Heliogen, Inc. to Reschedule Release of First Quarter 2022 Earnings Results and Conference Call

Heliogen, Inc. to Reschedule Release of First Quarter 2022 Earnings Results and Conference Call

PASADENA, CA, May 9, 2022 – Heliogen, Inc. (“Heliogen”) (NYSE: HLGN), a leading provider of AI-enabled concentrated solar energy technology, today announced the rescheduling of the release of its first quarter 2022 financial results and conference call previously scheduled for Monday, May 9, 2022, and Tuesday, May 10, 2022, respectively. Heliogen will make a further announcement regarding the timing of the release and conference call as soon as practicable.

About Heliogen

Heliogen is a renewable energy technology company focused on eliminating the need for fossil fuels in heavy industry and powering a sustainable future. The company’s AI-enabled, modular concentrated solar technology aims to cost-effectively deliver near 24/7 carbon-free energy in the form of heat, power, or green hydrogen fuel at scale – for the first time in history. Heliogen was created at Idealab, the leading technology incubator founded by Bill Gross in 1996. For more information about Heliogen, please visit Heliogen.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) our financial and business performance, including risk of uncertainty in our financial projections and business metrics and any underlying assumptions thereunder; (ii) our ability to execute our business model, including market acceptance of our planned products and services and achieving sufficient production volumes at acceptable quality levels and prices; (iii) our ability to access sources of capital to finance operations, growth and future capital requirements; (iv) our ability to maintain and enhance our products and brand, and to attract and retain customers; (v) our ability to scale in a cost-effective manner; (vi) changes in applicable laws or regulations; (vii) developments and projections relating to our competitors and industry; (viii) the ongoing impacts of the COVID-19 pandemic and the potential impacts of Russia’s invasion of Ukraine on our business; (ix) our ability to protect our intellectual property and (x) our ability to find and retain critical employee talent and key personnel. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section in our Annual Report on Form 10-K filed for the annual period ended December 31, 2021 and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Heliogen assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Heliogen Media Contact:

Cory Ziskind

ICR, Inc.

HeliogenPR@icrinc.com

Heliogen Investor Contact

Louis Baltimore

VP, Investor Relations

Louis.Baltimore@heliogen.com

Heliogen, Inc. to Reschedule Release of First Quarter 2022 Earnings Results and Conference Call

Heliogen Achieves Key Milestone on Project Funded with Up To $50M From Woodside and $39M From U.S. Department of Energy

Transitions from design into testing and implementation of supercritical CO2 power generation system to be utilized in 5 MWe commercial-scale demonstration deployment in California

PASADENA, Calif., May 3, 2022 — Heliogen, Inc. (NYSE: HLGN), a leading provider of AI-enabled concentrated solar energy technology, today announced that the company has achieved a key development milestone, transitioning from design into testing and implementation of its supercritical CO2 (sCO2) power generation system to be utilized to generate carbon-free electricity for its previously announced 5 MWe commercial-scale demonstration deployment for Woodside in Mojave, California. 

The deployment of Heliogen’s AI-enabled concentrated solar energy technology, including testing and deployment of the sCO2 power generation system, is being funded with up to $50M from Woodside, along with Heliogen’s previously announced $39 million award from the U.S. Department of Energy to deploy its renewable energy technology in California.  Heliogen expects to recognize approximately $80 million in total revenue from Woodside and the U.S. Department of Energy for the project over a multi-year period.

In partnership with Hanwha Power Systems, a global leader in the development of eco-friendly power generation solutions, Heliogen has developed a modular, high-efficiency 5 MWe sCO2 power block integrated with high temperature solid media thermal energy storage, designed to meet the renewable power generation requirements for industrial customers in energy, mining and other heavy industries.  Hanwha and Heliogen have entered into an agreement for the production and delivery of the power block for the Mojave, California demonstration project. 

In addition to the power block, Heliogen is collaborating with Vacuum Process Engineering (VPE) and Solex Thermal Science to develop an advanced particle to sCO2 heat exchanger that will be used to transfer thermal energy from thermal storage to the power block. A test loop is being designed and fabricated by Combustion Associates Inc (CAI) based in Corona, California, to validate the performance of the heat exchanger.

When complete, Heliogen expects the sCO2 heat exchanger to be the largest of its type ever built, and the power block is expected to be the first and largest commercially-deployed integrally geared sCO2 recompression closed Brayton cycle. These innovations convert the thermal energy produced by Heliogen’s advanced concentrated solar energy technology into power with the goal of delivering higher efficiencies with a smaller footprint than traditional steam turbines. 

“This development milestone further demonstrates Heliogen’s momentum through commercial, technological and governmental partnerships,” said Bill Gross, Founder and Chief Executive Officer of Heliogen. “Bringing together the needs and expertise of world-class companies like Woodside, Hanwha, and others will accelerate the pace at which Heliogen is able to deploy our innovative technologies for providing clean energy to heavy industry. The support of the U.S. Department of Energy is also critical in moving technologies like ours into commercial deployment phase. I am incredibly excited at what our company can achieve in 2022 and beyond.”

“We are proud to transition out of the design phase and into testing and implementation of our advanced sCO2 power cycle,” said Steve Schell, Chief Technology Officer and Chief Engineer at Heliogen.  “The innovative design we have developed is a testament to our world-class engineering capabilities and our partnership with Hanwha, which brings unparalleled expertise in designing, developing and commercializing sustainable power systems.  Our collective teams have taken a significant step forward in developing the technology that will play a critical role in decarbonizing heavy industry to fight climate change.”

The implementation of Heliogen’s unique concentrated solar technology couples its AI-powered heliostat field with a sCO2 power cycle with the goal of enabling higher efficiency, lower cost power generation with a smaller footprint and reduced water use compared to traditional steam turbines. To do this, Heliogen’s AI-powered heliostat field will efficiently generate higher temperatures than traditional concentrated solar, enabling the cost-effective integration of thermal energy storage and a sCO2 power cycle. With its numerous advanced technologies, the Heliogen system is expected to unlock the production of low-cost, near 24/7 carbon-free electricity, highlighting the potential for concentrated solar technology to power industry and accelerate the clean energy transition in the United States and beyond.

About Heliogen

Heliogen is a renewable energy technology company focused on eliminating the need for fossil fuels in heavy industry and powering a sustainable future. The company’s AI-enabled, modular concentrated solar technology aims to cost-effectively deliver near 24/7 carbon-free energy in the form of heat, power, or green hydrogen fuel at scale – for the first time in history. Heliogen was created at Idealab, the leading technology incubator founded by Bill Gross in 1996. For more information about Heliogen, please visit heliogen.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding our expectations for revenue recognition, development of the sCO2 heat exchanger and production and delivery of the power block. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) our financial and business performance, including risk of uncertainty in our financial projections and business metrics and any underlying assumptions thereunder; (ii) our ability to execute our business model, including market acceptance of our planned products and services and achieving sufficient production volumes at acceptable quality levels and prices; (iii) our ability to access sources of capital to finance operations, growth and future capital requirements; (iv) our ability to maintain and enhance our products and brand, and to attract and retain customers; (v) our ability to scale in a cost-effective manner; (vi) changes in applicable laws or regulations; (vii) developments and projections relating to our competitors and industry; (viii) the ongoing impacts of the COVID-19 pandemic and the potential impacts of Russia’s invasion of Ukraine on our business; (ix) our ability to protect our intellectual property and (x) our ability to find and retain critical employee talent and key personnel. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section in our Annual Report on Form 10-K filed for the annual period ended December 31, 2021 and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Heliogen assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Heliogen Media Contact:

Cory Ziskind

ICR, Inc.

HeliogenPR@icrinc.com

Heliogen Investor Contact:

Louis Baltimore

Louis.Baltimore@heliogen.com

Heliogen, Inc. to Reschedule Release of First Quarter 2022 Earnings Results and Conference Call

Heliogen, Inc. Schedules Release of First Quarter 2022 Financial Results and Conference Call

Pasadena, CA – April 19, 2022 – Heliogen, Inc. (“Heliogen”) (NYSE: HLGN), a leading provider of AI-enabled concentrated solar energy, today announced that it will release financial and operating results for the first quarter 2022 after the market close on Monday, May 9, 2022. This release will be followed by a conference call for investors at 8:30 AM EST on Tuesday, May 10. Bill Gross, Founder and Chief Executive Officer of Heliogen, and Christie Obiaya, Chief Financial Officer will host the call.

The conference call may be accessed via a live webcast on a listen-only basis in the Investors section of Heliogen’s website at investors.heliogen.com. The call can also be accessed live via telephone by dialing 1-844-825-9789 (1-412-317-5180 for international callers) and referencing Heliogen.

A replay of the webcast will be available shortly after the call on the Investors section of Heliogen’s website.

About Heliogen

Heliogen is a renewable energy technology company focused on eliminating the need for fossil fuels in heavy industry and powering a sustainable future. The company’s AI-enabled, modular concentrated solar technology aims to cost-effectively deliver near 24/7 carbon-free energy in the form of heat, power, or green hydrogen fuel at scale – for the first time in history. Heliogen was created at Idealab, the leading technology incubator founded by Bill Gross in 1996. For more information about Heliogen, please visit Heliogen.com

Heliogen Media Contact:

Cory Ziskind

ICR, Inc.

HeliogenPR@icrinc.com

Heliogen Investor Contact

Louis Baltimore

VP, Investor Relations

Louis.Baltimore@heliogen.com

Heliogen, Inc. Announces Full Year 2021 Financial and Operational Results

Heliogen, Inc. Announces Full Year 2021 Financial and Operational Results

PASADENA, CA, March 28, 2022 – Heliogen, Inc. (“Heliogen” or the “Company”) (NYSE: HLGN), a leading provider of AI-enabled concentrated solar energy, today announced full year 2021 financial and operational results.

Full-Year 2021 Highlights

  • Finalized $39 million U.S. Department of Energy award for deployment of AI-enabled concentrated solar technology
  • Completed first field test of autonomous robots designed to reduce installation and maintenance costs
  • Announced start of equipment procurement for first commercial-scale facility collaboration with Woodside Energy to deploy Heliogen’s power technology
  • Held successful demonstration of green hydrogen production using the Company’s core concentrated solar technology in partnership with Bloom Energy
  • Closed business combination with Athena Technology Acquisition Corp. (“Athena”); began trading on the NYSE on December 31, 2021

Recent Highlights

  • Began site preparation and setup for first full-scale manufacturing facility in Long Beach, California
  • Awarded exclusive lease rights to Brenda Solar Energy Zone by the U.S. Bureau of Land Management for the purposes of green hydrogen production

Executive Commentary

“Our mission is bold but simple,” said Bill Gross, Founder and Chief Executive Officer of Heliogen. “We aim to decarbonize heavy industry, using artificial intelligence, scalable, repeatable manufacturing techniques, and the power of the sun. Our patented closed-loop tracking system for our mirrors will allow us to generate temperatures up to 1,000 degrees Celsius, and efficiently store that heat to create industrial process steam, power and green hydrogen – without the intermittency problems of other renewable energy sources.”

Heliogen Progress in 2021 Continues into 2022

During 2021, Heliogen launched negotiations regarding deployment of its AI-enabled solar energy systems, and began engineering work on one of its first commercial-scale facilities. The Company also continued to develop its infrastructure and set the foundation for its commercial-scale operations, to support its prospective project pipeline.

“The past year has been transformational in many ways for Heliogen,” said Mr. Gross. “We debuted on the New York Stock Exchange at the end of the year and, on the commercial side, our company announced commercial relationships with Rio Tinto and Woodside Energy, two of the world’s largest resources firms, and partnered with Bloom Energy for the successful demonstration-scale production of green hydrogen. We also finalized a cooperative agreement with the Department of Energy for the deployment of our new concentrated solar thermal energy technology. In addition, we expanded our manufacturing and operational capabilities, announcing a successful field test of our ICARUS autonomous robot which we designed with the goal of reducing installation and maintenance costs for our facilities .”

“As you can tell, the team at Heliogen has been busy,” continued Gross. “We intend to carry this momentum through 2022 and have already begun the initial work on our Long Beach manufacturing facility, as well as our green hydrogen production facility in the Brenda Solar Energy Zone in Arizona. Having made exceptional progress in 2021 toward our goals, we are excited about what the future holds for Heliogen.”

Full-Year 2021 Financial and Operational Results

For the full year 2021, Heliogen reported total revenue of $8.8 million, total operating expenses of $43.9 million and net loss of $142.2 million. The company’s net loss was driven primarily by non-cash, remeasurement impacts of $93.6 million related to our legacy SAFE instruments and warrants prior to and through the date of closing of the business combination with Athena and share-based compensation expense of $11.4 million. The Company’s Adjusted EBITDA, which excludes these and other impacts, was negative $32.1 million for full year 2021. 

As of December 31, 2021, the Company had approximately $190.1 million in cash and cash equivalents and $32.3 million of available-for-sale investments, for a total of over $222.4 million available to fund its future scaling and development efforts. Heliogen currently has no material debt outstanding.

2022 Guidance

For full-year 2022, Heliogen expects to have between two and three modules contracted and is introducing revenue guidance of $20 – $25 million. The Company believes this metric of modules contracted is the most useful indicator of the demand for Heliogen’s products and technology at this stage in its lifecycle. Over time, it expects these contracts to be converted to revenue as the projects are installed, although there is no assurance as to the time period for such conversion.

Conference Call Information

The Heliogen management team will host a conference call to discuss its full year 2021 financial results on Tuesday, March 29, 2022, at 8:30 a.m. Eastern Time. The call can be accessed via a live webcast accessible on the Events & Presentations page in the Investor Relations section of Heliogen’s website at www.heliogen.com. The call can also be accessed live via telephone by dialing 877-407-0789 (201-689-8562 for international callers) and referencing Heliogen.

An archive of the webcast will also be available shortly after the call on the Investor Relations section of Heliogen’s website and will remain available for twelve months.

About Heliogen

Heliogen is a renewable energy technology company focused on eliminating the need for fossil fuels in heavy industry and powering a sustainable future. The company’s AI-enabled, modular concentrated solar technology aims to cost-effectively deliver near 24/7 carbon-free energy in the form of heat, power, or green hydrogen fuel at scale – for the first time in history. Heliogen was created at Idealab, the leading technology incubator founded by Bill Gross in 1996. For more information about Heliogen, please visit Heliogen.com

Use of Non-GAAP Financial Information

Management uses certain financial measures, including EBITDA and Adjusted EBITDA, to evaluate our financial and operating performance that are calculated and presented on the basis of methodologies other than in accordance with GAAP. We believe these non-GAAP financial measures are useful to investors and analysts to assess our ongoing financial performance because, when reconciled to their most comparable GAAP financial measures, they provide improved comparability between periods through the exclusion of certain items that we believe are not indicative of our core operating performance, enhances the overall understanding of past financial performance and future prospects, and that may obscure our underlying business results and trends. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP, and our calculations thereof may not be comparable to similarly titled measures reported by other companies. Please see the accompanying tables for reconciliations of the following non-GAAP financial measures for Heliogen’s current and historical results: EBITDA and Adjusted EBITDA.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding our guidance for full-year 2022, the development of our manufacturing and green hydrogen production facilities and future growth opportunities. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) our financial and business performance, including risk of uncertainty in our financial projections and business metrics and any underlying assumptions thereunder; (ii) our ability to execute our business model, including market acceptance of our planned products and services and achieving sufficient production volumes at acceptable quality levels and prices; (iii) our ability to access sources of capital to finance operations, growth and future capital requirements; (iv) our ability to maintain and enhance our products and brand, and to attract and retain customers; (v) our ability to scale in a cost-effective manner; (vi) changes in applicable laws or regulations; (vii) the ongoing impacts of the COVID-19 pandemic and the potential impacts of Russia’s invasion of Ukraine on our business; (viii) developments and projections relating to our competitors and industry; (ix) our ability to access sources of capital to finance operations, growth and future capital requirements; and (x) our ability to protect our intellectual property. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section in the prospectus filed with the SEC pursuant to Rule 424(b), dated December 3, 2021 and in our Annual Report on Form 10-K that will be filed for the annual period ended December 31, 2021 and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Heliogen assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Heliogen Media Contact:

Cory Ziskind

ICR, Inc.

HeliogenPR@icrinc.com

Heliogen Investor Contact

Caldwell Bailey

ICR, Inc.

HeliogenIR@icrinc.com

Heliogen, Inc.

($ in thousands, except share data)

Condensed Consolidated Balance Sheets

(unaudited)

 December 31,
 2021 2020
ASSETS   
Cash and cash equivalents$       190,081 $         18,334
Investments, available-for-sale          32,332                 —
Other current assets            4,770               241
Total current assets         227,183           18,575
Non-current assets          30,265             1,187
Total assets$       257,448 $         19,762
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY (DEFICIT)   
Trade payables$          4,645 $             307
Contract liabilities              513                 —
Contract loss provisions            5,180                 —
Other current liabilities            6,974               849
Total current liabilities          17,312             1,156
Long-term liabilities          30,861               536
Total liabilities          48,173             1,692
Convertible preferred stock                —           45,932
Shareholders’ equity (deficit)         209,275          (27,862)
Total liabilities, convertible preferred stock, and shareholders’ equity (deficit)$       257,448 $         19,762

Heliogen, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

($ in thousands, except per share and share data)

(unaudited)

 Years ended December 31,
 2021 2020
Revenue$         8,804 $           200
Cost of revenue         13,688              417
Gross loss         (4,884)             (217)
    
Operating expenses:   
Selling, general, and administrative         30,386           3,713
Research and development         13,478           3,583
Total operating expenses         43,864           7,296
Operating loss       (48,748)          (7,513)
    
Interest income (expense)             634                (3)
SAFE instruments remeasurement       (86,907)               —
Warrant remeasurement         (6,651)                (7)
Other (expense) income, net            (517)               86
Net loss before taxes      (142,189)          (7,437)
Provision for income taxes               (2)               —
Net loss      (142,191)          (7,437)
Other comprehensive income (loss), net of taxes   
Unrealized losses on available-for-sale securities             (17)               —
Cumulative translation adjustment              13               —
Total comprehensive loss$    (142,195) $       (7,437)
    
Loss per share – Basic and Diluted$       (11.88) $         (0.93)
    
Weighted average number of shares outstanding – Diluted   11,970,550     7,978,512

Non-GAAP Financial Measures

EBITDA represents consolidated net loss before (i) interest (income) expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.

Adjusted EBITDA represents EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.

The following reconciles net loss to EBITDA and Adjusted EBITDA for the periods as shown:

 Years ended December 31,
$ in thousands2021 2020
Net loss$      (142,191) $         (7,437)
Adjustments   
Interest (income) expense, net              (634)                   3
Provision for income taxes                  2                 —
Depreciation and amortization              562               139
EBITDA$      (142,261) $         (7,295)
Adjustments   
SAFE instruments remeasurement          86,907                 —
Warrant remeasurement            6,651                   7
Share-based compensation          11,380               278
Provision for contract losses, net            5,180                 —
Adjusted EBITDA$        (32,143) $         (7,010)
Heliogen and Woodside Energy Announce Commercial-Scale Demonstration Project and Collaboration Agreement

Heliogen and Woodside Energy Announce Commercial-Scale Demonstration Project and Collaboration Agreement

Agreement to deploy a 5 MWe module of Heliogen’s AI-enabled concentrated solar energy technology in California and jointly market Heliogen’s innovative technology in Australia

PASADENA, Calif., March 28, 2022 — Heliogen, Inc. (NYSE: HLGN), a leading provider of AI-enabled concentrated solar energy, and Woodside Energy (USA) Inc., a wholly-owned subsidiary of leading Australian energy producer Woodside Petroleum Ltd (ASX: WPL), today announced a project agreement (the “Project Agreement”) for the commercial-scale demonstration deployment of Heliogen’s AI-enabled concentrated solar energy technology proposed to be built in Mojave, California.

The Project Agreement follows the previously announced Limited Notice To Proceed (“LNTP”) granted by Woodside to Heliogen to begin procurement of key equipment for the deployment of a commercial scale, single-module 5 megawatt electric (5 MWe) facility. Under the Project Agreement, Heliogen will complete the engineering, procurement, and construction of the facility, with construction expected to begin once permits are approved.

The two companies have agreed to include the scope and associated funding from Heliogen’s previously announced US$39 million award from the U.S. Department of Energy to deploy Heliogen’s renewable energy technology in California.  This means that in addition to commercial-scale demonstration of Heliogen’s 5 MWe module, the project will also include the deployment and testing of an innovative approach to converting the thermal energy produced by Heliogen’s facility into power, which has the potential to deliver higher efficiencies with a smaller footprint than traditional steam turbines. 

In addition to the Project Agreement, Heliogen and Woodside Energy Technologies Pty. Ltd have also signed a collaboration agreement to jointly market Heliogen’s technology in Australia (the “Australian Collaboration Agreement”).  Under this arrangement, the companies expect to define product offerings that use Heliogen’s modular technology for potential customers (including Woodside) in Australia and are establishing a roadmap to identify and engage with those customers. The Australian Collaboration Agreement includes an objective to deploy further commercial-scale modules of Heliogen’s heat and power offerings which may be combined with a hydrogen offering, strengthening Woodside’s role in the energy transition to lower carbon energy sources.  The companies are also in similar discussions in relation to Heliogen’s technology in the U.S.

“We are thrilled to be working with leading Australian energy producer, Woodside. Our agreements represent a pivotal next step in the commercialization of Heliogen’s breakthrough concentrated solar technology and the decarbonization of heavy industry,” said Bill Gross, Founder and Chief Executive Officer of Heliogen. “We are also pleased to share that, along with these agreements, our strategic alliance with Woodside includes Woodside taking an equity participation in Heliogen.”

Gross continued, “The proposed Mojave facility will further advance our discussions with Woodside for additional opportunities aiming to produce carbon-free heat, power and hydrogen to help them achieve their sustainability goals.”

“Woodside has set a US$5 billion investment target by 2030 for new energy products and lower-carbon services,” said Meg O’Neill, Chief Executive Officer of Woodside. “Our collaboration with Heliogen on this innovative technology supports our commitment to building a low cost, lower-carbon, profitable, resilient and diversified portfolio.”

About Heliogen

Heliogen is a renewable energy technology company focused on eliminating the need for fossil fuels in heavy industry and powering a sustainable future. The company’s AI-enabled, modular concentrated solar technology aims to cost-effectively deliver near 24/7 carbon-free energy in the form of heat, power, or green hydrogen fuel at scale – for the first time in history. Heliogen was created at Idealab, the leading technology incubator founded by Bill Gross in 1996. For more information about Heliogen, please visit heliogen.com.

About Woodside

We provide energy which Australia and the world needs to heat homes, keep lights on and enable industry. We have a reputation for safe and reliable operations. Our hydrocarbon business is complemented by a growing portfolio of hydrogen, ammonia and solar opportunities in Australia and internationally. Our new energy opportunities include the proposed hydrogen and ammonia projects H2Perth and H2TAS in Australia and the proposed hydrogen project H2OK in North America. For more visit woodside.com.au.

Heliogen Media Contact:

Cory Ziskind

ICR, Inc.

HeliogenPR@icrinc.com

Heliogen Investor Contact:

Louis Baltimore

Louis.Baltimore@heliogen.com

Woodside Media Contact

Christine Forster

M: +61 484 112 469

E: christine.forster@woodside.com.au