September 30, 2022


Business&Finance Specialists

Heliogen, Inc. Announces Completion of Business Mix with Athena Technologies Acquisition Corp.

8 min read

Effects in somewhere around $188 million of gross income proceeds to Heliogen

Accelerates and innovations Heliogen’s mission to empower a sustainable civilization with small-price tag solar energy that helps make clean power more economical than fossil fuels

Heliogen’s shares to get started investing on the NYSE tomorrow, December 31, 2021 beneath ticker “HLGN”

PASADENA, Calif., December 30, 2021–(Organization WIRE)–Heliogen Inc. (“Heliogen” or the “Enterprise”), a major provider of AI-enabled concentrated photo voltaic electrical power, today announced that it has finished its beforehand introduced enterprise blend with Athena Technology Acquisition Corp. (“ATHN”).

The transaction was unanimously accredited by ATHN’s Board of Administrators and was authorized at a particular assembly of ATHN stockholders on December 28, 2021. More than 91% of the votes cast at the unique assembly have been in favor of acceptance of the small business mix. THN stockholders also voted to approve all other proposals introduced at the particular assembly.

Concurrent with the completion of its company mixture, the merged firm changed its title from “Athena Engineering Acquisition Corp.” to “Heliogen Inc.” Commencing at the open up of trading on December 31, 2021, Heliogen Inc.’s Class A widespread inventory and Heliogen Inc.’s warrants are expected to start investing on The New York Stock Exchange underneath the symbols “HLGN” and “HLGNW,” respectively.

Company History

Established in 2013, Heliogen’s modular, AI-enabled, concentrated solar energy vegetation have the possible to revolutionize the vitality marketplace by assuaging intermittency issues related with renewable sources of energy technology. Heliogen’s engineering is designed to flatten the electrical power generation curve by applying concentrated solar electrical power with storage to enhance the availability of electricity to industrial prospects.

The Company’s proprietary heliostat structure and command procedure aid concentration of the sun’s rays and have the capacity to produce temperatures at the level of concentration that can exceed 1,000 levels centigrade. This heat can then be captured, saved and transformed for industrial use, electrical power generation, or to make environmentally friendly hydrogen gas, with the intention of supplying close to-24 hour renewable vitality that could exchange fossil fuels with concentrated daylight. Heliogen is commencing the commercialization of its AI-enabled, concentrated photo voltaic power modules with internationally identified buyers in the industrial, mining, and vitality sectors.

Because asserting the small business mixture with ATHN on July 7, 2021, Heliogen has introduced major business progress like:

  • Collaboration with Woodside on a breakthrough solar technologies job to decrease carbon emissions. Heliogen has been granted by Woodside a Minimal Detect To Continue (“LNTP”) to start off procurement of key tools for a 5 megawatt (MW) professional-scale demonstration facility in California. The proposed facility will use Heliogen’s AI-enabled concentrated photo voltaic know-how.

  • In partnership with Bloom Strength, the technology of green hydrogen by integrating the companies’ systems – Heliogen’s concentrated photo voltaic electricity program and the Bloom Electrolyzer. The latest prosperous demonstration in Lancaster, California produced hydrogen and showcased the several rewards of combining the companies’ complementary systems to obtain very low-cost eco-friendly hydrogen manufacturing.

  • A new technological breakthrough in the generation of low-price renewable strength. In subject checks at Heliogen’s Lancaster, California facility, the Organization correctly concluded the very first specialized demonstration of an autonomous discipline upkeep process, Heliogen’s Installation & Cleaning Autonomous Robot & Utility Resolution, or ICARUS. By bringing the exact superior systems that allow its AI-enabled concentrated photo voltaic energy systems to the undertaking of installing and sustaining all those methods, the Company’s newest innovation is predicted to substantially lower the time to deploy its concentrated photo voltaic facilities, as very well as the prices related with building and ongoing maintenance.

  • Finalized a $39 million award from the U.S. Section of Electrical power (“DOE”) to deploy the Company’s breakthrough renewable electrical power engineering in California. Heliogen will apply the funds acquired from the DOE to a professional-scale facility leveraging its AI-enabled concentrated solar know-how.

  • Collaboration with CarbonCapture to establish sustainably-driven immediate air capture (DAC) amenities. The providers intend to kick off front-stop engineering for the integration of Heliogen’s concentrated solar electric power and reliable media thermal storage units with CarbonCapture’s carbon removal engineering to effectively and expense-proficiently harness the industrial warmth output capabilities of Heliogen techniques for use in CarbonCapture DAC devices.

Administration Commentary

Invoice Gross, Founder and Chief Executive Officer of Heliogen, commented: “Powering the world with renewable energy is not only crucial to combating weather improve – it is also the major economic possibility in background. The money raised in this transaction will fund our accelerated advancement and assist us to globally scale our match transforming AI-enabled concentrated solar electric power technological innovation. We imagine we have the prospective to change the world’s energy generation and meaningfully address local weather change, while providing very long-expression stakeholder worth. With our talented and dedicated group, a planet-class Board of Directors, our sturdy customer and partner interactions, a expanding client pipeline, and technology that is in high need globally, I couldn’t be far more optimistic about Heliogen’s capability to provide on our mission of replacing fossil fuels with concentrated sunlight.”

Phyllis Newhouse, former CEO of Athena Engineering Acquisition Corp. and member of the Heliogen board of directors, commented: “We’re extremely happy to accomplish this milestone and begin the upcoming chapter in Heliogen’s development story. Our initial mission at Athena was to get the job done with believed leaders and engineering innovators whose pioneering options will help each business and society. With the closing of our enterprise mix currently, we’re transferring a person move closer to a more healthy globe the place fossil fuels are changed by cleaner resources of power.”

Transaction Overview

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

In addition to the proceeds from this transaction, the Organization has previously disclosed the conversion to prevalent shares of $83.4 million in Risk-free financing upon closing of the organization mixture.

Heliogen Inc. will use the proceeds to scale heliostat manufacturing, to guidance analysis and advancement attempts on upcoming generation heliostat technological know-how, to guidance world-wide task advancement, and to fund the harmony sheet.


Heliogen’s current senior management staff will continue to guide the put together enterprise, including Monthly bill Gross (Main Government Officer Director), Christie Obiaya (Chief Money Officer), Steve Schell (Chief Technological know-how Officer and Chief Engineer) and Tom Doyle (Main Professional Officer).

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


Cohen & Company Capital Markets (a division of J.V.B. Economic Group, LLC), is serving as money advisor to Athena. Barclays is serving as financial advisor to Heliogen. Cohen & Organization Funds Marketplaces is also serving as placement agent to Athena. DLA Piper LLP (US) is serving as authorized advisor to Athena. Cooley LLP is performing as legal advisor to Heliogen.

About Heliogen

Heliogen is a renewable power technological know-how corporation targeted on eliminating the require for fossil fuels in weighty marketplace and powering a sustainable future. The company’s AI-enabled, modular concentrated solar technologies aims to value-successfully deliver in close proximity to 24/7 carbon-free of charge energy in the kind of heat, electricity, or green hydrogen gasoline at scale – for the very first time in historical past. Heliogen was created at Idealab, the major engineering incubator established by Invoice Gross in 1996. For additional facts about Heliogen, make sure you stop by

Forward-Hunting Statements

This press release includes sure ahead-looking statements in the indicating of the “protected harbor” provisions of the United States Personal Securities Litigation Reform Act of 1995. Statements that are not historical in character, which include the terms “foresee,” “assume,” “indicates,” “program,” “feel,” “intend,” “estimates,” “targets,” “assignments,” “ought to,” “could,” “would,” “could,” “will,” “forecast” and other identical expressions are supposed to recognize forward-searching statements. Ahead-on the lookout statements are predictions, projections and other statements about long term functions that are based on recent anticipations and assumptions and, as a end result, are issue to dangers and uncertainties. A lot of elements could cause actual long term events to vary materially from the ahead-looking statements in this press launch, like but not constrained to: (i) the capacity to get or preserve the listing of Heliogen’s common stock on the New York Stock Exchange following the company combination (ii) the threat that the proposed transaction disrupts recent plans and functions as a consequence of the announcement and consummation of the company combination (iii) the end result of any authorized proceedings that may possibly be instituted towards Heliogen or other people pursuing the enterprise mixture (iv) the potential to recognize the expected gains of the business combination, which could be impacted by, among other matters, the capacity of Heliogen to mature and deal with progress profitably, maintain associations with shoppers, compete inside of its business and retain its critical staff (v) charges associated to the proposed company blend (vi) modifications in relevant laws or regulations (vii) the outcome of the COVID-19 pandemic on Heliogen’s small business (viii) the ability of Heliogen to execute its small business design, which includes market place acceptance of its planned products and solutions and solutions and acquiring sufficient production volumes at acceptable high quality concentrations and charges (ix) Heliogen’s capacity to raise funds (x) the possibility that Heliogen may perhaps be adversely impacted by other financial, enterprise, and/or competitive things and (xi) long run trade and fascination premiums. The foregoing checklist of variables is not exhaustive. You ought to thoroughly take into consideration the foregoing elements and the other risks and uncertainties described in the “Danger Elements” portion of the registration statement on Form S-4, as amended by November 19, 2021, in the definitive proxy statement / prospectus, dated December 3, 2021 and other paperwork submitted by the Firm from time to time with the SEC. These filings discover and address other vital threats and uncertainties that could trigger real functions and final results to differ materially from all those contained in the ahead-looking statements. Forward-seeking statements converse only as of the day they are built. Visitors are cautioned not to place undue reliance on ahead-wanting statements, and Heliogen assumes no obligation and does not intend to update or revise these forward-seeking statements, no matter whether as a end result of new data, foreseeable future events, or if not. No assurance is supplied that the mixed business, will accomplish its anticipations.

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Athena Technological innovation Acquisition Corp. Contacts
For Media:
Berns Communications Group
[email protected]

Heliogen Contacts
For Media:
[email protected]

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