Heliogen, Inc. Announces Completion of Business enterprise Blend with Athena Technologies Acquisition Corp.
Effects in close to $188 million of gross cash proceeds to Heliogen
Accelerates and developments Heliogen’s mission to empower a sustainable civilization with minimal-price tag solar power that can make thoroughly clean energy much more very affordable than fossil fuels
Heliogen’s shares to start out investing on the NYSE tomorrow, December 31, 2021 below ticker “HLGN”
PASADENA, Calif., December 30, 2021–(Business enterprise WIRE)–Heliogen Inc. (“Heliogen” or the “Business”), a primary service provider of AI-enabled concentrated photo voltaic power, these days announced that it has done its beforehand announced enterprise combination with Athena Engineering Acquisition Corp. (“ATHN”).
The transaction was unanimously accredited by ATHN’s Board of Directors and was approved at a special assembly of ATHN stockholders on December 28, 2021. Additional than 91% of the votes solid at the special meeting have been in favor of approval of the business mixture. THN stockholders also voted to approve all other proposals introduced at the unique meeting.
Concurrent with the completion of its business blend, the put together corporation altered its identify from “Athena Know-how Acquisition Corp.” to “Heliogen Inc.” Commencing at the open of investing on December 31, 2021, Heliogen Inc.’s Course A typical stock and Heliogen Inc.’s warrants are predicted to start investing on The New York Inventory Exchange under the symbols “HLGN” and “HLGNW,” respectively.
Founded in 2013, Heliogen’s modular, AI-enabled, concentrated solar ability vegetation have the probable to revolutionize the strength market place by alleviating intermittency challenges affiliated with renewable resources of electrical power generation. Heliogen’s technological know-how is built to flatten the energy generation curve by using concentrated photo voltaic power with storage to raise the availability of energy to industrial customers.
The Company’s proprietary heliostat format and regulate procedure facilitate concentration of the sun’s rays and have the capacity to generate temperatures at the issue of concentration that can exceed 1,000 levels centigrade. This warmth can then be captured, saved and transformed for industrial use, ability era, or to develop environmentally friendly hydrogen gas, with the goal of delivering in close proximity to-24 hour renewable energy that could switch fossil fuels with concentrated daylight. Heliogen is commencing the commercialization of its AI-enabled, concentrated photo voltaic power modules with internationally recognized prospects in the industrial, mining, and power sectors.
Considering the fact that announcing the enterprise mix with ATHN on July 7, 2021, Heliogen has announced considerable industrial development which include:
Collaboration with Woodside on a breakthrough solar know-how project to lower carbon emissions. Heliogen has been granted by Woodside a Constrained Notice To Move forward (“LNTP”) to begin procurement of crucial equipment for a 5 megawatt (MW) commercial-scale demonstration facility in California. The proposed facility will use Heliogen’s AI-enabled concentrated solar engineering.
In partnership with Bloom Electricity, the era of inexperienced hydrogen by integrating the companies’ technologies – Heliogen’s concentrated photo voltaic energy method and the Bloom Electrolyzer. The new effective demonstration in Lancaster, California created hydrogen and showcased the a lot of positive aspects of combining the companies’ complementary systems to realize very low-price inexperienced hydrogen creation.
A new technological breakthrough in the production of small-value renewable energy. In subject checks at Heliogen’s Lancaster, California facility, the Company successfully completed the initially technological demonstration of an autonomous subject routine maintenance program, Heliogen’s Set up & Cleansing Autonomous Robotic & Utility Resolution, or ICARUS. By bringing the exact sophisticated technologies that permit its AI-enabled concentrated solar electrical power systems to the process of putting in and sustaining individuals devices, the Company’s most recent innovation is expected to significantly reduce the time to deploy its concentrated photo voltaic amenities, as properly as the expenses affiliated with development and ongoing servicing.
Finalized a $39 million award from the U.S. Office of Energy (“DOE”) to deploy the Company’s breakthrough renewable vitality technological innovation in California. Heliogen will utilize the resources obtained from the DOE in direction of a business-scale facility leveraging its AI-enabled concentrated photo voltaic technologies.
Collaboration with CarbonCapture to acquire sustainably-driven direct air seize (DAC) facilities. The firms intend to kick off entrance-stop engineering for the integration of Heliogen’s concentrated solar electricity and reliable media thermal storage units with CarbonCapture’s carbon removal know-how to competently and charge-properly harness the industrial heat output abilities of Heliogen systems for use in CarbonCapture DAC units.
Invoice Gross, Founder and Main Executive Officer of Heliogen, commented: “Powering the world with renewable vitality is not only critical to combating weather modify – it is also the biggest financial prospect in historical past. The money raised in this transaction will fund our accelerated development and assistance us to globally scale our recreation switching AI-enabled concentrated solar power technological know-how. We feel we have the probable to rework the world’s electrical power output and meaningfully address climate transform, although offering extended-time period stakeholder worth. With our gifted and focused group, a world-course Board of Administrators, our powerful shopper and companion relationships, a expanding shopper pipeline, and engineering that is in significant demand from customers globally, I couldn’t be more optimistic about Heliogen’s means to provide on our mission of changing fossil fuels with concentrated daylight.”
Phyllis Newhouse, previous CEO of Athena Technological know-how Acquisition Corp. and member of the Heliogen board of directors, commented: “We’re very very pleased to achieve this milestone and begin the subsequent chapter in Heliogen’s growth story. Our initial mission at Athena was to work with believed leaders and technology innovators whose groundbreaking answers will guidance each field and society. With the closing of our company mix now, we’re transferring one move nearer to a healthier entire world wherever fossil fuels are changed by cleaner sources of electrical power.”
The transaction resulted in approximately $188 million of income to Heliogen’s equilibrium sheet, comprised of both money from ATHN’s previous rely on account and a non-public financial commitment in public equity (PIPE). The PIPE is anchored by funds and accounts managed by Counterpoint Worldwide (Morgan Stanley), Salient Companions, Saba Money, and the XCarb Innovation Fund of ArcelorMittal.
In addition to the proceeds from this transaction, the Enterprise has earlier disclosed the conversion to popular shares of $83.4 million in Harmless funding on closing of the enterprise mix.
Heliogen Inc. will use the proceeds to scale heliostat manufacturing, to assistance research and advancement endeavours on subsequent technology heliostat technologies, to assistance global job enhancement, and to fund the equilibrium sheet.
Heliogen’s existing senior administration team will go on to guide the combined corporation, together with Monthly bill Gross (Chief Executive Officer Director), Christie Obiaya (Main Economical Officer), Steve Schell (Chief Know-how Officer and Main Engineer) and Tom Doyle (Chief Professional Officer).
Heliogen Inc.’s Board of Administrators will be comprised of a greater part of independent administrators, particularly Phyllis Newhouse, Stacey Abrams, Paddy Padmanathan, Julie Kane, Robert Kavner and David Crane. Heliogen CEO Bill Gross will provide as the only non-unbiased director.
Cohen & Firm Money Markets (a division of J.V.B. Money Group, LLC), is serving as money advisor to Athena. Barclays is serving as money 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 acting as lawful advisor to Heliogen.
Heliogen is a renewable energy technologies business focused on doing away with the need to have for fossil fuels in heavy business and powering a sustainable potential. The company’s AI-enabled, modular concentrated photo voltaic technological innovation aims to price-correctly deliver in close proximity to 24/7 carbon-free vitality in the variety of heat, power, or inexperienced hydrogen gasoline at scale – for the 1st time in heritage. Heliogen was produced at Idealab, the primary technology incubator founded by Invoice Gross in 1996. For much more details about Heliogen, be sure to go to heliogen.com.
This press release has certain ahead-searching statements inside the meaning of the “safe and sound harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Statements that are not historic in nature, such as the words and phrases “anticipate,” “anticipate,” “implies,” “plan,” “think,” “intend,” “estimates,” “targets,” “jobs,” “need to,” “could,” “would,” “could,” “will,” “forecast” and other identical expressions are intended to detect forward-hunting statements. Forward-seeking statements are predictions, projections and other statements about upcoming occasions that are primarily based on recent anticipations and assumptions and, as a consequence, are topic to threats and uncertainties. Quite a few variables could bring about real upcoming functions to vary materially from the forward-seeking statements in this push release, such as but not restricted to: (i) the capability to attain or maintain the listing of Heliogen’s popular stock on the New York Stock Trade adhering to the business enterprise combination (ii) the hazard that the proposed transaction disrupts recent programs and operations as a consequence of the announcement and consummation of the business mix (iii) the final result of any legal proceedings that may possibly be instituted against Heliogen or other people following the organization combination (iv) the skill to identify the predicted gains of the enterprise combination, which may perhaps be affected by, amongst other issues, the capability of Heliogen to mature and take care of expansion profitably, preserve interactions with prospects, contend within its sector and retain its important personnel (v) expenses relevant to the proposed company mixture (vi) improvements in applicable guidelines or laws (vii) the effect of the COVID-19 pandemic on Heliogen’s organization (viii) the capacity of Heliogen to execute its enterprise product, together with industry acceptance of its planned solutions and products and services and achieving enough production volumes at satisfactory high quality ranges and charges (ix) Heliogen’s capacity to raise money (x) the possibility that Heliogen may be adversely impacted by other financial, enterprise, and/or competitive components and (xi) foreseeable future trade and fascination prices. The foregoing listing of things is not exhaustive. You need to cautiously take into account the foregoing things and the other challenges and uncertainties explained in the “Threat Components” part of the registration assertion on Variety S-4, as amended via November 19, 2021, in the definitive proxy statement / prospectus, dated December 3, 2021 and other files submitted by the Corporation from time to time with the SEC. These filings recognize and handle other critical dangers and uncertainties that could bring about actual gatherings and success to vary materially from individuals contained in the ahead-on the lookout statements. Forward-looking statements discuss only as of the day they are created. Readers are cautioned not to place undue reliance on ahead-hunting statements, and Heliogen assumes no obligation and does not intend to update or revise these ahead-searching statements, no matter whether as a consequence of new details, upcoming activities, or if not. No assurance is presented that the blended enterprise, will accomplish its expectations.
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Athena Technology Acquisition Corp. Contacts
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