Heliogen, Inc. Set to Join Russell 3000® Index

Heliogen, Inc. Set to Join Russell 3000® Index

PASADENA, Calif. – June 21, 2022 — Heliogen, Inc. (“Heliogen”), a leading provider of AI-enabled concentrated solar energy technology, is set to join the broad-market Russell 3000Ò Index at the conclusion of the 2022 Russell indexes annual reconstitution, effective after the US market opens on June 27, according to a final list of index additions posted June 17.

Membership in the US all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000Ò Index or small-cap Russell 2000Ò Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.

“The inclusion of Heliogen in the Russell indexes is further evidence of our company’s growth and progress since our public listing in December,” said Bill Gross, Founder and Chief Executive Officer of Heliogen. “The Heliogen team looks forward to continually increasing our market presence, and speaking with an ever broadening range of investors interested in decarbonizing heavy industry worldwide.”

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

For more information on the Russell 3000® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell 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 energy 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 FTSE Russell:

FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.

FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $20 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives.

A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.

FTSE Russell is wholly owned by London Stock Exchange Group.

For more information, visit www.ftserussell.com.

Heliogen Investor Contact:

Louis Baltimore

VP, Investor Relations

Louis.Baltimore@heliogen.com

Heliogen Media Contact:

Cory Ziskind

ICR, Inc.

HeliogenPR@icrinc.com

Heliogen, Inc. Set to Join Russell 3000® Index

Heliogen, Inc. Announces First Quarter 2022 Financial and Operational Results; Reports Progress on Deployment of Commercial-Scale Solar Energy Systems

Reaffirms 2022 Guidance

PASADENA, CA, May 23, 2022 – Heliogen, Inc. (“Heliogen”) (NYSE: HLGN), a leading provider of AI-enabled concentrated solar energy technology, today provided its first quarter 2022 financial and operational results and reaffirmed its previously announced guidance for 2022.

First Quarter 2022 Highlights

  • Signed full project agreement with Woodside Energy (USA) Inc. (“Woodside”) for the commercial-scale demonstration and deployment of Heliogen’s AI-enabled concentrated solar energy technology
  • Entered into a collaboration agreement with Woodside to jointly market Heliogen’s technology in Australia
  • Began site preparation and setup for its first full-scale manufacturing facility in Long Beach, California

Recent Highlights

  • Finalized and executed a lease for Brenda Solar Energy Zone with U.S. Bureau of Land Management
  • Announced partnership with Hanwha Power Systems for the production of a 5 megawatt electric (MWe) next-generation supercritical CO2 power block integrated with high-temperature solid media thermal energy storage designed by Heliogen and to be deployed with the Woodside project
  • Reported significant progress in the operationalization of the Long Beach manufacturing facility

Executive Commentary

“Heliogen’s progress in deploying our groundbreaking solar energy technology with world class partners continued at a rapid pace during the first quarter of this year,” said Bill Gross, Founder and Chief Executive Officer of Heliogen. “The momentum we built during 2021 has put us in a great position to maintain our trajectory in 2022 and continue meeting milestones on our path to deployment of solar energy systems for heavy industry. We remain on track to achieve our financial and operational goals this year, which will serve as the foundation for our continued growth in 2023 and beyond.”

“During the first quarter, we finalized and signed the full project agreement with Woodside for our first commercial-scale, single-module 5 MWe facility,” continued Gross. “We continue to make great progress with several other potential customers including global metals and mining company Rio Tinto. I’m also pleased with the discussions taking place with Woodside as we kick off our collaboration effort to jointly market Heliogen’s technology in Australia.”

“On the manufacturing and development side, we have made rapid progress on the build-out of our facility in Long Beach, California. Multiple fully-automated pilot production lines are now operational along with the vast majority of our reliability and testing lab. We remain on track for the main production lines to be operational in the second half of this year. The impressive progress our production team has made on this facility is a testament to their ingenuity and efficiency, which we expect to apply across all manufacturing, installation and operational efforts,” concluded Gross.

2022 Guidance Reaffirmed

Heliogen today also reaffirmed its previously announced 2022 guidance of between two and three modules contracted and $20 – $25 million of revenue. Heliogen believes the number of modules contracted is the most useful indicator of  demand for its products and technology at this stage in its lifecycle. Over time, Heliogen 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.

First Quarter 2022 Financial Results

For the first quarter 2022, Heliogen reported total revenue of $3.5 million, total operating expenses of $30.0 million and net loss of $59.0 million. Heliogen’s net loss was driven primarily by a non-cash provision for contract losses of $33.8 million related to its first commercial-scale facility and non-cash share-based compensation expense of $13.0 million. Heliogen’s Adjusted EBITDA, which excludes these and other impacts, was negative $16.3 million for the first quarter 2022.

Conference Call Information

The Heliogen management team will host a conference call to discuss its first quarter 2022 financial results on Monday, May 23, 2022, at 10:00 a.m. EDT. 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 1-877-407-0789 (1-201-689-8563 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.

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. Heliogen’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 they provide improved comparability between periods through the exclusion of certain items that we believe are not indicative of our core operating performance, enhance the overall understanding of our past financial performance and future prospects, and remove items 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 production facilities, maintaining our trajectory in 2022, achieving our financial and operational goals, progress with potential customers 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 disclosed in the “Risk Factors” section in Part I, Item 1A in our Annual Report on Form 10-K/A for the annual period ended December 31, 2021 and other documents filed by Heliogen 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 Investor Contact

Louis Baltimore

Investor Relations

Louis.Baltimore@Heliogen.com

Heliogen Media Contact:

Cory Ziskind

ICR, Inc.

HeliogenPR@icrinc.com

Heliogen, Inc.

($ in thousands, except share data)

Condensed Consolidated Balance Sheets

(unaudited)

 March 31, December 31,
 2022 2021
ASSETS   
Cash and cash equivalents$           63,615 $         190,081
Investments, available-for-sale           128,269              32,332
Other current assets             20,973                4,770
Total current assets           212,857            227,183
Non-current assets             43,310              30,265
Total assets$         256,167 $         257,448
LIABILITIES AND SHAREHOLDERS’ EQUITY   
Trade payables$             2,294 $             4,645
Contract liabilities               7,866                   513
Contract loss provisions             34,188                   397
Other current liabilities               6,266                6,974
Total current liabilities             50,614              12,529
Long-term liabilities             28,250              30,861
Total liabilities             78,864              43,390
Shareholders’ equity           177,303            214,058
Total liabilities, convertible preferred stock, and shareholders’ equity$         256,167 $         257,448

Heliogen, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

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

(unaudited)

 Three Months Ended March 31,
 2022 2021
Revenue$             3,539 $                516
Cost of revenue             37,261                   516
Gross loss            (33,722)                     —
    
Operating expenses:   
Selling, general, and administrative             20,395                2,152
Research and development               9,605                1,608
Total operating expenses             30,000                3,760
Operating loss            (63,722)               (3,760)
    
Interest income, net                  194                     40
Gain (loss) on warrant remeasurement               4,026                  (303)
Other expense, net                   (76)                    (33)
Net loss before taxes            (59,578)               (4,056)
Income tax benefit                  610                     —
Net loss            (58,968)               (4,056)
Other comprehensive loss, net of taxes   
Unrealized losses on available-for-sale securities                 (379)                    (12)
Cumulative translation adjustment                     (1)                     —
Total comprehensive loss$         (59,348) $            (4,068)
    
Loss per share   
Loss per share – Basic and Diluted$              (0.32) $              (0.42)
Weighted average number of shares outstanding – Diluted    184,031,015         9,763,675

Non-GAAP Financial Measures

EBITDA represents condensed 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:

 Three Months Ended March 31,
$ in thousands2022 2021
Net loss$         (58,968) $            (4,056)
Adjustments   
Interest income, net                 (194)                    (40)
Income tax benefit                 (610)                     —
Depreciation and amortization                  760                     54
EBITDA$         (59,012) $            (4,042)
Adjustments   
(Gain) loss on warrant remeasurement(1)              (4,026)                   303
Share-based compensation             12,982                   211
Provision for contract losses, net(2)             33,766                     —
Adjusted EBITDA$         (16,290) $            (3,528)

__________________

(1) Represents the change in fair value on our warrant liabilities for the outstanding warrants that we assumed in our business combination with Athena Technology Acquisition Corp.

(2) Represents contract losses related to three contracts with customers for which estimated costs to satisfy performance obligations exceeded considerations expected to be realized.

Heliogen, Inc. Set to Join Russell 3000® Index

Heliogen to Restate Full Year 2021 Financials; First Quarter 2022 Results and Conference Call Now Scheduled for May 23rd

PASADENA, CA, May 16, 2022 – Heliogen, Inc. (the “Company”) (NYSE:HLGN), a leading provider of AI-enabled concentrated solar energy technology, today announced that it will restate its full-year 2021 financial statements. The restatement, which has no material impact on the Company’s operations, prospects, or liquidity, stems from a revised accounting for one of the Company’s contracts.

As part of the Company’s accounting for revenue contracts with customers during the first quarter of 2022, management, in consultation with its independent registered public accounting firm, considered ongoing contracts that were entered into and accounted for during the year ended December 31, 2021. During this evaluation, it was determined that a government contract which had previously been assessed as within the scope of ASC 606, Revenue from Contract with Customers (“ASC 606”), should have been accounted for as a government grant and therefore not within the scope of ASC 606. The impact of this revised conclusion results in the reversal of a contract loss recognized in the fourth quarter of 2021, which results in a reduction in net loss as compared to the net loss reported in the Company’s previously issued financial statements, and re-evaluation of revenue and costs presented for this contract. The reconsideration of the government contract as a government grant will change the timing and nature of reporting for the contract but will not change the expected overall economics of the contract.

The Company’s Audit Committee made the restatement decision in consultation with management and the Company’s independent registered public accounting firm. As a result of the restatement, investors should no longer rely upon the Company’s previously issued financial statements for the period set forth above, earnings releases for such period, and other communications relating to the financial statements. The impact of the restatement described above is preliminary and subject to change, and will be finalized with the filing of the Company’s amended 10-K.

First Quarter 2022 Earnings and Conference Call Details

The Company will release its first quarter 2022 results prior to the market open on May 23, 2022, and will host a conference call at 10:00am EST on May 23, 2022. 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 1-877-407-0789 (1-201-689-8562 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, Inc. 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 includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as “believes,” “expects,” “intends,” “plans,” “estimates,” “assumes,” “may,” “should,” “will,” “seeks,” or other similar expressions. Such statements may include, but are not limited to, statements regarding the impact of the Company’s restatement of certain historical financial statements and the Company’s financial position, operations or liquidity. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties that may cause actual results to differ significantly, including that the process of preparing the restated financials or other subsequent events would require the Company to make additional adjustments to its previously issued financial statements. The Company does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.

Heliogen Investor Contact:

Louis Baltimore

VP, Investor Relations

Louis.Baltimore@heliogen.com

Heliogen Media Contact:

Cory Ziskind

ICR, Inc.

HeliogenPR@icrinc.com

Heliogen, Inc. Set to Join Russell 3000® Index

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. Set to Join Russell 3000® Index

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. Set to Join Russell 3000® Index

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