March 23, 2023


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Heliogen, Inc. Announces Completion of Business Combination with Athena Technological know-how Acquisition Corp.

PASADENA, Calif.–(Business WIRE)–Heliogen Inc. (“Heliogen” or the “Company”), a foremost service provider of AI-enabled concentrated solar power, now declared that it has finished its beforehand announced business enterprise mix with Athena Engineering Acquisition Corp. (“ATHN”).

The transaction was unanimously accepted by ATHN’s Board of Administrators and was approved at a special conference of ATHN stockholders on December 28, 2021. Additional than 91% of the votes forged at the particular assembly ended up in favor of acceptance of the business mix. THN stockholders also voted to approve all other proposals offered at the particular assembly.

Concurrent with the completion of its business mixture, the mixed firm adjusted its name from “Athena Technological innovation Acquisition Corp.” to “Heliogen Inc.” Commencing at the open of trading on December 31, 2021, Heliogen Inc.’s Course A widespread stock and Heliogen Inc.’s warrants are predicted to begin trading on The New York Inventory Trade less than the symbols “HLGN” and “HLGNW,” respectively.

Business History

Established in 2013, Heliogen’s modular, AI-enabled, concentrated solar electricity vegetation have the potential to revolutionize the power market place by alleviating intermittency troubles linked with renewable sources of power generation. Heliogen’s technologies is made to flatten the ability era curve by using concentrated solar power with storage to maximize the availability of vitality to industrial prospects.

The Company’s proprietary heliostat layout and handle technique facilitate focus of the sun’s rays and have the skill to produce temperatures at the stage of concentrate that can exceed 1,000 levels centigrade. This heat can then be captured, saved and transformed for industrial use, electric power era, or to deliver environmentally friendly hydrogen fuel, with the intention of giving close to-24 hour renewable strength 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 recognized clients in the industrial, mining, and vitality sectors.

Considering that saying the company mix with ATHN on July 7, 2021, Heliogen has announced sizeable professional progress which includes:

  • Collaboration with Woodside on a breakthrough photo voltaic technology challenge to lessen carbon emissions. Heliogen has been granted by Woodside a Restricted Discover To Move forward (“LNTP”) to commence procurement of vital machines for a 5 megawatt (MW) business-scale demonstration facility in California. The proposed facility will use Heliogen’s AI-enabled concentrated photo voltaic technological know-how.
  • In partnership with Bloom Electrical power, the era of inexperienced hydrogen by integrating the companies’ systems – Heliogen’s concentrated solar strength technique and the Bloom Electrolyzer. The current productive demonstration in Lancaster, California created hydrogen and showcased the quite a few rewards of combining the companies’ complementary technologies to obtain very low-price tag inexperienced hydrogen creation.
  • A new technological breakthrough in the manufacturing of minimal-cost renewable energy. In field tests at Heliogen’s Lancaster, California facility, the Organization correctly accomplished the initially technical demonstration of an autonomous industry routine maintenance program, Heliogen’s Set up & Cleansing Autonomous Robot & Utility Alternative, or ICARUS. By bringing the same highly developed technologies that enable its AI-enabled concentrated solar electric power techniques to the task of setting up and keeping those systems, the Company’s hottest innovation is predicted to drastically minimize the time to deploy its concentrated solar facilities, as well as the fees connected with development and ongoing maintenance.
  • Finalized a $39 million award from the U.S. Section of Strength (“DOE”) to deploy the Company’s breakthrough renewable electrical power know-how in California. Heliogen will use the funds received from the DOE in direction of a professional-scale facility leveraging its AI-enabled concentrated photo voltaic technologies.
  • Collaboration with CarbonCapture to develop sustainably-run immediate air seize (DAC) amenities. The firms intend to kick off front-close engineering for the integration of Heliogen’s concentrated solar power and stable media thermal storage methods with CarbonCapture’s carbon elimination engineering to successfully and value-successfully harness the industrial warmth output abilities of Heliogen systems for use in CarbonCapture DAC units.

Administration Commentary

Bill Gross, Founder and Chief Executive Officer of Heliogen, commented: “Powering the planet with renewable vitality is not only vital to preventing local weather transform – it is also the major economic option in record. The funds lifted in this transaction will fund our accelerated growth and assist us to globally scale our sport modifying AI-enabled concentrated solar electric power technological innovation. We feel we have the possible to transform the world’s power generation and meaningfully tackle weather improve, even though offering long-expression stakeholder value. With our proficient and focused workforce, a earth-class Board of Administrators, our powerful purchaser and spouse relationships, a rising customer pipeline, and technologies that is in significant need globally, I could not be a lot more optimistic about Heliogen’s capability to provide on our mission of changing fossil fuels with concentrated daylight.”

Phyllis Newhouse, previous CEO of Athena Technologies Acquisition Corp. and member of the Heliogen board of administrators, commented: “We’re very proud to achieve this milestone and begin the following chapter in Heliogen’s progress tale. Our primary mission at Athena was to function with considered leaders and engineering innovators whose revolutionary options will guidance the two sector and culture. With the closing of our organization combination now, we’re moving a single step nearer to a much healthier environment the place fossil fuels are replaced by cleaner resources of power.”

Transaction Overview

The transaction resulted in approximately $188 million of funds to Heliogen’s stability sheet, comprised of the two cash from ATHN’s former have confidence in account and a personal financial investment in community fairness (PIPE). The PIPE is anchored by cash and accounts managed by Counterpoint Global (Morgan Stanley), Salient Partners, Saba Money, and the XCarb Innovation Fund of ArcelorMittal.

In addition to the proceeds from this transaction, the Enterprise has formerly disclosed the conversion to prevalent shares of $83.4 million in Harmless funding upon closing of the enterprise combination.

Heliogen Inc. will use the proceeds to scale heliostat producing, to assistance investigate and progress endeavours on upcoming technology heliostat engineering, to assist world wide project improvement, and to fund the stability sheet.


Heliogen’s current senior administration workforce will carry on to lead the blended firm, including Monthly bill Gross (Chief Executive Officer Director), Christie Obiaya (Chief Money Officer), Steve Schell (Chief Technological innovation Officer and Main Engineer) and Tom Doyle (Chief Professional Officer).

Heliogen Inc.’s Board of Directors will be comprised of a the greater part of independent directors, 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 & Corporation Capital Markets (a division of J.V.B. Economic Team, LLC), is serving as monetary advisor to Athena. Barclays is serving as economic advisor to Heliogen. Cohen & Corporation 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 authorized advisor to Heliogen.

About Heliogen

Heliogen is a renewable power know-how business centered on doing away with the will need for fossil fuels in hefty sector and powering a sustainable upcoming. The company’s AI-enabled, modular concentrated solar technology aims to cost-successfully provide in the vicinity of 24/7 carbon-no cost vitality in the kind of warmth, electric power, or green hydrogen gasoline at scale – for the first time in background. Heliogen was developed at Idealab, the foremost technological innovation incubator established by Monthly bill Gross in 1996. For extra information about Heliogen, be sure to pay a visit to

Ahead-Seeking Statements

This push release is made up of particular forward-searching statements inside the indicating of the “safe harbor” provisions of the United States Personal Securities Litigation Reform Act of 1995. Statements that are not historic in character, together with the terms “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are supposed to determine ahead-searching statements. Forward-wanting statements are predictions, projections and other statements about foreseeable future functions that are based on latest anticipations and assumptions and, as a consequence, are subject matter to risks and uncertainties. Several variables could result in real potential events to vary materially from the forward-seeking statements in this push release, including but not constrained to: (i) the means to obtain or manage the listing of Heliogen’s popular stock on the New York Inventory Exchange subsequent the company blend (ii) the chance that the proposed transaction disrupts existing plans and operations as a consequence of the announcement and consummation of the business enterprise blend (iii) the end result of any legal proceedings that may perhaps be instituted against Heliogen or other folks pursuing the business enterprise combination (iv) the means to recognize the anticipated rewards of the business mixture, which could be influenced by, amongst other matters, the capability of Heliogen to increase and deal with progress profitably, manage interactions with prospects, contend in just its marketplace and retain its important personnel (v) charges linked to the proposed business enterprise combination (vi) modifications in relevant legislation or laws (vii) the result of the COVID-19 pandemic on Heliogen’s company (viii) the capacity of Heliogen to execute its small business product, which includes marketplace acceptance of its planned solutions and providers and acquiring sufficient generation volumes at acceptable excellent ranges and rates (ix) Heliogen’s potential to elevate capital (x) the chance that Heliogen may perhaps be adversely impacted by other financial, small business, and/or competitive components and (xi) potential trade and interest costs. The foregoing checklist of aspects is not exhaustive. You really should meticulously contemplate the foregoing factors and the other threats and uncertainties described in the “Risk Factors” area of the registration assertion on Type S-4, as amended as a result of November 19, 2021, in the definitive proxy assertion / prospectus, dated December 3, 2021 and other paperwork filed by the Organization from time to time with the SEC. These filings determine and tackle other vital risks and uncertainties that could cause true events and outcomes to differ materially from those people contained in the ahead-seeking statements. Forward-on the lookout statements speak only as of the date they are manufactured. Viewers are cautioned not to set undue reliance on forward-looking statements, and Heliogen assumes no obligation and does not intend to update or revise these forward-looking statements, regardless of whether as a result of new facts, long run situations, or otherwise. No assurance is offered that the merged business, will realize its anticipations.