Benefits in around $188 million of gross hard cash proceeds to Heliogen
Accelerates and improvements Heliogen’s mission to empower a sustainable civilization with small-charge solar energy that makes clear electric power more reasonably priced 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–(Company WIRE)–Heliogen Inc. (“Heliogen” or the “Organization”), a top company of AI-enabled concentrated photo voltaic electrical power, right now introduced that it has completed its formerly announced business enterprise combination with Athena Technology Acquisition Corp. (“ATHN”).
The transaction was unanimously approved by ATHN’s Board of Administrators and was approved at a particular meeting of ATHN stockholders on December 28, 2021. Extra than 91% of the votes forged at the specific meeting were in favor of acceptance of the business mix. THN stockholders also voted to approve all other proposals presented at the special conference.
Concurrent with the completion of its organization blend, the mixed firm adjusted its identify from “Athena Technology Acquisition Corp.” to “Heliogen Inc.” Commencing at the open of buying and selling on December 31, 2021, Heliogen Inc.’s Class A typical stock and Heliogen Inc.’s warrants are predicted to start investing on The New York Stock Exchange under the symbols “HLGN” and “HLGNW,” respectively.
Corporation Track record
Started in 2013, Heliogen’s modular, AI-enabled, concentrated solar electricity crops have the prospective to revolutionize the electrical power market place by alleviating intermittency concerns connected with renewable resources of electrical power technology. Heliogen’s technological know-how is developed to flatten the electrical power era curve by utilizing concentrated photo voltaic ability with storage to improve the availability of electrical power to industrial clients.
The Company’s proprietary heliostat layout and handle technique aid focus of the sun’s rays and have the potential to create temperatures at the point of concentration that can exceed 1,000 degrees centigrade. This warmth can then be captured, saved and converted for industrial use, energy generation, or to deliver eco-friendly hydrogen gas, with the objective of furnishing in the vicinity of-24 hour renewable energy that could exchange fossil fuels with concentrated sunlight. Heliogen is commencing the commercialization of its AI-enabled, concentrated photo voltaic ability modules with internationally regarded shoppers in the industrial, mining, and electrical power sectors.
Because saying the company blend with ATHN on July 7, 2021, Heliogen has declared important professional development like:
Collaboration with Woodside on a breakthrough solar technology task to lessen carbon emissions. Heliogen has been granted by Woodside a Limited See To Proceed (“LNTP”) to get started procurement of crucial gear 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.
In partnership with Bloom Electricity, the era of eco-friendly hydrogen by integrating the companies’ technologies – Heliogen’s concentrated photo voltaic energy system and the Bloom Electrolyzer. The current prosperous demonstration in Lancaster, California manufactured hydrogen and showcased the lots of added benefits of combining the companies’ complementary systems to attain minimal-value eco-friendly hydrogen output.
A new technological breakthrough in the creation of reduced-cost renewable strength. In subject exams at Heliogen’s Lancaster, California facility, the Corporation efficiently accomplished the first technological demonstration of an autonomous industry upkeep system, Heliogen’s Installation & Cleansing Autonomous Robot & Utility Answer, or ICARUS. By bringing the same innovative systems that empower its AI-enabled concentrated solar energy units to the endeavor of putting in and sustaining those devices, the Company’s most recent innovation is envisioned to drastically lessen the time to deploy its concentrated solar amenities, as perfectly as the prices associated with design and ongoing servicing.
Finalized a $39 million award from the U.S. Section of Electricity (“DOE”) to deploy the Company’s breakthrough renewable vitality technological innovation in California. Heliogen will apply the funds been given from the DOE towards a commercial-scale facility leveraging its AI-enabled concentrated solar technological innovation.
Collaboration with CarbonCapture to create sustainably-powered immediate air seize (DAC) facilities. The businesses intend to kick off entrance-close engineering for the integration of Heliogen’s concentrated photo voltaic electrical power and strong media thermal storage techniques with CarbonCapture’s carbon removal technologies to competently and value-successfully harness the industrial heat output abilities of Heliogen methods for use in CarbonCapture DAC methods.
Invoice Gross, Founder and Chief Government Officer of Heliogen, commented: “Powering the world with renewable strength is not only important to combating local weather improve – it is also the most significant financial possibility in background. The cash elevated in this transaction will fund our accelerated advancement and support us to globally scale our activity switching AI-enabled concentrated solar ability engineering. We think we have the opportunity to renovate the world’s vitality production and meaningfully deal with climate modify, although delivering prolonged-phrase stakeholder benefit. With our talented and committed workforce, a earth-course Board of Directors, our potent customer and partner interactions, a escalating client pipeline, and technological know-how that is in large demand 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, former CEO of Athena Technologies Acquisition Corp. and member of the Heliogen board of administrators, commented: “We’re incredibly proud to reach this milestone and start out the upcoming chapter in Heliogen’s advancement tale. Our initial mission at Athena was to get the job done with considered leaders and technologies innovators whose groundbreaking remedies will assist both business and society. With the closing of our business enterprise mix these days, we’re transferring a person stage nearer to a much healthier entire world where by fossil fuels are replaced by cleaner sources of electricity.”
The transaction resulted in approximately $188 million of income to Heliogen’s equilibrium sheet, comprised of the two funds from ATHN’s former trust account and a private investment in general public fairness (PIPE). The PIPE is anchored by resources and accounts managed by Counterpoint World (Morgan Stanley), Salient Associates, Saba Money, and the XCarb Innovation Fund of ArcelorMittal.
In addition to the proceeds from this transaction, the Organization has beforehand disclosed the conversion to typical shares of $83.4 million in Risk-free financing on closing of the business enterprise mix.
Heliogen Inc. will use the proceeds to scale heliostat producing, to assist exploration and progress endeavours on following technology heliostat technologies, to help worldwide challenge progress, and to fund the equilibrium sheet.
Heliogen’s present senior management staff will continue to guide the merged business, like Bill Gross (Chief Government Officer Director), Christie Obiaya (Chief Economical Officer), Steve Schell (Chief Engineering Officer and Main Engineer) and Tom Doyle (Main Professional Officer).
Heliogen Inc.’s Board of Administrators will be comprised of a vast majority of unbiased 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-independent director.
Cohen & Organization Money Marketplaces (a division of J.V.B. Economic Team, LLC), is serving as financial advisor to Athena. Barclays is serving as fiscal advisor to Heliogen. Cohen & Enterprise Money Markets is also serving as placement agent to Athena. DLA Piper LLP (US) is serving as lawful advisor to Athena. Cooley LLP is acting as lawful advisor to Heliogen.
Heliogen is a renewable vitality technological know-how firm centered on getting rid of the want for fossil fuels in large sector and powering a sustainable upcoming. The company’s AI-enabled, modular concentrated solar technological innovation aims to expense-successfully produce near 24/7 carbon-free electricity in the form of warmth, power, or eco-friendly hydrogen gas at scale – for the 1st time in history. Heliogen was created at Idealab, the main technological know-how incubator established by Invoice Gross in 1996. For extra details about Heliogen, please stop by heliogen.com.
This push release consists of specific ahead-searching statements in just the meaning of the “harmless harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature, which includes the phrases “foresee,” “be expecting,” “suggests,” “system,” “believe that,” “intend,” “estimates,” “targets,” “tasks,” “need to,” “could,” “would,” “might,” “will,” “forecast” and other related expressions are intended to establish forward-looking statements. Ahead-looking statements are predictions, projections and other statements about foreseeable future activities that are based mostly on recent anticipations and assumptions and, as a result, are subject matter to hazards and uncertainties. Lots of elements could induce real future activities to differ materially from the forward-on the lookout statements in this push release, including but not confined to: (i) the means to receive or keep the listing of Heliogen’s typical stock on the New York Inventory Exchange adhering to the business enterprise blend (ii) the threat that the proposed transaction disrupts present-day ideas and operations as a outcome of the announcement and consummation of the business blend (iii) the result of any lawful proceedings that may well be instituted versus Heliogen or other individuals subsequent the small business combination (iv) the ability to identify the expected gains of the organization mixture, which may perhaps be affected by, among other factors, the capability of Heliogen to improve and regulate development profitably, preserve interactions with buyers, compete inside its marketplace and retain its important employees (v) charges relevant to the proposed small business mixture (vi) changes in applicable legislation or regulations (vii) the result of the COVID-19 pandemic on Heliogen’s business (viii) the skill of Heliogen to execute its enterprise product, which includes market place acceptance of its planned merchandise and companies and attaining ample output volumes at appropriate excellent levels and rates (ix) Heliogen’s skill to increase funds (x) the possibility that Heliogen may well be adversely impacted by other financial, organization, and/or competitive aspects and (xi) future exchange and fascination prices. The foregoing listing of components is not exhaustive. You ought to thoroughly take into account the foregoing elements and the other dangers and uncertainties explained in the “Threat Factors” portion of the registration assertion on Type S-4, as amended by way of November 19, 2021, in the definitive proxy assertion / prospectus, dated December 3, 2021 and other paperwork submitted by the Corporation from time to time with the SEC. These filings discover and deal with other critical pitfalls and uncertainties that could induce genuine functions and final results to differ materially from individuals contained in the forward-looking statements. Ahead-on the lookout statements converse only as of the day they are manufactured. Readers are cautioned not to place undue reliance on forward-hunting statements, and Heliogen assumes no obligation and does not intend to update or revise these forward-wanting statements, irrespective of whether as a end result of new data, potential events, or otherwise. No assurance is specified that the merged business, will realize its anticipations.
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