Bloom Energy and Heliogen Join Forces to Harness the Power of the Sun to Produce Low-Cost Green Hydrogen

Bloom Energy and Heliogen Join Forces to Harness the Power of the Sun to Produce Low-Cost Green Hydrogen

PASADENA, Calif. and SAN JOSE, Calif., July 22, 2021Heliogen and Bloom Energy (NYSE: BE) today announced plans to produce green hydrogen using only concentrated solar power and water, further accelerating the world’s progress toward a zero-carbon future.

By combining near 24/7 carbon-free power and steam, generated by Heliogen’s Sunlight Refinery solar power generation system, with Bloom Energy’s highly efficient solid oxide electrolyzer, the companies will produce green hydrogen that can replace fossil-derived fuels in commercial and industrial applications. Bloom Energy’s electrolyzers operating on steam are nearly 30 percent more efficient than low-temperature electrolyzers, such as polymer electrolyte membrane (PEM) and alkaline. The complementary technologies make for economically viable green hydrogen production, on par with hydrogen produced from photovoltaic solar generation.

“We developed our AI-powered Sunlight Refinery knowing that green hydrogen is a key element in decarbonizing global transport,” said Bill Gross, founder and chief executive officer, Heliogen. “By coupling our technology with Bloom Energy’s electrolyzers, we can produce this crucially important fuel at an attractive price point. We will further enhance our Sunlight Refinery’s technology with the addition of Bloom Energy’s market-leading technology, and we have found a committed and invaluable partner in our mission to help decarbonize the entire global economy.”

According to the International Energy Agency, the industrial sector is responsible for more than one-third of the world’s energy consumption, while cement production alone is the source of seven percent of global carbon emissions. Industrial companies are particularly well-suited for low-cost, large-scale hydrogen utilization given the substantial energy requirements and notable CO2 emissions.

“We are always on the lookout for complementary technology to accelerate the path to zero and negative carbon, and that’s exactly what we plan to do with Heliogen,” said Venkat Venkataraman, executive vice president and chief technology officer, Bloom Energy. “By providing efficient and more cost-effective hydrogen production, we believe we can drive rapid adoption of green hydrogen to accelerate the zero-carbon energy transition in these industries.”

The companies’ first integrated solution is intended to be deployed at Heliogen’s facility in Lancaster, California by the end of 2021.

About Heliogen

Heliogen is a renewable energy technology company focused on eliminating the need for fossil fuels in all sectors of the economy and empowering a sustainable future. The company’s Sunlight Refinery aims to cost-effectively deliver near 24/7 carbon-free energy in the form of heat, power, and hydrogen fuels 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.

On July 7, 2021, Heliogen announced a definitive business combination agreement with Athena Technology Acquisition Corp. (NYSE: ATHN).  Upon the closing of the business combination, Heliogen will become publicly traded on the New York Stock Exchange under the new ticker symbol “HLGN”. Additional information about the transaction can be viewed here: https://heliogen.com/investor-center/

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Additional Information and Where to Find It

In connection with the proposed business combination, Athena Technology Acquisition Corp. (“Athena”) intends to file with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 containing a preliminary proxy statement and a preliminary prospectus. After the registration statement is declared effective, Athena will mail a definitive proxy statement/prospectus relating to the proposed business combination to its stockholders. This communication does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. Additional information about the proposed business combination and related transactions will be described in Athena’s combined proxy statement/prospectus relating to the proposed business combination and the businesses of Athena and Heliogen, Inc. (“Heliogen”), which Athena will file with the SEC. The proposed business combination and related transactions will be submitted to stockholders of Athena for their consideration. Athena’s stockholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with Athena’s solicitation of proxies for its special meeting of stockholders to be held to approve, among other things, the proposed business combination and related transactions, because these materials will contain important information about Heliogen, Athena and the proposed business combination and related transactions. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to stockholders of Athena as of a record date to be established for voting on the proposed business combination and related transactions. Stockholders may also obtain a copy of the preliminary or definitive proxy statement/prospectus, once available, as well as other documents filed with the SEC by Athena, without charge, at the SEC’s website located at www.sec.gov or by directing a request to Phyllis Newhouse, President and Chief Executive Officer, Athena Technology Acquisition Corp., 125 Townpark Drive, Suite 300, Kennesaw, GA 30144, or by telephone at (970) 924-0446.

Participants in the Solicitation

Athena, Heliogen and their respective directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from Athena’s stockholders in respect of the proposed business combination and related transactions. Information regarding Athena’s directors and executive officers is available in its Registration Statement on Form S-1 and the prospectus included therein filed with the SEC on March 3, 2021. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be contained in the preliminary and definitive proxy statements/prospectus related to the proposed business combination and related transactions when it becomes available, and which can be obtained free of charge from the sources indicated above.

No Offer or Solicitation

This communication shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction. This communication shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Bloom Energy

Bloom Energy’s mission is to make clean, reliable energy affordable for everyone in the world. Bloom Energy’s product, the Bloom Energy Server, delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications. Bloom Energy’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and other industries. For more information, visit www.bloomenergy.com.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Words such as “anticipates,” “could,” “expects,” “intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,” “can,” “may,” “will,” “would” and similar expressions identify such forward-looking statements. These statements include, but are not limited to, expectations regarding the collaboration efforts between the two companies; expectations for economically viable green hydrogen production; ability to drive rapid adoption of green hydrogen; and expectations related to the first integrated solution and its timing of deployment. These statements should not be taken as guarantees of results and should not be considered an indication of future activity or future performance. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including those included in the risk factors section of Bloom Energy’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 and other risks detailed in Bloom Energy’s SEC filings from time to time. Bloom Energy undertakes no obligation to revise or publicly update any forward-looking statements unless if and as required by law.

Bloom Energy Contacts:

For Media:

Erica Osian

Bloom Energy

401.714.6883

erica.osian@bloomenergy.com

For Investors:

investor@bloomenergy.com

Heliogen Contacts:

For Media: 

Press@Heliogen.com

For Investors:

Caldwell Bailey

ICR, Inc.

HeliogenIR@icrinc.com

Athena Technology Acquisition Corp. Announces Business Combination with Heliogen, Inc., a Leading Provider of AI-Enabled Concentrated Solar Energy; Combined Company Expected to Be Listed on New York Stock Exchange

Athena Technology Acquisition Corp. Announces Business Combination with Heliogen, Inc., a Leading Provider of AI-Enabled Concentrated Solar Energy; Combined Company Expected to Be Listed on New York Stock Exchange

  • Transaction expected to accelerate and advance Heliogen’s mission to empower a sustainable future with low-cost, dispatchable concentrated solar energy as an affordable alternative to fossil fuels
  • Transaction implies pro forma enterprise value of the combined company of $2 billion and is estimated to provide gross proceeds at closing of up to approximately $415 million to the combined company, including estimated proceeds from a $165 million fully-committed Class A common stock PIPE, anchored by existing and new investors including funds and accounts managed by Counterpoint Global (Morgan Stanley), Salient Partners, Saba Capital, and the XCarb Innovation Fund of ArcelorMittal
  • Proceeds expected to be used to scale heliostat manufacturing, to support research and development efforts on next generation heliostat technology, to support global project development, and to fund the balance sheet
  • Heliogen’s closed loop, AI-enabled technology is commencing commercialization with internationally recognized customers in the industrial, mining, and energy sectors
  • Combination with all women-led Athena Technologies Acquisition Corp., pairs Heliogen’s company mission to revolutionize the energy industry with Athena’s emphasis on disruptive technology in complementary partnership

KENNESAW, GA & PASADENA, CA, July 7, 2021 – Athena Technology Acquisition Corp. (“Athena”) (NYSE: ATHN), a special purpose acquisition company (SPAC), and Heliogen, Inc. (“Heliogen” or the “Company”), a leading provider of AI-enabled concentrated solar power, today announced that they have entered into a definitive agreement for a business combination.  Following the business combination, Athena expects to be renamed “Heliogen, Inc.” and will remain listed on the New York Stock Exchange under the new ticker symbol “HLGN”.

Heliogen’s modular, AI-enabled, concentrated solar power plants have the potential to revolutionize the energy market by alleviating intermittency issues associated with renewable sources of power generation. Heliogen’s technology is designed to flatten the power generation curve by using concentrated solar power with storage to increase the availability of energy to industry. The Company’s proprietary heliostat layout and control system facilitate concentration of the sun’s rays and has the ability to generate temperatures at the point of focus that can exceed 1,000 degrees centigrade. This heat can then be captured and converted for industrial use, power generation, or to produce green hydrogen fuel, with the goal of providing near-24 hour renewable energy that could replace fossil fuels with concentrated sunlight. Heliogen is commencing the commercialization of its AI-enabled, concentrated solar power modules with internationally recognized customers in the industrial, mining, and energy sectors.

Athena, led by Chairwoman Isabelle Freidheim and CEO Phyllis Newhouse, is one of the only entirely women-led SPACs, with a diverse, all-female team of managers, advisors and investors. Athena’s mission-driven management team combines extensive investment and operational expertise with a history of founding and scaling companies to positions of industry leadership. Through the Heliogen combination, Athena Chief Executive Officer Phyllis Newhouse is believed to be the first woman of color in the U.S. to take a company public through a SPAC.

Heliogen’s leadership will remain intact immediately after closing, with Bill Gross continuing as Chief Executive Officer of the combined company. Mr. Gross will work alongside Heliogen’s current executive team, including veterans of SpaceX, McKinsey & Company, Bechtel, Idealab, Deutsche Bank, and NRG Energy. Phyllis Newhouse is anticipated to join the Board of Directors of the combined company, which will include representation from both Heliogen and Athena.

“We are excited to combine with Athena to leverage our collective expertise as we execute our strategy to accelerate Heliogen’s growth and scale our groundbreaking concentrated solar technology for the global energy market,” said Bill Gross, Founder and Chief Executive Officer of Heliogen. “I have been building companies nearly my entire life, and the opportunity that Heliogen’s technology represents, to decarbonize power generation, replace other carbon-intensive sources of industrial heat, and contribute to the cost efficient production of alternative fuels such as green hydrogen, is at the head of the pack in terms of its potential to make a positive impact on society. As economies and industries worldwide continue to decarbonize, I believe Heliogen’s AI-enabled technology will play an important role in supporting and making those goals reality.”

“We very much look forward to working with Bill and the entire team at Heliogen in the pursuit of a cleaner, decarbonized world,” said Phyllis Newhouse, Chief Executive Officer of Athena. “Chairwoman Isabelle Freidheim and I co-founded Athena with a mission to work with disruptive technology companies with the potential to advance industry, and even society, through innovation. Heliogen absolutely meets that standard, not only in terms of solar-power generation, but in its ability to produce other sources of clean energy that may replace fossil fuels. The company’s pioneering use of AI and its scalable approach to project development are exciting innovations, and we couldn’t be more proud to combine with Heliogen as a publicly traded company.”

Transaction Overview

The business combination is structured as a statutory merger of Athena and Heliogen, with Heliogen surviving the merger as a wholly owned subsidiary of Athena.  All of Heliogen’s stockholders are expected to rollover their equity into the combined company and to receive shares of Athena Class A common stock at closing as consideration.

The transaction is anticipated to generate gross proceeds of up to approximately $415 million of cash, assuming no redemptions by Athena’s public stockholders. The proceeds are expected to be used to scale heliostat manufacturing, to support research and development efforts on next generation heliostat technology, to support global project development, and to fund the balance sheet. These gross proceeds include investor commitments to purchase up to $165 million in shares of stock in Athena at $10.00 per share through a private investment in public equity (a “PIPE”), subject to satisfaction of customary closing conditions. Assuming no redemptions by Athena’s public stockholders and including anticipated proceeds from the PIPE, Athena estimates an initial pro forma implied enterprise value of the combined company immediately after closing of the business combination of approximately $2.0 billion.

The transaction has been unanimously approved by the boards of Heliogen and Athena.  Completion of the proposed transaction is subject to customary closing conditions, including the approval of Athena’s and Heliogen’s respective stockholders and regulatory approvals, and is expected to occur in the fourth calendar quarter of 2021.

Advisors

Cohen & Company Capital Markets (a division of J.V.B. Financial Group, LLC), is serving as financial advisor to Athena. Barclays is serving as financial advisor to Heliogen. Cohen & Company Capital Markets is also serving as placement agent to Athena. DLA Piper LLP (US) is serving as legal advisor to Athena.  Cooley LLP is acting as legal advisor to Heliogen.

Investor Conference Call Information

Heliogen and Athena will host a joint investor conference call to discuss the proposed transaction today, Wednesday, July 7, 2021 at 8:30AM ET.

To listen to the prepared remarks via telephone from the U.S., dial 1-877-407-9039 and an operator will assist you. International investors may listen to the call by dialing 1-201-689-8470. A telephone replay will be available by dialing 1-844-512-2921 if in the U.S, and by dialing 1-412-317-6671 from outside the U.S. The PIN for access to the replay is 13721322. The replay will be available through July 21, 2021 at 11:59PM ET.

Athena will file the investor presentation relating to the proposed transaction with the U.S. Securities and Exchange Commission (the “SEC”) as an exhibit to a Current Report on Form 8-K prior to the call, which will be available on the SEC’s website at www.sec.gov. All materials can also be found at https://www.athena1.com.

About Heliogen

Heliogen is a renewable energy technology company focused on empowering a sustainable future by eliminating the need for fossil fuels in all sectors of the economy. The company’s Sunlight Refinery™ aims to cost-effectively deliver near 24/7 carbon-free energy in the form of heat, power, and 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 or @heliogeninc.

About Athena Technology Acquisition Corp.

Athena Technology Acquisition Corp. is an entirely women-led special purpose acquisition company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses in the technology, direct-to-consumer and fintech industries.

Forward Looking Statements

This press release contains 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, including statements regarding the business combination between Athena and Heliogen, the consideration to be paid to Heliogen’s stockholders and its closing, statements regarding Heliogen’s listing on the NYSE, statements regarding the anticipated enterprise value of the combined company at closing, statements regarding Heliogen’s expected proceeds from the business combination, use of such proceeds and expected benefits of the business combination, statements regarding Phyllis Newhouse, statements regarding the impact of Heliogen’s technology on the energy market, and statements regarding the expected proceeds from the PIPE and its closing. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on current expectations and beliefs of the management of Athena and/or Heliogen in light of their respective experience and their perception of historical trends, current conditions and expected future developments and their potential effects on Heliogen and Athena as well as other factors they believe are appropriate in the circumstances. There can be no assurance that future developments affecting Heliogen or Athena will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including changes in domestic and foreign business, market, financial, political and legal conditions, potential benefits and commercial attractiveness to its customers of Heliogen’s products and services, the potential success of Heliogen’s marketing and expansion strategies, Heliogen’s ability to scale and the timing of expected business milestones, the inability of the parties to successfully or timely consummate the proposed business combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination or that the approval of the stockholders of the Company or Athena is not obtained, failure to realize the potential benefits of the business combination (including with respect to stockholder value), the effects of competition on the Company’s future business, the ability of the post-combination company to meet the NYSE listing standards, the amount of redemption requests made by Athena’s public stockholders, the ability of Athena or the combined company to issue equity or equity-linked securities in connection with the proposed business combination or in the future, and expectations related to the terms and timing of the potential transactions and those factors discussed in Athena’s final prospectus filed on March 18, 2021, under the heading “Risk Factors,” and other documents of Athena filed, or to be filed, including the proxy statement/prospectus expected to be filed in connection with the business combination, with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Additional factors that could cause actual results to differ are discussed under the heading “Risk Factors” and in other sections of Athena’s filings with the SEC, and in Athena’s current and periodic reports filed or furnished from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to Athena and/or Heliogen as of the date hereof, and Athena and/or Heliogen assumes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Important Information for Investors and Stockholders

In connection with the proposed business combination, Athena plans to file a registration statement on Form S-4 (the “Registration Statement”) with the SEC, which includes a proxy statement to be distributed to the holders of Athena’s common stock in connection with Athena’s solicitation of proxies for the vote by Athena’s stockholders with respect to the business combination and other matters as described in the Registration Statement and a prospectus relating to the offer of the securities to be issued to the equity holders of Heliogen in connection with the business combination. This press release does not contain all the information that should be considered concerning the proposed business combination- and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. Athena and Heliogen urge investors, stockholders and other interested persons to read, when available, the Registration Statement, as well as other documents filed with the SEC, because these documents will contain important information about the proposed transaction.

When available, the Registration Statement and other relevant materials for the proposed business combination will be mailed to stockholders of Athena as of the record date to be established for voting of the proposed transaction. The Registration Statement, once available, can be obtained, without charge, at the SEC’s web site (http://www.sec.gov).

Participants in the Solicitation

Heliogen, Athena and their respective directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from Athena’s stockholders in respect of the proposed Business Combination and related transactions. Information regarding Athena’s directors and executive officers is available in its Form S-1 filed with the SEC on February 5, 2021. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be contained in the preliminary and definitive proxy statements/prospectus related to the proposed business combination and related transactions when it becomes available, and which can be obtained free of charge from the sources indicated above.

No Offer or Solicitation

This press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Heliogen Contacts

For Media:
Press@Heliogen.com

For Investors:

Caldwell Bailey

ICR, Inc.

HeliogenIR@icrinc.com

Athena Technology Acquisition Corp. Contacts

For Media: Berns Communications Group
AthenaPR@bcg-pr.com
(973) 727-8400
(917) 922-4435

Heliogen hires team of exceptional industry leaders to accelerate its mission to decarbonize the global economy

Heliogen hires team of exceptional industry leaders to accelerate its mission to decarbonize the global economy

Seven new appointments bring leadership experience from NRG, SpaceX, Bechtel, Idealab, Deutsche Bank, and Goldman Sachs

PASADENA, Calif., June 22, 2021 – Renewable energy technology company Heliogen today announced the expansion of its leadership team with the appointment of seven exceptional leaders with backgrounds spanning Fortune 500 corporations, industry-leading energy companies, pioneering technology companies, and multinational investment banks. The appointments underscore Heliogen’s commitment to building a world-class leadership team that will speed the company’s progress toward helping to solve pressing global challenges brought on by climate change by providing decarbonization technology that aims – for the first time in history – to be more cost-effective than fossil fuels.

“The sheer scale of the challenges and opportunities around the climate crisis calls for an assembly of the brightest and boldest minds from a variety of disciplines, backgrounds, and identities to rise to the urgent challenge of the current moment,” said Bill Gross, CEO and founder of Heliogen. “As we assembled Heliogen’s leadership team, we pursued leaders who have demonstrated professional excellence in energy, technology, and finance while being deliberate about casting a wide net to include diverse and forward-thinking candidates. With the cleantech market attracting more investor and mainstream attention than ever before, I’m proud to introduce such an accomplished group of leaders, all of whom are making pivotal contributions to further Heliogen’s mission of replacing fossil fuels with sunlight.”

Tom Doyle, co-head of the development group, has more than 25 years of senior-level experience growing and managing a significant P&L and a deep understanding of concentrated solar power, photovoltaics, and other renewable energy technologies. At Heliogen, working with Rashaun Williams, Doyle will oversee Business Development, Project Development, Proposal Development, Project Management, Project Finance, Strategy, Business Intelligence, and Asset Management. Prior to Heliogen, Doyle was an executive vice president at NRG Energy and president and CEO of NRG Energy’s renewable energy business, NRG Renew, one of the largest renewable energy companies in the world. Doyle also served as president and CEO of NRG Solar, a company he established and expanded to become an industry leader in the high growth commercial and industrial sectors of the solar industry. Under Doyle’s leadership, NRG successfully placed more than $7.5 billion of capital that generated a significant return on equity and an annual EBITDA contribution of more than $550 million. He holds an MBA and a B.S. in mechanical engineering from the University of Arizona.

Andy Lambert, senior vice president of production and supply chain, brings pioneering engineering leadership and product manufacturing experience to Heliogen, where he will lead development of the company’s production system and supply chain operations. Previously, Lambert spent more than nine years with SpaceX, where he developed the manufacturing and supply chain for the company’s rockets and spacecraft, before leading the company’s build reliability and quality assurance functions ahead of the first manned space flight. Prior to SpaceX, Lambert spent 13 years at BMW, most recently serving as vice president for MINI logistics and assembly production. During his time with MINI, he contributed to the rapid development of a production system that nearly tripled the output of its original installed capacity. Lambert spent nine years in the British Royal Air Force as an aircraft engineer and is a graduate of the School of Technical Training at RAF Halton military academy.

Christie Obiaya, chief financial officer, will draw on her experience from large-scale, complex energy projects to lead Heliogen’s finance team and to provide strategic support for the company’s growth. Most recently, Obiaya served as CFO and head of strategy for the energy business unit at Bechtel, the global engineering, construction and project management company. In her 11 years at Bechtel, she held leadership roles spanning finance, strategy, project development and investment, and project execution. Prior to Bechtel, Obiaya worked on renewable energy projects in Kenya and India. She began her career as an engineer, designing products and scaling up manufacturing processes at a multinational consumer goods company. Obiaya holds a B.S. in chemical engineering from MIT and an MBA from the MIT Sloan School of Management.

Rashaun Williams, co-head of the development group, brings his background as an investment banker and venture capitalist to his role at Heliogen, where he will focus on applying his 20 years of experience in finance, investments and sales to help the company realize its mission. Working with Tom Doyle, Williams will oversee Business Development, Project Development, Proposal Development, Project Management, Project Finance, Strategy, Business Intelligence, and Asset Management. With more than 150 investments in high-growth companies and more than 40 exits, Williams is currently a general partner in the MVP All-Star Fund. At his previous firm, Queensbridge Venture Partners, he became an early investor in Robinhood, Coinbase, Casper, Ring, PillPack, Lyft, and Dropbox. Prior to that, he worked at Wall Street firms including Goldman Sachs, Wachovia Securities and Deutsche Bank, bringing capital to emerging, diverse and alternative markets. In 2007, he founded Dixsville Partners, a private equity fund investing in infrastructure development and mineral companies in West Africa. Williams is a summa cum laude graduate of Morehouse College.

Thomas Patrick, chief of staff, will serve as strategic advisor and counsel to the CEO and collaborate with the leadership team on business strategies. Patrick has built his leadership career at multiple global financial institutions, including Deutsche Bank, where he served as CEO of the USA Corporation and the Americas region and co-head of the Corporate & Investment Bank (CIB) in the Americas. Patrick was a member of the Deutsche Bank USA Board, the CIB Executive Committee and a permanent guest on the Management Board. Prior to Deutsche Bank, Patrick was at Bank of America Merrill Lynch for 18 years, holding various senior positions including head of global banking and markets strategy and portfolio management, and co-head of global equities. Patrick holds a bachelor’s degree in economics from Columbia University.

Debbie Chen, general counsel, an experienced legal advisor to technology and startup companies, will focus on implementing an effective compliance program at Heliogen to ensure adherence to legal requirements and broader company values. Previously, Chen served as general counsel at Idealab, a role in which she worked with Heliogen applying knowledge of general corporate law since the company’s inception. Prior to Idealab, she was with the law firm of Latham & Watkins LLP. Chen holds a B.S. degree in economics from the Wharton School of the University of Pennsylvania and a J.D. from the University of California, Los Angeles.

Tanya Peterson, vice president of human resources, brings to her role at Heliogen a well-rounded background in multiple areas of human resources (HR) from working with high-performance teams in the finance and technology industries. At Heliogen, Peterson will lead the HR and talent teams in building and scaling an engaged, inclusive, and high-performing culture. Previously, Peterson served as head of human resources at global equity firm Los Angeles Capital Management where she was responsible for a variety of functions, including recruiting, talent management, diversity and inclusion, and internal communications. Prior to Los Angeles Capital Management, Peterson was at Yellowpages.com where she led HR initiatives for Engineering and other teams. Before Yellowpages.com, Peterson was the Head of HR for Idealab where she managed all HR operations and talent acquisition for Idealab and more than 150 of its portfolio companies. Peterson holds a B.A. in business management from Hartwick College. 

The new executives join Steve Schell, chief technology officer, and Vikas Tuteja, head of strategy and analytics, on Heliogen’s leadership team.

About Heliogen

Heliogen is a renewable energy technology company focused on eliminating the need for fossil fuels in all sectors of the economy and empowering a sustainable future. The company’s Sunlight Refinery™ aims to cost-effectively deliver near 24/7 carbon-free energy in the form of heat, power, and 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.

In November 2020, TIME included Heliogen’s HelioHeat™ technology on its Best Inventions of 2020 list. In April 2020, Fast Company selected Heliogen as a recipient of a 2020 World Changing Ideas Award for its technology. The company won the Energy category.

For more information about Heliogen, please visit Heliogen.com or @heliogeninc.

Heliogen Media Contact:
Leo Traub, Antenna Group for Heliogen
heliogen@antennagroup.com
+1.646.883.3562

Heliogen raises $108M to advance new non-intermittent renewable energy technology for heat, power, and green hydrogen

Heliogen raises $108M to advance new non-intermittent renewable energy technology for heat, power, and green hydrogen

Two funding rounds accelerate global deployment of Heliogen’s breakthrough AI-assisted concentrated solar thermal technology

PASADENA, Calif., June 15, 2021 – Heliogen, the renewable energy technology company unlocking the power of sunlight to replace fossil fuels, today announced that it has raised $108 million in two funding rounds to accelerate the global deployment of its Sunlight Refinery™, a turnkey concentrated solar energy system that aims to make carbon-free energy for high-temperature heat, power, and green hydrogen accessible and more cost-effective than fossil fuels for the first time. The company recently closed $83 million in funding, an oversubscribed round that is in addition to $25 million raised in the previous round. Among the new investors in Heliogen are ArcelorMittal, the world’s leading steel and mining company (NYSE: MT), Edison International, breakthrough scientific startup-focused venture capital firm Prime Movers Lab, Canada-based privately held venture capital fund Ocgrow Ventures, A.T. Gekko, a private investment group specializing in ESG Venture Capital, private investment partnership of industry-leading families 8090 Partners, Gordon Crawford, and technology, consumer, and media-focused investor Rashaun Williams.

In November 2019, Heliogen announced that it had successfully demonstrated the first commercial solution for utilizing concentrated solar energy to exceed temperatures greater than 1,000 degrees Celsius. The advanced computer vision software unique to the Sunlight Refinery precisely aligns an array of mirrors to reflect sunlight to a single target with unprecedented accuracy, delivering high-temperature, carbon-free thermal energy. The baseline system will provide industrial-grade heat that will be capable of replacing fossil fuels in processes including the production of cement, steel, and petrochemicals. Heliogen’s technology will also enable power generation through the addition of a supercritical CO2 turbine and green hydrogen fuel production in combination with an electrolyzer.

In March 2021, Heliogen and Rio Tinto (NYSE: RIO) announced a Memorandum of Understanding under the terms of which Heliogen will deploy its proprietary, artificial intelligence (AI)-powered technology at Rio Tinto’s borates mine in Boron, California. Heliogen will use heat from the sun to generate and store carbon-free energy to power the mine’s industrial processes, significantly reducing carbon emissions at the site.

Among Heliogen’s existing investors are leading global figures in the fight against the climate crisis, including Bill Gates, Patrick Soon-Shiong, the Los Angeles-based investor and entrepreneur through his investment firm, Nant Capital, Steve Case through Revolution’s The Rise of the Rest® Seed Fund, and Neotribe Ventures.

“This infusion of new support for Heliogen comes at a time when the paradigm shift toward clean energy is even further accelerated by the new realities the world is facing,” said Bill Gross, CEO and founder, Heliogen. “We’re being granted the resources to do more projects that address the most carbon-intensive human activities and work toward our goals of lowering the price and emissions of energy for everyone on the planet. We thank all of our investors for enabling us to pursue our mission and offer the world technology that will allow it to achieve a post-carbon economy.”

This significant investment accelerates Heliogen’s mission to mitigate the climate crisis through rapid deployment of its decarbonization technology, with funds to be applied towards the development of multiple Sunlight Refinery facilities, initially in the United States and later expanding to other regions with strong solar resources.

“Heliogen is providing steel producers with an exciting new technology which could make a valuable contribution to cutting carbon emissions,” said Pinakin Chaubal, Chief Technology Officer, ArcelorMittal. “Its technology holds the potential to complement our existing decarbonisation initiatives and efforts to secure a more sustainable footprint for our company.”

“Heliogen is leading the increased focus to a carbon-free world for our future generations with exceptional innovation,” said Harish Consul, founder and CEO, Ocgrow Ventures. “The Heliogen team continues to scale their concentrated solar energy solution, which shall have significant positive impact globally, for decades to come.”

“Heliogen’s technology, which will deliver near 24/7 carbon-free energy in the form of heat, power, and green hydrogen fuel at scale, is transformative for industries that want to use renewable energy and to do so cost-effectively,” said Dakin Sloss, founder and general partner, Prime Movers Lab. “The Heliogen team has developed a breakthrough innovation that will change the energy landscape and pave the way for a zero-carbon economy. Prime Movers Lab is inspired by Heliogen’s work to empower a sustainable civilization for generations to come.”

About Heliogen

Heliogen is a renewable energy technology company focused on eliminating the need for fossil fuels in all sectors of the economy and empowering a sustainable future. The company’s Sunlight Refinery™ aims to cost-effectively deliver near 24/7 carbon-free energy in the form of heat, power, and 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.

In November 2020, TIME included Heliogen’s HelioHeat™ technology on its Best Inventions of 2020 list. In April 2020, Fast Company selected Heliogen as a recipient of a 2020 World Changing Ideas Award for its technology. The company won the Energy category.

For more information about Heliogen, please visit Heliogen.com or @heliogeninc.

Heliogen Media Contact:
Isaac Steinmetz, Antenna Group for Heliogen
heliogen@antennagroup.com
+1.646.883.3562

ArcelorMittal makes first investment through its XCarb™ innovation fund

ArcelorMittal makes first investment through its XCarb™ innovation fund

Initial $10 million investment part of broader partnership established with Heliogen

ArcelorMittal (‘the Company’) today announces the completion of its first XCarb™ innovation fund investment since launching the initiative in March 2021. The Company has invested an initial $10 million in Heliogen, a renewable energy technology company which focuses on unlocking the power of sunlight to replace fossil fuels.

Heliogen’s technology will harness solar energy by using a field of mirrors which will act as a multi-acre magnifying glass to concentrate and capture sunlight. The sunlight will then be subsequently converted into heat (HelioHeat™), electricity (HelioPower™) or clean fuels (HelioFuel™).

All three Heliogen products have the potential to be applicable to the steelmaking process and support the steel industry’s transition to carbon-neutrality. HelioHeat™, for example, could be used to increase the temperature of air blown into a blast furnace, offsetting the use of fossil fuel. The Heliogen technology will also be capable of creating 100 per cent green hydrogen, which Heliogen is working to develop as its first HelioFuel™. Hydrogen sits at the heart of ArcelorMittal’s Innovative-DRI technology pathway, which involves using hydrogen instead of natural gas as the reductant in the production of direct reduced iron.

In addition to the $10 million investment, ArcelorMittal and Heliogen have signed a Memorandum of Understanding which aims to evaluate the potential of Heliogen’s products in several of ArcelorMittal’s steel plants.

Commenting, Pinakin Chaubal, Chief Technology Officer, ArcelorMittal, said:

“Developing and deploying breakthrough technologies is at the heart of our climate action strategy. While our own efforts are progressing well, the objective of our XCarb Innovation fund is to extend our reach and support companies developing technologies which could assist us on our decarbonisation journey. The technology Heliogen is developing has the potential to do exactly that.

“Moreover, the partnership we have established with Heliogen goes beyond investment. The MoU we have signed means we are actively exploring working with them to deploy their technologies in our steel plants, enhancing our ongoing programme of decarbonisation initiatives. Establishing partnerships of this kind has an important role to play in ensuring we succeed in our ambition to lead our industry’s efforts to decarbonise, and reach carbon-neutrality by 2050.”

Bill Gross, CEO and Founder, Heliogen, added:

“The future of our planet and civilization hinges on the global economy’s ability to shift from its reliance on fossil fuels to clean, renewable energy. We founded Heliogen to eliminate the need for fossil fuels in all sectors of the economy and to empower a sustainable future. We’re thrilled to welcome ArcelorMittal as an investor in the company.”

“We’re also excited to begin working with ArcelorMittal to explore how our technology can support its significant decarbonization efforts. Heliogen’s Sunlight Refinery™, which will cost-effectively deliver 24/7 carbon-free energy in the form of heat, electricity, or hydrogen fuels at scale for the first time in history, was designed for use by a spectrum of industries, including steel. Together, ArcelorMittal and Heliogen can meaningfully help the world achieve carbon neutrality.”

# # #

About ArcelorMittal

ArcelorMittal is the world’s leading steel and mining company, with a presence in 60 countries and primary steelmaking facilities in 17 countries. In 2020, ArcelorMittal had revenues of $53.3 billion and crude steel production of 71.5 million metric tonnes, while iron ore production reached 58.0 million metric tonnes.

Our goal is to help build a better world with smarter steels. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for electric vehicles and renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change. This is what we believe it takes to be the steel company of the future.

ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).

For more information about ArcelorMittal please visit: http://corporate.arcelormittal.com/

Contact information ArcelorMittal Investor Relations 
General+44 20 7543 1128
Retail+44 20 3214 2893
SRI+44 20 3214 2801
Bonds/Credit Tel and E-mail+33 171 921 026 | investor.relations@arcelormittal.com
Contact information ArcelorMittal Corporate Communications 
  Paul Weigh Tel and E-mail:    +44 20 3214 2419 | press@arcelormittal.com
Rio Tinto selects Heliogen’s breakthrough solar technology to provide carbon-free energy to Boron mine

Rio Tinto selects Heliogen’s breakthrough solar technology to provide carbon-free energy to Boron mine

March 24, 2021

LONDON and PASADENA, Calif. – International mining and metals company Rio Tinto and renewable energy technology company Heliogen today announced an agreement to explore the deployment of Heliogen’s breakthrough solar technology at Rio Tinto’s borates mine in Boron, California.

Under a Memorandum of Understanding, Heliogen will deploy its proprietary, artificial intelligence (AI)-powered technology at the Boron operation, where it will use heat from the sun to generate and store carbon-free energy to power the mine’s industrial processes. The two companies will begin detailed planning and securing government permits for the project, with the aim of starting operations from 2022. The companies will also use the Boron installation to begin exploring the potential for deployments of Heliogen’s technology at Rio Tinto’s other operations around the world to supply process heat, which accounted for 14 percent of Scope 1 & 2 emissions from the Group’s managed operations in 2020.

Heliogen’s high-temperature solar technology is designed to cost-effectively replace fossil fuels with sunlight for a range of industrial processes, including those used in mining. At Rio Tinto’s Boron mine, the company’s proprietary technology will use AI to control a network of mirrors that concentrate sunlight to capture energy used to make steam. Heliogen’s system will also store the captured energy in the form of heat, allowing it to power nighttime operations and providing the same uninterrupted energy stream offered by legacy fuels.

The Boron operation mines and refines borates into products ranging from fertilizers to construction materials and is producing lithium carbonate from a demonstration plant. The site currently generates steam using a natural gas cogeneration plant and natural gas fired boilers. Heliogen’s installation will supplement these energy sources by generating up to 35,000 pounds per hour of steam to power operations, with the potential to reduce carbon emissions at the Boron site by around 7 percent – equivalent to taking more than 5,000 cars off the road.  Rio Tinto will also be assessing the potential for larger scale use of the Heliogen technology at Boron to reduce the site’s carbon footprint by up to 24 percent.

Heliogen’s mission of slashing global carbon emissions by replacing fossil fuels with sunlight, as well as its focus on industrial sectors, made them an ideal partner for Rio Tinto, which is committed to decarbonizing its global operations.

Rio Tinto Chief Executive Jakob Stausholm said: “This partnership with Heliogen has the potential to significantly reduce our emissions at Boron by using this groundbreaking solar technology, and we look forward to exploring opportunities across our global portfolio.

“Addressing climate change effectively will require businesses, governments and society to work together through partnerships like this one, to explore innovative new solutions throughout the entire value chain. Our work with Heliogen is part of Rio Tinto’s commitment to spend approximately $1 billion on emissions reduction initiatives through to 2025 and our commitment to work with world-leading technology providers to achieve this goal.”

Heliogen CEO and Founder Bill Gross said: “Since its founding, Heliogen has been laser-focused on decarbonizing industrial sectors, including mining. As a result, this agreement with Rio Tinto is incredibly gratifying. We’re pleased to find a partner committed to cutting its contributions to climate change. We’re also pleased that Rio Tinto is exploring our technology to play an important role in helping reach its sustainability goals while dramatically reducing its energy costs. More broadly, we’re excited to take this important step as we pursue Heliogen’s goal of avoiding more than 1 gigaton of CO2 emissions – 3 percent of the world’s annual total – from the global economy by turning sunlight into an industrial energy source.”

About Rio Tinto

Rio Tinto produces high-quality iron ore, copper, aluminium and minerals that have an essential role in enabling the low-carbon transition. We divested the last of our coal businesses in 2018 and no longer extract fossil fuels.

We have publicly acknowledged the reality of climate change for over two decades and have reduced our emissions footprint by over 30 per cent in the decade to 2020.

We have set 2030 targets to reduce our absolute emissions by 15% and our emissions intensity by 30% relative to our 2018 baseline. These targets are consistent with a 45% reduction in absolute emissions, relative to 2010 levels, and the Intergovernmental Panel on Climate Change (IPCC) pathways to 1.5°C. They are supported by our commitment to spend approximately $1 billion on emissions reduction initiatives over the first five years of the ten-year target period. In 2020 we set new Scope 3 emissions reduction goals to guide our partnership approach across our value chain.

Read more about Our Approach to Climate Change here: www.riotinto.com/invest/reports/climate-change-report

About Heliogen

Heliogen is a renewable energy technology company focused on eliminating the need for fossil fuels in all sectors of the economy and empowering a sustainable future. The company’s proprietary technology cost-effectively delivers near 24/7 carbon-free energy in the form of heat, electricity, and 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.

In November 2020, TIME included Heliogen’s HelioHeat technology on its Best Inventions of 2020 list. In April 2020, Fast Company selected Heliogen as a recipient of a 2020 World Changing Ideas Award for its technology. The company won the Energy category.

For more information about Heliogen, please visit Heliogen.com or @HeliogenInc.

Contacts

Rio Tinto Media Relations
Matthew Klar
Matthew.klar@riotinto.com
+1 514 608 4429
Heliogen Media Relations
Leo Traub, Antenna Group for Heliogen
heliogen@antennagroup.com
+ 1 646 883 3562                                              

#   #   #