Heliogen, Inc. Announces Completion of Business Combination with Athena Technology Acquisition Corp.

Heliogen, Inc. Announces Completion of Business Combination with Athena Technology Acquisition Corp.

Results in approximately $188 million of gross cash proceeds to Heliogen

Accelerates and advances Heliogen’s mission to empower a sustainable civilization with low-cost solar energy that makes clean power more affordable than fossil fuels

Heliogen’s shares to begin trading on the NYSE tomorrow, December 31, 2021 under ticker “HLGN”

PASADENA, CA – December 30, 2021 – Heliogen Inc. (“Heliogen” or the “Company”), a leading provider of AI-enabled concentrated solar power, today announced that it has completed its previously announced business combination with Athena Technology Acquisition Corp. (“ATHN”).

The transaction was unanimously approved by ATHN’s Board of Directors and was approved at a special meeting of ATHN stockholders on December 28, 2021. More than 91% of the votes cast at the special meeting were in favor of approval of the business combination. ATHN stockholders also voted to approve all other proposals presented at the special meeting.

Concurrent with the completion of its business combination, the combined company changed its name from “Athena Technology Acquisition Corp.” to “Heliogen Inc.” Commencing at the open of trading on December 31, 2021, Heliogen Inc.’s Class A common stock and Heliogen Inc.’s warrants are expected to commence trading on The New York Stock Exchange under the symbols “HLGN” and “HLGNW,” respectively.

Company Background

Founded in 2013, 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 industrial customers.

The Company’s proprietary heliostat layout and control system facilitate concentration of the sun’s rays and have the ability to generate temperatures at the point of focus that can exceed 1,000 degrees centigrade. This heat can then be captured, stored 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.

Since announcing the business combination with ATHN on July 7, 2021, Heliogen has announced significant commercial progress including:

  • Collaboration with Woodside on a breakthrough solar technology project to reduce carbon emissions. Heliogen has been granted by Woodside a Limited Notice To Proceed (“LNTP”) to begin procurement of key equipment for a 5 megawatt (MW) commercial-scale demonstration facility in California. The proposed facility will use Heliogen’s AI-enabled concentrated solar technology.
  • In partnership with Bloom Energy, the generation of green hydrogen by integrating the companies’ technologies – Heliogen’s concentrated solar energy system and the Bloom Electrolyzer. The recent successful demonstration in Lancaster, California produced hydrogen and showcased the many benefits of combining the companies’ complementary technologies to achieve low-cost green hydrogen production.
  • A new technological breakthrough in the production of low-cost renewable energy. In field tests at Heliogen’s Lancaster, California facility, the Company successfully completed the first technical demonstration of an autonomous field maintenance system, Heliogen’s Installation & Cleaning Autonomous Robot & Utility Solution, or ICARUS. By bringing the same advanced technologies that enable its AI-enabled concentrated solar power systems to the task of installing and maintaining those systems, the Company’s latest innovation is expected to significantly reduce the time to deploy its concentrated solar facilities, as well as the costs associated with construction and ongoing maintenance.
  • Finalized a $39 million award from the U.S. Department of Energy (“DOE”) to deploy the Company’s breakthrough renewable energy technology in California. Heliogen will apply the funds received from the DOE towards a commercial-scale facility leveraging its AI-enabled concentrated solar technology.
  • Collaboration with CarbonCapture to develop sustainably-powered direct air capture (DAC) facilities. The companies intend to kick off front-end engineering for the integration of Heliogen’s concentrated solar power and solid media thermal storage systems with CarbonCapture’s carbon removal technology to efficiently and cost-effectively harness the industrial heat production capabilities of Heliogen systems for use in CarbonCapture DAC systems.

Management Commentary

Bill Gross, Founder and Chief Executive Officer of Heliogen, commented: “Powering the planet with renewable energy is not only critical to fighting climate change – it is also the biggest economic opportunity in history. The capital raised in this transaction will fund our accelerated growth and help us to globally scale our game changing AI-enabled concentrated solar power technology.  We believe we have the potential to transform the world’s energy production and meaningfully address climate change, while delivering long-term stakeholder value.  With our talented and dedicated team, a world-class Board of Directors, our strong customer and partner relationships, a growing customer pipeline, and technology that is in high demand globally, I couldn’t be more optimistic about Heliogen’s ability to deliver on our mission of replacing fossil fuels with concentrated sunlight.”

Phyllis Newhouse, former CEO of Athena Technology Acquisition Corp. and member of the Heliogen board of directors, commented: “We’re extremely proud to achieve this milestone and begin the next chapter in Heliogen’s growth story. Our original mission at Athena was to work with thought leaders and technology innovators whose pioneering solutions will support both industry and society. With the closing of our business combination today, we’re moving one step closer to a healthier world where fossil fuels are replaced by cleaner sources of power.” 

Transaction Overview

The transaction resulted in approximately $188 million of cash to Heliogen’s balance sheet, comprised of both funds from ATHN’s former trust account and a private investment in public equity (PIPE). The PIPE is anchored by funds and accounts managed by Counterpoint Global (Morgan Stanley), Salient Partners, Saba Capital, and the XCarb Innovation Fund of ArcelorMittal.

In addition to the proceeds from this transaction, the Company has previously disclosed the conversion to common shares of $83.4 million in SAFE financing upon closing of the business combination.

Heliogen Inc. will use the proceeds 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.

Leadership

Heliogen’s existing senior management team will continue to lead the combined company, including Bill Gross (Chief Executive Officer; Director), Christie Obiaya (Chief Financial Officer), Steve Schell (Chief Technology Officer and Chief Engineer) and Tom Doyle (Chief Commercial Officer).

Heliogen Inc.’s Board of Directors will be comprised of a majority of independent directors, namely Phyllis Newhouse, Stacey Abrams, Paddy Padmanathan, Julie Kane, Robert Kavner and David Crane. Heliogen CEO Bill Gross will serve as the only non-independent director.

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.

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 the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. 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) the ability to obtain or maintain the listing of Heliogen’s common stock on the New York Stock Exchange following the business combination; (ii) the risk that the proposed transaction disrupts current plans and operations as a result of the announcement and consummation of the business combination; (iii) the outcome of any legal proceedings that may be instituted against Heliogen or others following the business combination; (iv) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, the ability of Heliogen to grow and manage growth profitably, maintain relationships with customers, compete within its industry and retain its key employees; (v) costs related to the proposed business combination; (vi) changes in applicable laws or regulations; (vii) the effect of the COVID-19 pandemic on Heliogen’s business; (viii) the ability of Heliogen to execute its business model, including market acceptance of its planned products and services and achieving sufficient production volumes at acceptable quality levels and prices; (ix) Heliogen’s ability to raise capital; (x) the possibility that Heliogen may be adversely impacted by other economic, business, and/or competitive factors; and (xi) future exchange and interest rates. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the registration statement on Form S-4, as amended through November 19, 2021, in the definitive proxy statement / prospectus, dated December 3, 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. No assurance is given that the combined company, will achieve its expectations.

Athena Technology Acquisition Corp. Contacts

For Media:

Berns Communications Group
AthenaPR@bcg-pr.com

Heliogen Contacts

For Media:
Press@Heliogen.com

For Investors:

Caldwell Bailey

ICR, Inc.

HeliogenIR@icrinc.com

Athena Technology Acquisition Corp. Announces Stockholder Approval of Business Combination with Heliogen, Inc.

Athena Technology Acquisition Corp. Announces Stockholder Approval of Business Combination with Heliogen, Inc.

KENNESAW, Ga. & PASADENA, Calif. – Athena Technology Acquisition Corp. (NYSE: ATHN) (“ATHN”), a publicly-traded special purpose acquisition company, today announced that its stockholders voted to approve the previously announced business combination with Heliogen, Inc. (“Heliogen”) at ATHN’s special meeting of stockholders (the “Special Meeting”) held today, December 28, 2021.

More than 91% of the votes cast at the Special Meeting were in favor of the approval of the business combination. ATHN stockholders also voted to approve all other proposals presented at the Special Meeting. ATHN plans to file the results of the Special Meeting, as tabulated by an independent inspector of elections, on a Form 8-K with the Securities and Exchange Commission tomorrow.

Subject to the satisfaction of certain other closing conditions, the business combination is expected to close on December 30, 2021. Following the closing, the combined company will be renamed “Heliogen, Inc.” and its common stock and warrants are expected to commence trading on the New York Stock Exchange under the symbols “HLGN” and “HLGNW,” respectively, on December 31, 2021.

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.

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 the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. 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) the occurrence of any event, change or other circumstances that could give rise to the termination of the business combination agreement; (ii) the outcome of any legal proceedings that may be instituted against Athena, Heliogen or others following announcement of the business combination; (iii) the inability to complete the transactions contemplated by the business combination agreement; (iv) the ability to obtain or maintain the listing of Heliogen’s common stock on the NYSE following the business combination; (v) the risk that the proposed transaction disrupts current plans and operations as a result of the announcement and consummation of the business combination; (vi) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, the ability of Heliogen to grow and manage growth profitably, maintain relationships with customers, compete within its industry and retain its key employees; (vii) costs related to the proposed business combination; (viii) changes in applicable laws or regulations; (ix) the effect of the COVID-19 pandemic on Heliogen’s business; (x) the ability of Heliogen to execute its business model, including market acceptance of its planned products and services and achieving sufficient production volumes at acceptable quality levels and prices; (xi) Heliogen’s ability to raise capital; (xii) the possibility that Heliogen may be adversely impacted by other economic, business, and/or competitive factors; and (xiii) future exchange and interest rates. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the registration statement on Form S-4, as amended through November 19, 2021, in the definitive proxy statement / prospectus, dated December 3, 2021 and other documents filed by Athena 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 Athena and Heliogen assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Athena nor Heliogen gives any assurance that either Athena or Heliogen, or the combined company, will achieve its expectations.

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

Heliogen Contacts
For Media:
Press@Heliogen.com

For Investors:
Caldwell Bailey
ICR, Inc.
HeliogenIR@icrinc.com

Heliogen, a leading provider of AI-enabled concentrated solar energy, announces collaboration with CarbonCapture Inc. to develop facilities that remove carbon dioxide directly from the atmosphere

Heliogen, a leading provider of AI-enabled concentrated solar energy, announces collaboration with CarbonCapture Inc. to develop facilities that remove carbon dioxide directly from the atmosphere

PASADENA, Calif., December 22, 2021 — Heliogen, Inc. (“Heliogen”), a leading provider of AI-enabled, modular concentrated solar energy systems, today announced plans to collaborate with CarbonCapture Inc. (“CarbonCapture”) to develop sustainably-powered direct air capture (DAC) facilities.

As part of the relationship, the companies intend to kick off front-end engineering for the integration of Heliogen’s concentrated solar power and solid media thermal storage systems with CarbonCapture’s carbon removal technology. The aim of the development efforts would be to efficiently and cost-effectively harness the industrial heat production capabilities of Heliogen systems for use in CarbonCapture DAC systems.

“Heliogen’s revolutionary concentrated solar systems pair well with our breakthrough DAC technology — they are both modular, so they can be quickly sited and rapidly scaled,” said CarbonCapture CEO, Adrian Corless. “Providing clean energy to our DAC systems allows for highly efficient carbon removal—which is exactly what’s needed to maximize our ability to mitigate the effects of climate change.”

Both companies were founded under a decarbonization mission: Heliogen to decarbonize industry and CarbonCapture to decarbonize the atmosphere. The companies work toward complementary ends — Heliogen in reducing the pace and quantity of industrial carbon emissions and CarbonCapture in removing legacy emissions from the atmosphere.  Both companies also grew out of Idealab Studio, another venture of Idealab founder and Heliogen CEO, Bill Gross.

“My goal in starting Heliogen was to improve the planet for my kids, and future generations, by producing clean energy to power industry,” said Bill Gross, CEO of Heliogen. “I am excited to bring the complementary technologies of CarbonCapture and Heliogen together. Direct air capture will be an important tool in the removal of carbon dioxide from the Earth’s atmosphere, and the reversal of some of the worst impacts of climate change. Powering that effort through clean, reliable, and near-always available solar generated power and heat multiplies the good we can do for the world.”

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.

On July 6, 2021, Heliogen entered into 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: heliogen.com/investor-center.

About Carbon Capture, Inc. (CarbonCapture)

Based in Los Angeles, California, CarbonCapture is a direct air capture (DAC) company that makes modular machines that can be connected in large arrays to capture massive amounts of CO2 directly from the atmosphere. The company has developed breakthrough technical innovations that, for the first time, enable the use of widely available, inexpensive, non-toxic zeolites as an atmospheric carbon sponge. CarbonCapture focuses on negative emissions applications; it does not use its technology to reduce emissions from smokestacks or to support the production of fossil fuels.

For more information on CarbonCapture, please visit carboncapture.com.

Additional Information and Where to Find It

In connection with the proposed business combination, Athena Technology Acquisition Corp. (“Athena”) has filed with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 that has been declared effective by the SEC, which includes a prospectus of Athena with respect to the securities to be issued in connection with the business combination with Heliogen, Inc. (“Heliogen”) and a definitive proxy statement of Athena with respect to the special meeting of stockholders to be held to approve, among other things, the proposed business combination and related transactions (“Special Meeting”). The combined proxy statement/prospectus relating to the proposed business combination was mailed to Athena’s stockholders on or about December 6, 2021. 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. 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 the definitive proxy statement/prospectus and other documents filed in connection with Athena’s solicitation of proxies for its Special Meeting because these materials contain important information about Heliogen, Athena and the proposed business combination and related transactions. The definitive proxy statement/prospectus and other relevant materials for the proposed business combination were mailed to stockholders of Athena as of November 23, 2021. 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 are contained in the definitive proxy statement/prospectus related to the proposed business combination and related transactions, 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.

Heliogen Media Contact:

press@heliogen.com

Heliogen Investor Contact

Caldwell Bailey

ICR, Inc.

HeliogenIR@icrinc.com

CarbonCapture Media Contact:

Al Duncan

al@idealab.com

Heliogen, a leading provider of AI-enabled concentrated solar energy, announces collaboration with CarbonCapture Inc. to develop facilities that remove carbon dioxide directly from the atmosphere

Heliogen finalizes $39 million award from the U.S. Department of Energy for deployment of AI-enabled concentrated solar technology

Integration with Supercritical Carbon Dioxide Power Cycle Expected to Drive Commercial Adoption of Breakthrough Carbon-free Technologies

PASADENA, Calif., December 20, 2021 — Heliogen, Inc. (the “Company” or “Heliogen”), a leading provider of AI-enabled concentrated solar power, today announced it has finalized a $39 million award from the U.S. Department of Energy (“DOE”) to deploy the Company’s breakthrough renewable energy technology in California.

The Company will apply the funds received from the DOE towards a commercial-scale facility leveraging its AI-enabled concentrated solar technology. In particular, the DOE funds will support the implementation of Heliogen’s unique concentrated solar technology which couples its AI-powered heliostat field with a supercritical carbon dioxide (sCO2) power cycle. To do this, Heliogen’s AI-powered heliostat field will efficiently generate higher temperatures than traditional concentrated solar, enabling the cost-effective integration of a sCO2 power cycle. Steam-based power cycles are typically used in thermal energy plants to convert heat into electricity, but advanced sCO2 cycles will reach higher efficiencies at lower cost with a smaller footprint and reduced water use. 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.

“We’re proud to lead the way for clean energy through the deployment of breakthrough technologies that utilize sunlight to displace fossil fuels,” said Heliogen Founder and CEO, Bill Gross. The large and ambitious scope of this DOE award adds momentum to deployment of Heliogen’s breakthrough AI-enabled, modular concentrated solar solution for carbon-free energy at scale.”

The DOE’s Solar Energy Technologies Office – which supports projects that are expected to improve the affordability, reliability, and value of solar technologies on the U.S. grid and tackle emerging challenges in the solar industry – previously announced Heliogen’s selection to begin negotiating the award on November 12, 2020.

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.

On July 6, 2021, Heliogen entered into 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: heliogen.com/investor-center/.

Additional Information and Where to Find It

In connection with the proposed business combination, Athena Technology Acquisition Corp. (“Athena”) has filed with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 that has been declared effective by the SEC, which includes a prospectus of Athena with respect to the securities to be issued in connection with the business combination with Heliogen, Inc. (“Heliogen”) and a definitive proxy statement of Athena with respect to the special meeting of stockholders to be held to approve, among other things, the proposed business combination and related transactions (“Special Meeting”). The combined proxy statement/prospectus relating to the proposed business combination was mailed to Athena’s stockholders on or about December 6, 2021. 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. 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 the definitive proxy statement/prospectus and other documents filed in connection with Athena’s solicitation of proxies for its Special Meeting, because these materials contain important information about Heliogen, Athena and the proposed business combination and related transactions. The definitive proxy statement/prospectus and other relevant materials for the proposed business combination were mailed to stockholders of Athena as of November 23, 2021. 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 are contained in the definitive proxy statement/prospectus related to the proposed business combination and related transactions, 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.

Heliogen Media Contact:

Leo Traub, Antenna Group for Heliogen

heliogen@antennagroup.com  

+ 1 646 883 3562

Heliogen Investor Contact

Caldwell Bailey

ICR, Inc.

HeliogenIR@icrinc.com

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Heliogen demonstrates AI-powered autonomous robot, ICARUS, designed to lower installation and maintenance costs of full-scale concentrated solar plants

Heliogen demonstrates AI-powered autonomous robot, ICARUS, designed to lower installation and maintenance costs of full-scale concentrated solar plants

ICARUS, Heliogen’s Installation & Cleaning Autonomous Robot & Utility Solution, is Expected to be Enhanced and Deployed Across Heliogen’s Full-Scale Facilities by 2023

PASADENA, Calif., December 9, 2021 — Heliogen (the “Company”), a leading provider of AI-enabled concentrated solar power, today announced a new technological breakthrough in the production of low-cost renewable energy. In field tests at Heliogen’s Lancaster, California facility, the Company successfully completed the first technical demonstration of an autonomous field maintenance system, Heliogen’s Installation & Cleaning Autonomous Robot & Utility Solution, or ICARUS. By bringing the same advanced technologies that enable its AI-enabled concentrated solar power systems to the task of installing and maintaining those systems, the Company’s latest innovation is expected to significantly reduce the time to deploy its concentrated solar facilities, as well as the costs associated with construction and ongoing maintenance.

Heliogen’s concentrated solar facilities employ arrays of mirrored heliostats that require upkeep and cleaning to ensure peak optical performance and a high level of energy generation efficiency. With traditional solar plants, conventional manual cleaning methods are expensive and labor-intensive, and as such, are only completed once every few months. To improve cost savings and operational efficiency, Heliogen designed the ICARUS system, which utilizes GPS, ultrasonic rangefinders and light detection and ranging (LIDAR) sensors for completely autonomous operation, while also collecting performance data to achieve operational and cost efficiency for the entire lifecycle of the mirror field. The ICARUS system is designed to autonomously clean a field of mirrors on a predetermined schedule, keeping the system at peak performance with minimal human intervention required.

In addition to cleaning and maintenance operations, ICARUS can also be used to reduce the cost of system installation by autonomously delivering heliostats from an assembly or inventory location to the field and installing them with an accuracy of up to two centimeters. The ICARUS system can then record and transmit the installation position to the field model, improving the accuracy of the field control software and removing the need for expensive calibration. Heliogen’s future solar plant installations developed with ICARUS could be built around the clock, day or night, with computer-vision precision and with minimal physical labor.

ICARUS is designed to handle both structured and unstructured environments, maneuvering through varying topographies with ease. The system also has built-in obstacle detection and avoidance, so anything that suddenly appears in its path – whether people, animals, or debris – will be recognized and automatically avoided.

“Heliogen has pioneered the unique combination of hardware and software to drive up performance and drive down the costs of its concentrated solar systems. By taking advantage of huge boosts in processing power due to the advances of Moore’s Law, AI, computation, and computer vision, Heliogen aims to make solar energy more affordable than ever before,” said Bill Gross, founder and CEO of Heliogen. “This first technical demonstration of ICARUS is a leap forward in realizing Heliogen’s mission to replace fossil fuels with concentrated sunlight – cost-effectively and at scale.”

Heliogen’s breakthrough concentrated solar energy system utilizes AI to precisely align its mirrors with unprecedented accuracy, delivering carbon-free energy in the form of heat, power, or green hydrogen fuel. Harnessing the same advancements in AI and automation, ICARUS is designed to streamline the installation and maintenance of Heliogen’s future full-scale concentrated solar plants to bring down the cost of renewable energy for commercial and industrial applications. ICARUS is expected to be deployed across Heliogen’s full-scale facilities by 2023.

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.

On July 6, 2021, Heliogen entered into 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: heliogen.com/investor-center.

Additional Information and Where to Find It

In connection with the proposed business combination, Athena Technology Acquisition Corp. (“Athena”) has filed with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 that has been declared effective by the SEC, which includes a prospectus of Athena with respect to the securities to be issued in connection with the business combination with Heliogen, Inc. (“Heliogen”) and a definitive proxy statement of Athena with respect to the Special Meeting. The combined proxy statement/prospectus relating to the proposed business combination will be mailed to Athena’s stockholders on or about December 6, 2021. 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. 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 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 contain important information about Heliogen, Athena and the proposed business combination and related transactions. The definitive proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to stockholders of Athena as of November 23, 2021. 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 are contained in the definitive proxy statement/prospectus related to the proposed business combination and related transactions, 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.

Heliogen Media Contact:

Leo Traub, Antenna Group for Heliogen

heliogen@antennagroup.com  

+ 1 646 883 3562

Heliogen Investor Contact

Caldwell Bailey

ICR, Inc.

HeliogenIR@icrinc.com

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Heliogen, a leading provider of AI-enabled concentrated solar energy, announces collaboration with CarbonCapture Inc. to develop facilities that remove carbon dioxide directly from the atmosphere

Heliogen Announces Nominations of Luminaries Stacey Abrams and Phyllis Newhouse to Its Post-Combination Board of Directors

Abrams and Newhouse bring extensive talent, expertise and relationships to advance Heliogen’s mission of replacing fossil fuels with concentrated sunlight

PASADENA, CA, November 29, 2021 – Heliogen, Inc. (“Heliogen”), a leading provider of AI-enabled concentrated solar power, today announced that Stacey Abrams and Phyllis Newhouse have been nominated to join Heliogen’s Board of Directors upon closing of the company’s business combination with Athena Technology Acquisition Corp. (NYSE: ATHN).

“We are incredibly fortunate to have Stacey and Phyllis join Heliogen’s post-combination Board,” said Bill Gross, Founder and Chief Executive Officer of Heliogen. “Both Stacey and Phyllis are trailblazers and thought leaders in their respective fields, with talent, expertise and relationships that will greatly benefit Heliogen as we transition to a public company and scale our technology globally. Through our collaboration with Athena, Phyllis has already delivered extensive value to Heliogen, and Stacey is one of our country’s most dynamic and inspiring public figures, who has consistently championed the protection of our environment while advocating for policies that address climate change and drive economic development. We are forming a world-class Board of Directors to partner with our outstanding executive leadership team, and the additions of Stacey and Phyllis will be invaluable to advance Heliogen’s mission of replacing fossil fuels with concentrated sunlight.”

Stacey Abrams serves as the chief executive officer of Sage Works Production, Inc. In addition, Ms. Abrams has served as the founder and executive director of Southern Economic Advancement Project since 2019. From 2007 to 2017, Ms. Abrams served as a State Representative of the Georgia General Assembly and as the minority leader from 2011 to 2017. She has been the chief executive officer of Sage Works, LLC since September 2002. She previously served as the chief executive officer of the Third Sector Development from August 1998 until March 2019, and as Senior Vice President of NOWaccount Network Corporation from 2010 to 2016. Ms. Abrams received a B.A. in Interdisciplinary Studies from Spelman College, a Master of Public Affairs from the University of Texas Lyndon B. Johnson School of Public Affairs, and a J.D. from Yale University.

“Climate change is one of the greatest challenges of the 21st century,” said Abrams.  “To respond, we must develop and scale innovative solutions that decarbonize our planet while creating economic opportunity and prosperity for all.  Technologies like those pioneered by Heliogen offer a dynamic answer, and I am proud to join Bill, Phyllis and the talented Heliogen team on its mission to empower a sustainable civilization with low-cost solar energy that makes clean power more affordable and accessible.”

Phyllis Newhouse is an entrepreneur; retired military senior non-commissioned officer; mentor, founder and CEO of Atlanta-based cybersecurity firm XtremeSolutions; and a founder, CEO and Director of Athena Technology Acquisition Corp. While serving in the US Army on various assignments, Ms. Newhouse focused on national security and worked on several projects that outlined the Cyber Espionage Task Force. In 2002, she founded XtremeSolutions, which offers a wide range of IT expertise and provides industry-leading information technology and cybersecurity services and solutions. The company has employees in 42 states and 40% of its workforce is made up of veterans.

In 2019, Ms. Newhouse co-founded ShoulderUp, a nonprofit dedicated to connecting and supporting women in their entrepreneurial journeys. She currently serves on the boards of the Technology Association of Georgia and Sabre Corporation and is a member of the Business Executives for National Security. She also serves on the executive board and is a member of the Women Presidents’ Organization and serves on the board of Girls Inc. Ms. Newhouse holds a B.A. in Liberal Arts Science from Saint Leo College and is a graduate of the Institute of Entrepreneurial Leadership program sponsored by John F. Kennedy University.

“I am honored to join the Heliogen board of directors to help the company fulfill its mission of creating a more sustainable future,” said Newhouse. “The company is pioneering the cost-effective delivery of renewable energy using innovative AI technology and I’m proud to leverage my experience and expertise in support of Heliogen’s vision. I very much look forward to working alongside Bill and his team as we work toward the day when cleaner power sources completely replace the need for fossil fuels.”

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.

On July 6, 2021, Heliogen entered into 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: heliogen.com/investor-center/.

Additional Information and Where to Find It

In connection with the proposed business combination, Athena Technology Acquisition Corp. (“Athena”) has filed with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 containing a preliminary proxy statement and a preliminary prospectus which has not yet become effective. 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 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. 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 has filed 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 the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus, when available, 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.

Contacts

Heliogen Media Contact:

Leo Traub, Antenna Group

heliogen@antennagroup.com

+ 1 (646) 883 3562

Heliogen Investor Contact:

Caldwell Bailey, ICR Inc.

heliogenIR@icrinc.com