Outcomes in about $188 million of gross hard cash proceeds to Heliogen
Accelerates and advancements Heliogen’s mission to empower a sustainable civilization with reduced-expense solar electricity that can make cleanse power much more inexpensive than fossil fuels
Heliogen’s shares to get started trading on the NYSE tomorrow, December 31, 2021 beneath ticker “HLGN”
PASADENA, Calif., December 30, 2021–(Enterprise WIRE)–Heliogen Inc. (“Heliogen” or the “Firm”), a main provider of AI-enabled concentrated solar power, currently introduced that it has completed its earlier announced organization mix with Athena Technology Acquisition Corp. (“ATHN”).
The transaction was unanimously accepted by ATHN’s Board of Directors and was approved at a special meeting of ATHN stockholders on December 28, 2021. More than 91% of the votes forged at the specific meeting were being in favor of acceptance of the business enterprise mix. THN stockholders also voted to approve all other proposals offered at the particular meeting.
Concurrent with the completion of its business mixture, the mixed enterprise modified its identify from “Athena Technology Acquisition Corp.” to “Heliogen Inc.” Commencing at the open of investing on December 31, 2021, Heliogen Inc.’s Class A popular stock and Heliogen Inc.’s warrants are predicted to begin trading on The New York Stock Trade less than the symbols “HLGN” and “HLGNW,” respectively.
Enterprise Track record
Established in 2013, Heliogen’s modular, AI-enabled, concentrated photo voltaic ability crops have the potential to revolutionize the strength industry by assuaging intermittency challenges affiliated with renewable resources of electrical power technology. Heliogen’s technological innovation is made to flatten the electric power generation curve by utilizing concentrated solar power with storage to enhance the availability of power to industrial shoppers.
The Company’s proprietary heliostat format and manage procedure aid focus of the sun’s rays and have the skill to generate temperatures at the stage of aim that can exceed 1,000 degrees centigrade. This warmth can then be captured, stored and transformed for industrial use, ability technology, or to make environmentally friendly hydrogen gas, with the target of delivering in the vicinity of-24 hour renewable vitality that could exchange fossil fuels with concentrated sunlight. Heliogen is commencing the commercialization of its AI-enabled, concentrated solar energy modules with internationally acknowledged consumers in the industrial, mining, and vitality sectors.
Since announcing the company blend with ATHN on July 7, 2021, Heliogen has introduced major commercial development which includes:
Collaboration with Woodside on a breakthrough solar technological innovation job to lessen carbon emissions. Heliogen has been granted by Woodside a Minimal Detect To Move forward (“LNTP”) to commence procurement of crucial tools for a 5 megawatt (MW) industrial-scale demonstration facility in California. The proposed facility will use Heliogen’s AI-enabled concentrated solar technological innovation.
In partnership with Bloom Energy, the generation of inexperienced hydrogen by integrating the companies’ technologies – Heliogen’s concentrated photo voltaic electrical power program and the Bloom Electrolyzer. The latest effective demonstration in Lancaster, California created hydrogen and showcased the a lot of rewards of combining the companies’ complementary technologies to reach minimal-price tag green hydrogen manufacturing.
A new technological breakthrough in the generation of minimal-value renewable power. In area tests at Heliogen’s Lancaster, California facility, the Company properly completed the to start with complex demonstration of an autonomous discipline maintenance technique, Heliogen’s Installation & Cleaning Autonomous Robot & Utility Solution, or ICARUS. By bringing the identical innovative technologies that help its AI-enabled concentrated photo voltaic power methods to the activity of setting up and retaining those units, the Company’s newest innovation is predicted to significantly lessen the time to deploy its concentrated solar services, as well as the charges connected with development and ongoing maintenance.
Finalized a $39 million award from the U.S. Division of Vitality (“DOE”) to deploy the Company’s breakthrough renewable strength technology in California. Heliogen will use the funds received from the DOE towards a professional-scale facility leveraging its AI-enabled concentrated photo voltaic technologies.
Collaboration with CarbonCapture to acquire sustainably-driven immediate air seize (DAC) amenities. The businesses intend to kick off front-conclude engineering for the integration of Heliogen’s concentrated solar ability and sound media thermal storage units with CarbonCapture’s carbon removing technological innovation to competently and price tag-properly harness the industrial heat production abilities of Heliogen methods for use in CarbonCapture DAC devices.
Monthly bill Gross, Founder and Main Executive Officer of Heliogen, commented: “Powering the world with renewable electrical power is not only important to battling local weather change – it is also the biggest economic chance in historical past. The money lifted in this transaction will fund our accelerated development and assistance us to globally scale our video game switching AI-enabled concentrated photo voltaic power technological innovation. We think we have the opportunity to transform the world’s vitality creation and meaningfully tackle local climate adjust, even though providing lengthy-term stakeholder worth. With our proficient and devoted crew, a world-class Board of Administrators, our powerful consumer and spouse associations, a expanding buyer pipeline, and technology that is in significant need globally, I couldn’t be additional optimistic about Heliogen’s capacity to supply on our mission of replacing fossil fuels with concentrated sunlight.”
Phyllis Newhouse, previous CEO of Athena Technological innovation Acquisition Corp. and member of the Heliogen board of directors, commented: “We’re particularly very pleased to attain this milestone and commence the following chapter in Heliogen’s development story. Our unique mission at Athena was to work with thought leaders and engineering innovators whose pioneering methods will assist the two sector and modern society. With the closing of our organization mix right now, we’re relocating a person step nearer to a healthier world wherever fossil fuels are changed by cleaner sources of ability.”
The transaction resulted in somewhere around $188 million of cash to Heliogen’s harmony sheet, comprised of both of those resources from ATHN’s former have faith in account and a personal expenditure in community equity (PIPE). The PIPE is anchored by money and accounts managed by Counterpoint World wide (Morgan Stanley), Salient Companions, Saba Funds, and the XCarb Innovation Fund of ArcelorMittal.
In addition to the proceeds from this transaction, the Enterprise has earlier disclosed the conversion to widespread shares of $83.4 million in Safe and sound financing on closing of the enterprise mix.
Heliogen Inc. will use the proceeds to scale heliostat manufacturing, to support investigation and development efforts on next technology heliostat technological innovation, to assist world wide project enhancement, and to fund the balance sheet.
Heliogen’s present senior management team will proceed to lead the blended business, which include Invoice Gross (Main Government Officer Director), Christie Obiaya (Main Economic Officer), Steve Schell (Chief Technology Officer and Main Engineer) and Tom Doyle (Chief Business Officer).
Heliogen Inc.’s Board of Administrators will be comprised of a the vast majority of impartial directors, particularly Phyllis Newhouse, Stacey Abrams, Paddy Padmanathan, Julie Kane, Robert Kavner and David Crane. Heliogen CEO Monthly bill Gross will serve as the only non-unbiased director.
Cohen & Organization Cash Markets (a division of J.V.B. Money Team, LLC), is serving as financial advisor to Athena. Barclays is serving as financial advisor to Heliogen. Cohen & Organization Capital Markets is also serving as placement agent to Athena. DLA Piper LLP (US) is serving as lawful advisor to Athena. Cooley LLP is performing as lawful advisor to Heliogen.
Heliogen is a renewable electricity technology company focused on getting rid of the need for fossil fuels in hefty market and powering a sustainable foreseeable future. The company’s AI-enabled, modular concentrated photo voltaic technologies aims to charge-properly supply in the vicinity of 24/7 carbon-no cost vitality in the sort of heat, electric power, or inexperienced hydrogen fuel at scale – for the 1st time in background. Heliogen was designed at Idealab, the primary technologies incubator established by Monthly bill Gross in 1996. For extra facts about Heliogen, be sure to check out heliogen.com.
This press launch has selected forward-hunting statements within the this means of the “risk-free harbor” provisions of the United States Personal Securities Litigation Reform Act of 1995. Statements that are not historic in character, such as the words and phrases “anticipate,” “hope,” “implies,” “plan,” “consider,” “intend,” “estimates,” “targets,” “projects,” “need to,” “could,” “would,” “may well,” “will,” “forecast” and other similar expressions are supposed to recognize forward-looking statements. Forward-wanting statements are predictions, projections and other statements about future events that are based mostly on recent expectations and assumptions and, as a result, are topic to pitfalls and uncertainties. A lot of aspects could trigger real long run gatherings to differ materially from the ahead-seeking statements in this press launch, which includes but not minimal to: (i) the capacity to attain or maintain the listing of Heliogen’s typical inventory on the New York Inventory Exchange next the business enterprise mixture (ii) the chance that the proposed transaction disrupts recent plans and functions as a result of the announcement and consummation of the business enterprise mix (iii) the result of any legal proceedings that may well be instituted from Heliogen or other people adhering to the enterprise combination (iv) the capability to realize the predicted benefits of the business blend, which may possibly be influenced by, amid other items, the capability of Heliogen to improve and handle expansion profitably, sustain relationships with shoppers, contend inside of its business and keep its essential employees (v) prices related to the proposed business blend (vi) alterations in applicable laws or laws (vii) the impact of the COVID-19 pandemic on Heliogen’s company (viii) the capability of Heliogen to execute its business enterprise model, which include current market acceptance of its prepared goods and services and achieving ample output volumes at satisfactory top quality stages and selling prices (ix) Heliogen’s ability to increase funds (x) the chance that Heliogen may possibly be adversely impacted by other economic, organization, and/or aggressive components and (xi) long term exchange and curiosity charges. The foregoing record of factors is not exhaustive. You ought to diligently consider the foregoing elements and the other challenges and uncertainties explained in the “Risk Variables” segment of the registration statement on Sort S-4, as amended via November 19, 2021, in the definitive proxy statement / prospectus, dated December 3, 2021 and other files submitted by the Company from time to time with the SEC. These filings detect and address other critical hazards and uncertainties that could cause true situations and effects to vary materially from individuals contained in the ahead-on the lookout statements. Ahead-seeking statements discuss only as of the date they are built. Audience are cautioned not to set undue reliance on ahead-seeking statements, and Heliogen assumes no obligation and does not intend to update or revise these ahead-seeking statements, no matter if as a outcome of new facts, future situations, or usually. No assurance is offered that the combined company, will realize its expectations.
Perspective source variation on businesswire.com: https://www.businesswire.com/news/home/20211230005285/en/
Athena Technologies Acquisition Corp. Contacts
Berns Communications Team