statement / prospectus, dated December 3, 2021 and other files filed by the Company from time to time with the SEC. These filings discover and address other significant hazards and uncertainties that could cause actual occasions and success to vary materially from all those contained in the forward-seeking statements. Ahead-wanting statements discuss only as of the day they are created. Readers are cautioned not to put undue reliance on ahead-searching statements, and Heliogen assumes no obligation and does not intend to update or revise these forward-seeking statements, no matter whether as a consequence of new information and facts, upcoming occasions, or normally. No assurance is specified that the combined enterprise, will accomplish its anticipations.