Benefits in roughly $188 million of gross money proceeds to Heliogen
Accelerates and innovations Heliogen’s mission to empower a sustainable civilization with small-price solar electrical power that will make cleanse electricity a lot more inexpensive than fossil fuels
Heliogen’s shares to get started trading on the NYSE tomorrow, December 31, 2021 less than ticker “HLGN”
PASADENA, Calif., December 30, 2021–(Business enterprise WIRE)–Heliogen Inc. (“Heliogen” or the “Organization”), a foremost company of AI-enabled concentrated photo voltaic electricity, currently introduced that it has accomplished its previously declared business enterprise mixture with Athena Technologies Acquisition Corp. (“ATHN”).
The transaction was unanimously accepted by ATHN’s Board of Directors and was accepted at a distinctive meeting of ATHN stockholders on December 28, 2021. Additional than 91% of the votes cast at the exclusive meeting had been in favor of approval of the small business combination. THN stockholders also voted to approve all other proposals offered at the specific assembly.
Concurrent with the completion of its business blend, the merged enterprise altered its identify from “Athena Technologies Acquisition Corp.” to “Heliogen Inc.” Commencing at the open of investing on December 31, 2021, Heliogen Inc.’s Course A popular inventory and Heliogen Inc.’s warrants are expected to start investing on The New York Stock Exchange under the symbols “HLGN” and “HLGNW,” respectively.
Firm Qualifications
Launched in 2013, Heliogen’s modular, AI-enabled, concentrated photo voltaic power vegetation have the probable to revolutionize the electricity industry by alleviating intermittency difficulties affiliated with renewable sources of electric power era. Heliogen’s technological innovation is intended to flatten the ability technology curve by applying concentrated photo voltaic energy with storage to raise the availability of power to industrial shoppers.
The Company’s proprietary heliostat structure and management method aid concentration of the sun’s rays and have the skill to create temperatures at the point of target that can exceed 1,000 levels centigrade. This warmth can then be captured, saved and converted for industrial use, power era, or to generate inexperienced hydrogen fuel, with the aim of providing near-24 hour renewable strength that could switch fossil fuels with concentrated daylight. Heliogen is commencing the commercialization of its AI-enabled, concentrated solar electricity modules with internationally identified shoppers in the industrial, mining, and electricity sectors.
Considering the fact that saying the small business mix with ATHN on July 7, 2021, Heliogen has declared substantial professional development which includes:
-
Collaboration with Woodside on a breakthrough solar technologies task to lessen carbon emissions. Heliogen has been granted by Woodside a Limited Notice To Proceed (“LNTP”) to start out procurement of vital products for a 5 megawatt (MW) industrial-scale demonstration facility in California. The proposed facility will use Heliogen’s AI-enabled concentrated solar technologies.
-
In partnership with Bloom Electrical power, the technology of green hydrogen by integrating the companies’ technologies – Heliogen’s concentrated photo voltaic electrical power method and the Bloom Electrolyzer. The modern effective demonstration in Lancaster, California produced hydrogen and showcased the numerous positive aspects of combining the companies’ complementary systems to obtain small-cost eco-friendly hydrogen creation.
-
A new technological breakthrough in the production of minimal-expense renewable vitality. In subject checks at Heliogen’s Lancaster, California facility, the Business correctly done the very first complex demonstration of an autonomous subject routine maintenance technique, Heliogen’s Installation & Cleaning Autonomous Robot & Utility Solution, or ICARUS. By bringing the exact same superior technologies that permit its AI-enabled concentrated photo voltaic electric power methods to the undertaking of setting up and preserving individuals methods, the Company’s most current innovation is anticipated to noticeably minimize the time to deploy its concentrated solar amenities, as well as the fees affiliated with building and ongoing upkeep.
-
Finalized a $39 million award from the U.S. Department of Electrical power (“DOE”) to deploy the Company’s breakthrough renewable energy technology in California. Heliogen will utilize the funds obtained from the DOE in the direction of a professional-scale facility leveraging its AI-enabled concentrated photo voltaic know-how.
-
Collaboration with CarbonCapture to build sustainably-driven immediate air capture (DAC) services. The companies intend to kick off front-finish engineering for the integration of Heliogen’s concentrated photo voltaic electric power and sound media thermal storage methods with CarbonCapture’s carbon elimination technologies to competently and price tag-successfully harness the industrial warmth creation capabilities of Heliogen devices for use in CarbonCapture DAC systems.
Management Commentary
Monthly bill Gross, Founder and Chief Govt Officer of Heliogen, commented: “Powering the world with renewable energy is not only important to battling local weather change – it is also the major financial chance in historical past. The capital lifted in this transaction will fund our accelerated development and help us to globally scale our video game changing AI-enabled concentrated photo voltaic electric power technology. We consider we have the probable to completely transform the world’s electricity generation and meaningfully deal with local climate improve, though providing very long-expression stakeholder worth. With our gifted and focused staff, a globe-course Board of Directors, our powerful consumer and partner associations, a growing purchaser pipeline, and technological know-how that is in high demand globally, I could not be a lot more optimistic about Heliogen’s means to provide on our mission of changing fossil fuels with concentrated daylight.”
Phyllis Newhouse, former CEO of Athena Technological innovation Acquisition Corp. and member of the Heliogen board of directors, commented: “We’re very happy to realize this milestone and start out the following chapter in Heliogen’s advancement story. Our initial mission at Athena was to work with believed leaders and technology innovators whose groundbreaking alternatives will assist each business and society. With the closing of our small business mixture today, we’re shifting a single stage closer to a healthier entire world where fossil fuels are changed by cleaner sources of ability.”
Transaction Overview
The transaction resulted in around $188 million of money to Heliogen’s balance sheet, comprised of equally cash from ATHN’s previous have faith in account and a personal investment in general public fairness (PIPE). The PIPE is anchored by funds and accounts managed by Counterpoint World (Morgan Stanley), Salient Partners, Saba Funds, and the XCarb Innovation Fund of ArcelorMittal.
In addition to the proceeds from this transaction, the Firm has beforehand disclosed the conversion to prevalent shares of $83.4 million in Harmless funding upon closing of the business mixture.
Heliogen Inc. will use the proceeds to scale heliostat producing, to guidance exploration and enhancement endeavours on next technology heliostat engineering, to guidance world wide venture growth, and to fund the stability sheet.
Management
Heliogen’s present senior management workforce will keep on to guide the merged business, which includes Bill Gross (Main Government Officer Director), Christie Obiaya (Main Economical Officer), Steve Schell (Main Engineering Officer and Chief Engineer) and Tom Doyle (Chief Industrial Officer).
Heliogen Inc.’s Board of Administrators will be comprised of a the vast majority of unbiased directors, particularly Phyllis Newhouse, Stacey Abrams, Paddy Padmanathan, Julie Kane, Robert Kavner and David Crane. Heliogen CEO Bill Gross will serve as the only non-unbiased director.
Advisors
Cohen & Organization Money Marketplaces (a division of J.V.B. Economical Team, LLC), is serving as fiscal advisor to Athena. Barclays is serving as economical advisor to Heliogen. Cohen & Organization Funds Markets is also serving as placement agent to Athena. DLA Piper LLP (US) is serving as legal advisor to Athena. Cooley LLP is acting as lawful advisor to Heliogen.
About Heliogen
Heliogen is a renewable vitality know-how enterprise focused on reducing the will need for fossil fuels in weighty market and powering a sustainable foreseeable future. The company’s AI-enabled, modular concentrated solar technology aims to expense-proficiently supply close to 24/7 carbon-no cost electrical power in the variety of heat, electric power, or eco-friendly hydrogen gas at scale – for the first time in heritage. Heliogen was created at Idealab, the foremost technology incubator founded by Invoice Gross in 1996. For much more details about Heliogen, you should go to heliogen.com.
Forward-Looking Statements
This push release consists of specified ahead-seeking statements inside the meaning of the “secure harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Statements that are not historical in character, which includes the words and phrases “foresee,” “hope,” “implies,” “prepare,” “believe,” “intend,” “estimates,” “targets,” “initiatives,” “should,” “could,” “would,” “might,” “will,” “forecast” and other similar expressions are meant to detect ahead-seeking statements. Forward-hunting statements are predictions, projections and other statements about long run functions that are centered on existing expectations and assumptions and, as a outcome, are topic to hazards and uncertainties. Many aspects could lead to precise long term gatherings to differ materially from the ahead-searching statements in this press release, like but not confined to: (i) the means to attain or retain the listing of Heliogen’s typical inventory on the New York Inventory Exchange next the enterprise mix (ii) the possibility that the proposed transaction disrupts current designs and operations as a outcome of the announcement and consummation of the business enterprise mixture (iii) the outcome of any legal proceedings that may be instituted versus Heliogen or some others pursuing the company mix (iv) the skill to realize the anticipated added benefits of the business combination, which could be afflicted by, among other factors, the means of Heliogen to increase and handle progress profitably, sustain relationships with customers, compete inside its field and keep its important staff (v) prices linked to the proposed business mixture (vi) improvements in applicable laws or rules (vii) the result of the COVID-19 pandemic on Heliogen’s business (viii) the means of Heliogen to execute its business enterprise product, such as market place acceptance of its planned products and solutions and services and acquiring ample production volumes at acceptable high-quality stages and selling prices (ix) Heliogen’s means to increase funds (x) the chance that Heliogen may be adversely impacted by other financial, company, and/or aggressive elements and (xi) potential trade and fascination costs. The foregoing checklist of components is not exhaustive. You should cautiously contemplate the foregoing factors and the other challenges and uncertainties explained in the “Chance Things” area of the registration statement on Variety S-4, as amended by November 19, 2021, in the definitive proxy assertion / prospectus, dated December 3, 2021 and other documents submitted by the Organization from time to time with the SEC. These filings determine and deal with other important challenges and uncertainties that could cause real situations and benefits to vary materially from those contained in the ahead-searching statements. Ahead-seeking statements speak only as of the day they are made. Visitors are cautioned not to set undue reliance on forward-on the lookout statements, and Heliogen assumes no obligation and does not intend to update or revise these ahead-looking statements, irrespective of whether as a final result of new information, long run gatherings, or in any other case. No assurance is offered that the merged business, will obtain its expectations.
View supply version on businesswire.com: https://www.businesswire.com/news/home/20211230005285/en/
Contacts
Athena Technology Acquisition Corp. Contacts
For Media:
Berns Communications Group
[email protected]
Heliogen Contacts
For Media:
[email protected]
For Buyers:
Caldwell Bailey
ICR, Inc.
[email protected]