Effects in around $188 million of gross dollars proceeds to Heliogen
Accelerates and developments Heliogen’s mission to empower a sustainable civilization with reduced-expense photo voltaic vitality that can make clean up energy far more economical than fossil fuels
Heliogen’s shares to get started buying and selling on the NYSE tomorrow, December 31, 2021 beneath ticker “HLGN”
PASADENA, Calif., December 30, 2021–(Business enterprise WIRE)–Heliogen Inc. (“Heliogen” or the “Company”), a major provider of AI-enabled concentrated photo voltaic electrical power, these days declared that it has done its earlier introduced company combination with Athena Technological know-how Acquisition Corp. (“ATHN”).
The transaction was unanimously authorized by ATHN’s Board of Directors and was authorized at a specific conference of ATHN stockholders on December 28, 2021. A lot more than 91% of the votes solid at the special assembly have been in favor of approval of the business mixture. THN stockholders also voted to approve all other proposals offered at the distinctive meeting.
Concurrent with the completion of its business enterprise combination, the blended enterprise changed its title from “Athena Technology Acquisition Corp.” to “Heliogen Inc.” Commencing at the open up of investing on December 31, 2021, Heliogen Inc.’s Course A common stock and Heliogen Inc.’s warrants are expected to commence buying and selling on The New York Inventory Trade under the symbols “HLGN” and “HLGNW,” respectively.
Firm History
Launched in 2013, Heliogen’s modular, AI-enabled, concentrated solar electricity vegetation have the opportunity to revolutionize the power market by alleviating intermittency issues linked with renewable resources of power era. Heliogen’s technology is developed to flatten the ability generation curve by utilizing concentrated photo voltaic energy with storage to enhance the availability of vitality to industrial shoppers.
The Company’s proprietary heliostat structure and handle program aid focus of the sun’s rays and have the skill to make temperatures at the issue of emphasis that can exceed 1,000 levels centigrade. This warmth can then be captured, stored and converted for industrial use, ability generation, or to generate green hydrogen gasoline, with the target of giving in close proximity to-24 hour renewable vitality that could substitute fossil fuels with concentrated sunlight. Heliogen is commencing the commercialization of its AI-enabled, concentrated solar electric power modules with internationally acknowledged consumers in the industrial, mining, and energy sectors.
Considering that asserting the business combination with ATHN on July 7, 2021, Heliogen has declared sizeable commercial development including:
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Collaboration with Woodside on a breakthrough solar technology task to lessen carbon emissions. Heliogen has been granted by Woodside a Confined Detect To Commence (“LNTP”) to get started procurement of key devices for a 5 megawatt (MW) professional-scale demonstration facility in California. The proposed facility will use Heliogen’s AI-enabled concentrated photo voltaic technological know-how.
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In partnership with Bloom Vitality, the generation of eco-friendly hydrogen by integrating the companies’ systems – Heliogen’s concentrated solar vitality procedure and the Bloom Electrolyzer. The modern effective demonstration in Lancaster, California generated hydrogen and showcased the a lot of benefits of combining the companies’ complementary systems to reach very low-charge environmentally friendly hydrogen production.
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A new technological breakthrough in the output of lower-price renewable energy. In discipline exams at Heliogen’s Lancaster, California facility, the Business productively finished the first complex demonstration of an autonomous area servicing method, Heliogen’s Installation & Cleansing Autonomous Robot & Utility Remedy, or ICARUS. By bringing the exact innovative technologies that help its AI-enabled concentrated photo voltaic electrical power systems to the task of putting in and retaining all those devices, the Company’s newest innovation is anticipated to significantly lessen the time to deploy its concentrated solar amenities, as perfectly as the expenses affiliated with development and ongoing routine maintenance.
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Finalized a $39 million award from the U.S. Department of Power (“DOE”) to deploy the Company’s breakthrough renewable electricity technologies in California. Heliogen will implement the cash gained from the DOE toward a business-scale facility leveraging its AI-enabled concentrated photo voltaic technological know-how.
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Collaboration with CarbonCapture to acquire sustainably-powered direct air seize (DAC) facilities. The providers intend to kick off entrance-close engineering for the integration of Heliogen’s concentrated photo voltaic power and strong media thermal storage units with CarbonCapture’s carbon removing know-how to successfully and price-successfully harness the industrial heat creation capabilities of Heliogen techniques for use in CarbonCapture DAC methods.
Management Commentary
Bill Gross, Founder and Chief Executive Officer of Heliogen, commented: “Powering the earth with renewable electrical power is not only significant to combating local climate transform – it is also the largest economic prospect in history. The capital elevated in this transaction will fund our accelerated advancement and help us to globally scale our recreation transforming AI-enabled concentrated solar electric power know-how. We believe we have the likely to transform the world’s energy creation and meaningfully tackle local weather improve, while offering prolonged-time period stakeholder worth. With our proficient and devoted staff, a globe-course Board of Directors, our strong buyer and companion interactions, a rising consumer pipeline, and engineering that is in high demand from customers globally, I couldn’t be a lot more optimistic about Heliogen’s means to produce on our mission of changing fossil fuels with concentrated sunlight.”
Phyllis Newhouse, previous CEO of Athena Engineering Acquisition Corp. and member of the Heliogen board of administrators, commented: “We’re very very pleased to reach this milestone and start out the next chapter in Heliogen’s growth story. Our initial mission at Athena was to perform with assumed leaders and technological know-how innovators whose pioneering alternatives will aid each market and culture. With the closing of our small business mixture these days, we’re transferring a single action closer to a more healthy planet where fossil fuels are replaced by cleaner sources of electrical power.”
Transaction Overview
The transaction resulted in somewhere around $188 million of cash to Heliogen’s harmony sheet, comprised of each resources from ATHN’s former rely on account and a personal investment in community equity (PIPE). The PIPE is anchored by cash 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 formerly disclosed the conversion to popular shares of $83.4 million in Safe and sound financing on closing of the company mixture.
Heliogen Inc. will use the proceeds to scale heliostat producing, to assistance investigate and growth efforts on following era heliostat technologies, to support global job advancement, and to fund the harmony sheet.
Management
Heliogen’s current senior management team will proceed to guide the merged organization, which include Bill Gross (Main Govt Officer Director), Christie Obiaya (Chief Financial Officer), Steve Schell (Main Technological know-how Officer and Chief Engineer) and Tom Doyle (Chief Business Officer).
Heliogen Inc.’s Board of Administrators will be comprised of a bulk of independent directors, particularly Phyllis Newhouse, Stacey Abrams, Paddy Padmanathan, Julie Kane, Robert Kavner and David Crane. Heliogen CEO Monthly bill Gross will provide as the only non-independent director.
Advisors
Cohen & Enterprise Money Markets (a division of J.V.B. Financial Team, LLC), is serving as money advisor to Athena. Barclays is serving as economical advisor to Heliogen. Cohen & Firm Capital Marketplaces is also serving as placement agent to Athena. DLA Piper LLP (US) is serving as legal advisor to Athena. Cooley LLP is performing as authorized advisor to Heliogen.
About Heliogen
Heliogen is a renewable energy technological know-how firm concentrated on getting rid of the require for fossil fuels in large field and powering a sustainable future. The company’s AI-enabled, modular concentrated photo voltaic know-how aims to value-successfully deliver close to 24/7 carbon-no cost electricity in the sort of warmth, electricity, or green hydrogen gas at scale – for the initial time in history. Heliogen was made at Idealab, the foremost know-how incubator launched by Bill Gross in 1996. For much more facts about Heliogen, make sure you visit heliogen.com.
Ahead-Wanting Statements
This push launch is made up of selected forward-seeking statements within the indicating of the “secure harbor” provisions of the United States Non-public Securities Litigation Reform Act of 1995. Statements that are not historic in nature, such as the phrases “foresee,” “hope,” “suggests,” “prepare,” “believe that,” “intend,” “estimates,” “targets,” “projects,” “ought to,” “could,” “would,” “might,” “will,” “forecast” and other identical expressions are meant to discover forward-on the lookout statements. Ahead-wanting statements are predictions, projections and other statements about foreseeable future occasions that are dependent on existing expectations and assumptions and, as a end result, are topic to challenges and uncertainties. Lots of aspects could trigger actual long term occasions to differ materially from the ahead-on the lookout statements in this push release, together with but not constrained to: (i) the means to get hold of or manage the listing of Heliogen’s prevalent stock on the New York Inventory Trade pursuing the organization mixture (ii) the chance that the proposed transaction disrupts recent designs and functions as a consequence of the announcement and consummation of the organization combination (iii) the result of any legal proceedings that may be instituted against Heliogen or other individuals subsequent the organization mixture (iv) the ability to identify the expected advantages of the company combination, which may perhaps be impacted by, between other factors, the skill of Heliogen to develop and deal with development profitably, preserve relationships with shoppers, compete in just its sector and retain its critical workforce (v) costs associated to the proposed organization blend (vi) alterations in applicable legislation or restrictions (vii) the outcome of the COVID-19 pandemic on Heliogen’s business enterprise (viii) the potential of Heliogen to execute its organization design, together with market acceptance of its prepared items and expert services and obtaining enough production volumes at acceptable excellent levels and charges (ix) Heliogen’s potential to elevate cash (x) the likelihood that Heliogen might be adversely impacted by other economic, business, and/or aggressive elements and (xi) long term exchange and curiosity prices. The foregoing listing of variables is not exhaustive. You should really thoroughly look at the foregoing factors and the other hazards and uncertainties explained in the “Danger Factors” section of the registration statement on Kind S-4, as amended by November 19, 2021, in the definitive proxy statement / prospectus, dated December 3, 2021 and other paperwork filed by the Enterprise from time to time with the SEC. These filings recognize and handle other important risks and uncertainties that could trigger genuine situations and benefits to differ materially from these contained in the forward-seeking statements. Forward-looking statements communicate only as of the date they are designed. Readers are cautioned not to put undue reliance on forward-seeking statements, and Heliogen assumes no obligation and does not intend to update or revise these forward-looking statements, whether or not as a consequence of new facts, potential occasions, or if not. No assurance is offered that the put together corporation, will achieve its expectations.
Watch resource variation on businesswire.com: https://www.businesswire.com/news/dwelling/20211230005285/en/
Contacts
Athena Engineering Acquisition Corp. Contacts
For Media:
Berns Communications Group
[email protected]
Heliogen Contacts
For Media:
[email protected]
For Traders:
Caldwell Bailey
ICR, Inc.
[email protected]
