December 1, 2023

Brad Marolf

Business & Finance Wonders

Heliogen, Inc. Announces Completion of Company Blend with Athena Technology Acquisition Corp.

Outcomes in about $188 million of gross hard cash proceeds to Heliogen

Accelerates and advances Heliogen’s mission to empower a sustainable civilization with reduced-price solar electrical power that tends to make clear electrical power more economical than fossil fuels

Heliogen’s shares to start off buying and selling on the NYSE tomorrow, December 31, 2021 under ticker “HLGN”

PASADENA, Calif., December 30, 2021–(Enterprise WIRE)–Heliogen Inc. (“Heliogen” or the “Enterprise”), a leading service provider of AI-enabled concentrated photo voltaic electrical power, these days declared that it has finished its earlier introduced enterprise blend with Athena Know-how Acquisition Corp. (“ATHN”).

The transaction was unanimously approved by ATHN’s Board of Administrators and was authorized at a distinctive meeting of ATHN stockholders on December 28, 2021. More than 91% of the votes cast at the special meeting had been in favor of approval of the business blend. THN stockholders also voted to approve all other proposals offered at the special conference.

Concurrent with the completion of its enterprise mixture, the combined enterprise improved its title 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 inventory and Heliogen Inc.’s warrants are envisioned to start trading on The New York Inventory Exchange underneath the symbols “HLGN” and “HLGNW,” respectively.

Company Background

Founded in 2013, Heliogen’s modular, AI-enabled, concentrated solar electric power vegetation have the probable to revolutionize the energy industry by alleviating intermittency troubles associated with renewable resources of electrical power technology. Heliogen’s technology is developed to flatten the power generation curve by utilizing concentrated photo voltaic electricity with storage to increase the availability of electrical power to industrial customers.

The Company’s proprietary heliostat layout and handle process facilitate concentration of the sun’s rays and have the capability to create temperatures at the point of concentration that can exceed 1,000 levels centigrade. This warmth can then be captured, saved and converted for industrial use, power technology, or to generate environmentally friendly hydrogen gasoline, with the goal of delivering in the vicinity of-24 hour renewable power that could switch fossil fuels with concentrated daylight. Heliogen is commencing the commercialization of its AI-enabled, concentrated photo voltaic electrical power modules with internationally regarded clients in the industrial, mining, and vitality sectors.

Due to the fact announcing the organization mixture with ATHN on July 7, 2021, Heliogen has announced important commercial progress such as:

  • In partnership with Bloom Energy, the technology of environmentally friendly hydrogen by integrating the companies’ technologies – Heliogen’s concentrated solar electrical power process and the Bloom Electrolyzer. The modern effective demonstration in Lancaster, California made hydrogen and showcased the numerous advantages of combining the companies’ complementary systems to obtain very low-cost eco-friendly hydrogen creation.

  • A new technological breakthrough in the generation of very low-value renewable strength. In subject exams at Heliogen’s Lancaster, California facility, the Organization correctly done the initial technical demonstration of an autonomous field servicing system, Heliogen’s Installation & Cleaning Autonomous Robotic & Utility Alternative, or ICARUS. By bringing the exact same highly developed systems that empower its AI-enabled concentrated photo voltaic ability programs to the process of installing and keeping individuals methods, the Company’s newest innovation is expected to drastically cut down the time to deploy its concentrated photo voltaic facilities, as properly as the prices related with construction and ongoing servicing.

  • Finalized a $39 million award from the U.S. Office of Energy (“DOE”) to deploy the Company’s breakthrough renewable strength technological know-how in California. Heliogen will apply the money acquired from the DOE toward a industrial-scale facility leveraging its AI-enabled concentrated solar technologies.

  • Collaboration with CarbonCapture to create sustainably-powered immediate air capture (DAC) amenities. The providers intend to kick off entrance-finish engineering for the integration of Heliogen’s concentrated solar electric power and good media thermal storage methods with CarbonCapture’s carbon elimination technological innovation to effectively and charge-properly harness the industrial warmth creation capabilities of Heliogen devices for use in CarbonCapture DAC units.

Management Commentary

Monthly bill Gross, Founder and Main Government Officer of Heliogen, commented: “Powering the earth with renewable electrical power is not only crucial to battling climate change – it is also the greatest economic opportunity in history. The money elevated in this transaction will fund our accelerated development and help us to globally scale our activity changing AI-enabled concentrated solar electric power technologies. We consider we have the probable to remodel the world’s electrical power production and meaningfully handle local climate modify, although providing prolonged-expression stakeholder value. With our gifted and focused crew, a world-course Board of Administrators, our potent shopper and husband or wife interactions, a developing consumer pipeline, and technologies that is in higher need globally, I could not be a lot more optimistic about Heliogen’s capacity to produce on our mission of changing fossil fuels with concentrated daylight.”

Phyllis Newhouse, previous CEO of Athena Engineering Acquisition Corp. and member of the Heliogen board of directors, commented: “We’re very proud to realize this milestone and start the future chapter in Heliogen’s expansion story. Our initial mission at Athena was to do the job with believed leaders and know-how innovators whose revolutionary solutions will assist each marketplace and culture. With the closing of our business blend currently, we’re shifting 1 step closer to a healthier globe the place fossil fuels are replaced by cleaner resources of power.”

Transaction Overview

The transaction resulted in somewhere around $188 million of dollars to Heliogen’s stability sheet, comprised of both equally resources from ATHN’s previous belief account and a personal financial investment in public fairness (PIPE). The PIPE is anchored by money and accounts managed by Counterpoint World-wide (Morgan Stanley), Salient Associates, Saba Money, and the XCarb Innovation Fund of ArcelorMittal.

In addition to the proceeds from this transaction, the Organization has formerly disclosed the conversion to common shares of $83.4 million in Secure funding on closing of the business enterprise mixture.

Heliogen Inc. will use the proceeds to scale heliostat producing, to guidance investigation and growth attempts on following era heliostat technologies, to support world-wide challenge progress, and to fund the equilibrium sheet.


Heliogen’s existing senior administration group will continue to lead the combined business, such as Bill Gross (Chief Govt Officer Director), Christie Obiaya (Chief Financial Officer), Steve Schell (Main Technological innovation Officer and Main Engineer) and Tom Doyle (Chief Industrial Officer).

Heliogen Inc.’s Board of Directors will be comprised of a greater part of impartial directors, namely 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 & Firm Funds Markets (a division of J.V.B. Fiscal Group, LLC), is serving as fiscal advisor to Athena. Barclays is serving as economic advisor to Heliogen. Cohen & Company Funds 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.

About Heliogen

Heliogen is a renewable vitality engineering organization targeted on eradicating the need for fossil fuels in hefty field and powering a sustainable long run. The company’s AI-enabled, modular concentrated photo voltaic know-how aims to cost-properly produce near 24/7 carbon-free of charge strength in the variety of heat, electrical power, or inexperienced hydrogen fuel at scale – for the initial time in heritage. Heliogen was created at Idealab, the leading technological know-how incubator launched by Monthly bill Gross in 1996. For a lot more data about Heliogen, you should check out

Forward-Wanting Statements

This push release has certain forward-seeking statements within the this means of the “safe harbor” provisions of the United States Personal Securities Litigation Reform Act of 1995. Statements that are not historic in nature, which includes the words “foresee,” “assume,” “suggests,” “strategy,” “believe,” “intend,” “estimates,” “targets,” “assignments,” “need to,” “could,” “would,” “may perhaps,” “will,” “forecast” and other similar expressions are intended to discover ahead-seeking statements. Forward-on the lookout statements are predictions, projections and other statements about potential functions that are primarily based on existing anticipations and assumptions and, as a end result, are subject matter to dangers and uncertainties. Quite a few things could cause precise potential events to vary materially from the ahead-looking statements in this push release, such as but not constrained to: (i) the capability to get hold of or maintain the listing of Heliogen’s popular inventory on the New York Stock Trade subsequent the small business combination (ii) the danger that the proposed transaction disrupts present-day ideas and operations as a outcome of the announcement and consummation of the company combination (iii) the outcome of any lawful proceedings that may possibly be instituted against Heliogen or other folks following the enterprise combination (iv) the skill to recognize the predicted gains of the enterprise blend, which may well be influenced by, among the other points, the capacity of Heliogen to develop and deal with growth profitably, retain associations with buyers, compete in its market and keep its crucial workforce (v) costs connected to the proposed enterprise combination (vi) modifications in relevant legal guidelines or restrictions (vii) the result of the COVID-19 pandemic on Heliogen’s enterprise (viii) the ability of Heliogen to execute its business product, including current market acceptance of its prepared items and expert services and acquiring ample generation volumes at satisfactory high-quality levels and price ranges (ix) Heliogen’s ability to raise capital (x) the probability that Heliogen could be adversely impacted by other economic, business, and/or competitive things and (xi) potential trade and desire prices. The foregoing listing of things is not exhaustive. You really should carefully look at the foregoing variables and the other dangers and uncertainties explained in the “Possibility Factors” segment of the registration statement on Type S-4, as amended through November 19, 2021, in the definitive proxy statement / 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 essential dangers and uncertainties that could lead to precise situations and final results to vary materially from those people contained in the forward-hunting statements. Ahead-seeking statements communicate only as of the day they are manufactured. Audience are cautioned not to place undue reliance on forward-on the lookout statements, and Heliogen assumes no obligation and does not intend to update or revise these ahead-seeking statements, no matter whether as a result of new information, long run functions, or if not. No assurance is presented that the merged corporation, will attain its expectations.

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

Heliogen Contacts
For Media:
[email protected]

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