April 22, 2024

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Heliogen, Inc. Announces Completion of Business Combination with Athena Technology Acquisition Corp.

Outcomes in about $188 million of gross money proceeds to Heliogen

Accelerates and developments Heliogen’s mission to empower a sustainable civilization with reduced-price solar electricity that makes clear power additional cost-effective than fossil fuels

Heliogen’s shares to start out investing on the NYSE tomorrow, December 31, 2021 less than ticker “HLGN”

PASADENA, Calif., December 30, 2021–(Business WIRE)–Heliogen Inc. (“Heliogen” or the “Organization”), a top service provider of AI-enabled concentrated solar electrical power, right now declared that it has done its earlier announced small business combination with Athena Technological innovation Acquisition Corp. (“ATHN”).

The transaction was unanimously authorized by ATHN’s Board of Administrators and was accepted at a distinctive conference of ATHN stockholders on December 28, 2021. Far more than 91{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of the votes cast at the particular meeting were in favor of acceptance of the enterprise mix. THN stockholders also voted to approve all other proposals presented at the special assembly.

Concurrent with the completion of its business enterprise mixture, the put together firm altered its title from “Athena Technologies Acquisition Corp.” to “Heliogen Inc.” Commencing at the open of trading on December 31, 2021, Heliogen Inc.’s Class A widespread stock and Heliogen Inc.’s warrants are envisioned to commence investing on The New York Stock Trade under the symbols “HLGN” and “HLGNW,” respectively.

Company Track record

Started in 2013, Heliogen’s modular, AI-enabled, concentrated photo voltaic ability plants have the prospective to revolutionize the vitality marketplace by assuaging intermittency problems affiliated with renewable resources of energy era. Heliogen’s technologies is designed to flatten the electricity era curve by making use of concentrated photo voltaic power with storage to raise the availability of energy to industrial buyers.

The Company’s proprietary heliostat structure and management system aid concentration of the sun’s rays and have the capability to generate temperatures at the issue of concentrate that can exceed 1,000 levels centigrade. This warmth can then be captured, stored and transformed for industrial use, electric power generation, or to deliver green hydrogen gas, with the intention of providing in the vicinity of-24 hour renewable electricity that could change fossil fuels with concentrated daylight. Heliogen is commencing the commercialization of its AI-enabled, concentrated solar electric power modules with internationally identified buyers in the industrial, mining, and energy sectors.

Considering the fact that saying the organization combination with ATHN on July 7, 2021, Heliogen has declared important professional development which includes:

  • Collaboration with Woodside on a breakthrough solar technology venture to decrease carbon emissions. Heliogen has been granted by Woodside a Restricted Discover To Commence (“LNTP”) to start procurement of critical machines for a 5 megawatt (MW) industrial-scale demonstration facility in California. The proposed facility will use Heliogen’s AI-enabled concentrated photo voltaic engineering.

  • In partnership with Bloom Electrical power, the generation of environmentally friendly hydrogen by integrating the companies’ technologies – Heliogen’s concentrated photo voltaic energy program and the Bloom Electrolyzer. The modern effective demonstration in Lancaster, California made hydrogen and showcased the many gains of combining the companies’ complementary technologies to reach small-cost eco-friendly hydrogen generation.

  • A new technological breakthrough in the production of small-charge renewable electrical power. In field assessments at Heliogen’s Lancaster, California facility, the Business efficiently finished the initially technological demonstration of an autonomous field servicing method, Heliogen’s Installation & Cleansing Autonomous Robotic & Utility Remedy, or ICARUS. By bringing the identical advanced technologies that allow its AI-enabled concentrated photo voltaic electricity methods to the process of setting up and keeping people units, the Company’s most up-to-date innovation is envisioned to drastically minimize the time to deploy its concentrated solar facilities, as effectively as the prices associated with design and ongoing routine maintenance.

  • Finalized a $39 million award from the U.S. Department of Power (“DOE”) to deploy the Company’s breakthrough renewable power know-how in California. Heliogen will use the cash gained from the DOE towards a industrial-scale facility leveraging its AI-enabled concentrated photo voltaic engineering.

  • Collaboration with CarbonCapture to create sustainably-run direct air seize (DAC) services. The companies intend to kick off front-stop engineering for the integration of Heliogen’s concentrated solar electricity and reliable media thermal storage techniques with CarbonCapture’s carbon removing technologies to effectively and price tag-correctly harness the industrial warmth generation abilities of Heliogen methods for use in CarbonCapture DAC programs.

Management Commentary

Bill Gross, Founder and Main Executive Officer of Heliogen, commented: “Powering the earth with renewable strength is not only critical to combating climate change – it is also the greatest economic chance in background. The money elevated in this transaction will fund our accelerated advancement and enable us to globally scale our video game changing AI-enabled concentrated photo voltaic power technologies. We consider we have the likely to remodel the world’s power output and meaningfully tackle local climate adjust, even though providing lengthy-term stakeholder value. With our proficient and devoted group, a entire world-class Board of Administrators, our potent customer and companion interactions, a developing buyer pipeline, and technology that is in large need globally, I couldn’t be additional optimistic about Heliogen’s means to provide on our mission of changing fossil fuels with concentrated daylight.”

Phyllis Newhouse, former CEO of Athena Engineering Acquisition Corp. and member of the Heliogen board of administrators, commented: “We’re very proud to reach this milestone and get started the up coming chapter in Heliogen’s advancement story. Our authentic mission at Athena was to operate with imagined leaders and know-how innovators whose groundbreaking answers will help both industry and culture. With the closing of our business enterprise blend right now, we’re going a person phase nearer to a more healthy environment where by fossil fuels are changed by cleaner resources of energy.”

Transaction Overview

The transaction resulted in roughly $188 million of income to Heliogen’s harmony sheet, comprised of equally cash from ATHN’s former belief account and a private investment decision in community fairness (PIPE). The PIPE is anchored by funds and accounts managed by Counterpoint Worldwide (Morgan Stanley), Salient Companions, Saba Funds, and the XCarb Innovation Fund of ArcelorMittal.

In addition to the proceeds from this transaction, the Corporation has beforehand disclosed the conversion to popular shares of $83.4 million in Safe and sound financing on closing of the organization combination.

Heliogen Inc. will use the proceeds to scale heliostat production, to assist investigate and advancement efforts on following generation heliostat technological innovation, to guidance international challenge development, and to fund the stability sheet.


Heliogen’s current senior management crew will carry on to guide the merged business, including Invoice Gross (Chief Executive Officer Director), Christie Obiaya (Main Fiscal Officer), Steve Schell (Main Engineering Officer and Chief Engineer) and Tom Doyle (Main Business Officer).

Heliogen Inc.’s Board of Directors will be comprised of a the vast majority of unbiased administrators, particularly Phyllis Newhouse, Stacey Abrams, Paddy Padmanathan, Julie Kane, Robert Kavner and David Crane. Heliogen CEO Bill Gross will serve as the only non-independent director.


Cohen & Enterprise Money Markets (a division of J.V.B. Fiscal Team, LLC), is serving as economical advisor to Athena. Barclays is serving as economical advisor to Heliogen. Cohen & Firm Money Marketplaces is also serving as placement agent to Athena. DLA Piper LLP (US) is serving as lawful advisor to Athena. Cooley LLP is performing as legal advisor to Heliogen.

About Heliogen

Heliogen is a renewable electricity know-how company targeted on getting rid of the have to have for fossil fuels in hefty sector and powering a sustainable future. The company’s AI-enabled, modular concentrated solar technology aims to charge-efficiently produce around 24/7 carbon-free of charge electrical power in the sort of heat, energy, or environmentally friendly hydrogen fuel at scale – for the initial time in historical past. Heliogen was created at Idealab, the primary engineering incubator launched by Monthly bill Gross in 1996. For additional information about Heliogen, be sure to pay a visit to heliogen.com.

Forward-Seeking Statements

This press launch contains selected forward-looking statements inside the meaning of the “safe and sound harbor” provisions of the United States Non-public Securities Litigation Reform Act of 1995. Statements that are not historic in character, which include the words and phrases “anticipate,” “count on,” “suggests,” “strategy,” “consider,” “intend,” “estimates,” “targets,” “tasks,” “really should,” “could,” “would,” “might,” “will,” “forecast” and other similar expressions are intended to establish forward-searching statements. Forward-on the lookout statements are predictions, projections and other statements about future events that are centered on latest expectations and assumptions and, as a result, are issue to challenges and uncertainties. A lot of elements could result in actual long term activities to vary materially from the forward-wanting statements in this press release, including but not constrained to: (i) the means to acquire or keep the listing of Heliogen’s popular stock on the New York Stock Trade next the company mixture (ii) the chance that the proposed transaction disrupts current plans and functions as a consequence of the announcement and consummation of the company mixture (iii) the outcome of any authorized proceedings that may be instituted towards Heliogen or other folks following the organization combination (iv) the ability to recognize the predicted benefits of the business enterprise mixture, which may well be afflicted by, among other matters, the capacity of Heliogen to increase and manage expansion profitably, maintain associations with shoppers, contend within just its marketplace and keep its vital personnel (v) expenses similar to the proposed small business combination (vi) variations in applicable legal guidelines or rules (vii) the result of the COVID-19 pandemic on Heliogen’s enterprise (viii) the means of Heliogen to execute its company model, together with marketplace acceptance of its planned items and solutions and obtaining ample production volumes at satisfactory quality ranges and price ranges (ix) Heliogen’s capability to raise cash (x) the likelihood that Heliogen may be adversely impacted by other financial, enterprise, and/or competitive things and (xi) foreseeable future trade and curiosity fees. The foregoing checklist of components is not exhaustive. You should meticulously contemplate the foregoing factors and the other threats and uncertainties described in the “Danger Aspects” portion of the registration statement on Sort S-4, as amended via November 19, 2021, in the definitive proxy assertion / prospectus, dated December 3, 2021 and other paperwork filed by the Firm from time to time with the SEC. These filings establish and deal with other crucial threats and uncertainties that could cause actual occasions and success to vary materially from all those contained in the ahead-on the lookout statements. Ahead-looking statements talk only as of the day they are created. Readers are cautioned not to place undue reliance on forward-looking statements, and Heliogen assumes no obligation and does not intend to update or revise these forward-looking statements, irrespective of whether as a end result of new information and facts, foreseeable future situations, or usually. No assurance is specified that the merged company, will reach its anticipations.

Watch resource variation on businesswire.com: https://www.businesswire.com/information/dwelling/20211230005285/en/


Athena Technologies Acquisition Corp. Contacts
For Media:
Berns Communications Team
[email protected]

Heliogen Contacts
For Media:
[email protected]

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