Heliogen, Inc. Announces Completion of Business enterprise Mix with Athena Technological innovation Acquisition Corp.
Benefits in somewhere around $188 million of gross dollars proceeds to Heliogen
Accelerates and developments Heliogen’s mission to empower a sustainable civilization with lower-charge solar energy that will make cleanse electrical power extra inexpensive than fossil fuels
Heliogen’s shares to begin buying and selling on the NYSE tomorrow, December 31, 2021 below ticker “HLGN”
PASADENA, Calif., December 30, 2021–(Business enterprise WIRE)–Heliogen Inc. (“Heliogen” or the “Organization”), a top provider of AI-enabled concentrated photo voltaic electricity, today announced that it has done its earlier announced organization mix with Athena Know-how Acquisition Corp. (“ATHN”).
The transaction was unanimously permitted by ATHN’s Board of Directors and was accepted at a distinctive assembly 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 company combination. THN stockholders also voted to approve all other proposals presented at the special assembly.
Concurrent with the completion of its small business mix, the combined organization changed its identify from “Athena Technology Acquisition Corp.” to “Heliogen Inc.” Commencing at the open up of buying and selling on December 31, 2021, Heliogen Inc.’s Course A widespread inventory and Heliogen Inc.’s warrants are expected to begin investing on The New York Stock Exchange underneath the symbols “HLGN” and “HLGNW,” respectively.
Business Track record
Launched in 2013, Heliogen’s modular, AI-enabled, concentrated solar electric power crops have the possible to revolutionize the strength industry by alleviating intermittency problems linked with renewable sources of energy generation. Heliogen’s technological innovation is intended to flatten the ability era curve by utilizing concentrated photo voltaic electricity with storage to improve the availability of strength to industrial clients.
The Company’s proprietary heliostat format and management program facilitate focus of the sun’s rays and have the capability to generate temperatures at the level of target that can exceed 1,000 levels centigrade. This warmth can then be captured, stored and converted for industrial use, electric power era, or to generate green hydrogen gasoline, with the objective of delivering around-24 hour renewable vitality 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 regarded clients in the industrial, mining, and electrical power sectors.
Given that announcing the business enterprise mixture with ATHN on July 7, 2021, Heliogen has declared significant professional progress like:
-
Collaboration with Woodside on a breakthrough solar technological know-how venture to minimize carbon emissions. Heliogen has been granted by Woodside a Restricted Detect To Commence (“LNTP”) to start off procurement of essential tools for a 5 megawatt (MW) business-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 green hydrogen by integrating the companies’ technologies – Heliogen’s concentrated solar electricity process and the Bloom Electrolyzer. The current successful demonstration in Lancaster, California developed hydrogen and showcased the lots of rewards of combining the companies’ complementary technologies to achieve lower-price tag inexperienced hydrogen generation.
-
A new technological breakthrough in the manufacturing of very low-cost renewable power. In area tests at Heliogen’s Lancaster, California facility, the Enterprise successfully completed the first complex demonstration of an autonomous industry upkeep method, Heliogen’s Installation & Cleansing Autonomous Robot & Utility Answer, or ICARUS. By bringing the similar highly developed technologies that empower its AI-enabled concentrated solar ability methods to the activity of setting up and preserving these units, the Company’s hottest innovation is envisioned to noticeably decrease the time to deploy its concentrated photo voltaic services, as very well as the fees involved with design and ongoing upkeep.
-
Finalized a $39 million award from the U.S. Office of Power (“DOE”) to deploy the Company’s breakthrough renewable vitality technological innovation in California. Heliogen will use the cash received from the DOE toward a commercial-scale facility leveraging its AI-enabled concentrated solar know-how.
-
Collaboration with CarbonCapture to build sustainably-powered direct air seize (DAC) services. The firms intend to kick off front-conclusion engineering for the integration of Heliogen’s concentrated solar ability and reliable media thermal storage programs with CarbonCapture’s carbon removal technological know-how to competently and charge-correctly harness the industrial heat generation abilities of Heliogen methods for use in CarbonCapture DAC techniques.
Management Commentary
Bill Gross, Founder and Main Government Officer of Heliogen, commented: “Powering the world with renewable electricity is not only crucial to battling weather transform – it is also the biggest economic option in background. The funds elevated in this transaction will fund our accelerated progress and enable us to globally scale our sport altering AI-enabled concentrated solar electric power technologies. We think we have the possible to remodel the world’s energy creation and meaningfully deal with weather improve, whilst delivering extended-time period stakeholder benefit. With our talented and committed crew, a planet-class Board of Administrators, our strong consumer and associate associations, a increasing purchaser pipeline, and technological know-how that is in high desire globally, I could not be additional optimistic about Heliogen’s means to produce on our mission of replacing fossil fuels with concentrated daylight.”
Phyllis Newhouse, former CEO of Athena Technological know-how Acquisition Corp. and member of the Heliogen board of directors, commented: “We’re really very pleased to reach this milestone and begin the up coming chapter in Heliogen’s expansion tale. Our initial mission at Athena was to function with believed leaders and technological know-how innovators whose pioneering alternatives will assistance both market and society. With the closing of our organization mixture nowadays, we’re transferring 1 stage closer to a more healthy planet where by fossil fuels are replaced by cleaner sources of energy.”
Transaction Overview
The transaction resulted in approximately $188 million of funds to Heliogen’s balance sheet, comprised of each cash from ATHN’s former belief account and a non-public investment decision in community equity (PIPE). The PIPE is anchored by funds and accounts managed by Counterpoint Global (Morgan Stanley), Salient Partners, Saba Capital, and the XCarb Innovation Fund of ArcelorMittal.
In addition to the proceeds from this transaction, the Corporation has previously disclosed the conversion to popular shares of $83.4 million in Secure financing upon closing of the small business mixture.
Heliogen Inc. will use the proceeds to scale heliostat producing, to guidance research and progress efforts on next technology heliostat technological know-how, to help world wide task progress, and to fund the equilibrium sheet.
Management
Heliogen’s existing senior management staff will proceed to guide the combined company, which includes Invoice Gross (Main Executive Officer Director), Christie Obiaya (Chief Money Officer), Steve Schell (Main Technological innovation Officer and Main Engineer) and Tom Doyle (Main Business Officer).
Heliogen Inc.’s Board of Directors will be comprised of a the greater part of independent administrators, 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-impartial director.
Advisors
Cohen & Firm Capital Markets (a division of J.V.B. Fiscal Team, LLC), is serving as money advisor to Athena. Barclays is serving as financial advisor to Heliogen. Cohen & Firm Funds 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 lawful advisor to Heliogen.
About Heliogen
Heliogen is a renewable electrical power technologies corporation focused on eradicating the will need for fossil fuels in heavy business and powering a sustainable future. The company’s AI-enabled, modular concentrated solar technological innovation aims to price-efficiently deliver near 24/7 carbon-absolutely free vitality in the sort of heat, ability, or environmentally friendly hydrogen gas at scale – for the first time in background. Heliogen was made at Idealab, the main engineering incubator started by Bill Gross in 1996. For much more information about Heliogen, be sure to go to heliogen.com.
Ahead-Looking Statements
This press release has selected ahead-hunting statements inside of the indicating of the “protected harbor” provisions of the United States Personal Securities Litigation Reform Act of 1995. Statements that are not historic in mother nature, including the terms “foresee,” “count on,” “suggests,” “approach,” “think,” “intend,” “estimates,” “targets,” “initiatives,” “need to,” “could,” “would,” “may possibly,” “will,” “forecast” and other similar expressions are meant to detect ahead-hunting statements. Ahead-searching statements are predictions, projections and other statements about future activities that are centered on recent anticipations and assumptions and, as a outcome, are topic to threats and uncertainties. Quite a few variables could cause actual upcoming occasions to differ materially from the forward-seeking statements in this press release, like but not restricted to: (i) the skill to receive or keep the listing of Heliogen’s typical inventory on the New York Inventory Exchange next the company blend (ii) the hazard that the proposed transaction disrupts present-day ideas and operations as a outcome of the announcement and consummation of the business mixture (iii) the end result of any legal proceedings that may be instituted against Heliogen or other people pursuing the company mix (iv) the ability to realize the expected rewards of the business enterprise mix, which could be affected by, amongst other factors, the capacity of Heliogen to grow and handle expansion profitably, sustain associations with shoppers, contend inside of its industry and retain its important workers (v) prices linked to the proposed organization blend (vi) changes in relevant regulations or regulations (vii) the influence of the COVID-19 pandemic on Heliogen’s enterprise (viii) the capability of Heliogen to execute its business enterprise model, which include industry acceptance of its planned goods and expert services and obtaining ample manufacturing volumes at suitable top quality levels and prices (ix) Heliogen’s means to elevate cash (x) the likelihood that Heliogen might be adversely impacted by other financial, business, and/or aggressive aspects and (xi) upcoming trade and desire costs. The foregoing list of elements is not exhaustive. You must cautiously look at the foregoing elements and the other hazards and uncertainties described in the “Threat Factors” section of the registration statement on Sort S-4, as amended by means of November 19, 2021, in the definitive proxy statement / prospectus, dated December 3, 2021 and other files submitted by the Organization from time to time with the SEC. These filings determine and tackle other important hazards and uncertainties that could lead to genuine events and results to vary materially from those contained in the forward-wanting statements. Ahead-wanting statements speak only as of the date they are made. Audience are cautioned not to set undue reliance on forward-seeking statements, and Heliogen assumes no obligation and does not intend to update or revise these forward-wanting statements, no matter whether as a end result of new information and facts, foreseeable future activities, or usually. No assurance is given that the put together business, will attain its anticipations.
View source model on businesswire.com: https://www.businesswire.com/information/house/20211230005285/en/
Contacts
Athena Technologies Acquisition Corp. Contacts
For Media:
Berns Communications Team
[email protected]
Heliogen Contacts
For Media:
[email protected]
For Investors:
Caldwell Bailey
ICR, Inc.
[email protected]
