CSP Player Heliogen Rounds off 2021 With Completion Of Merger With Athena

• The deal caused approximately $188 countless cash to Heliogen's balance sheet
• The brand-new firm will certainly preserve Heliogen as the name.

For California-based Heliogen Inc., a service provider of AI-enabled focused solar power, 2021 has been an exciting year, peppered with appealing financial investments from and useful partnerships with major business, specifically in the mining as well as steels industry.

Established in 2013, Heliogen aims to minimize the intermittency issues of eco-friendly power generation resources. Its technology is created to flatten the power generation contour by utilizing focused solar power with storage space to enhance the accessibility of power to commercial consumers.

In March last year, global mining as well as steels company Rio Tinto signed an MoU to obtain Heliogen's solar technology for deployment at Rio Tinto's borates mine in Boron, California. Heliogen's high-temperature solar technology is made to cost-effectively change fossil fuels with sunlight for a series of commercial procedures, consisting of those utilized in mining.

A couple of months later on, in June, Luxembourgish steel significant ArcelorMittal introduced an initial investment of $10 million from its innovation fund in Heliogen. Hydrogen rests at the heart of ArcelorMittal's Innovative-DRI technology path, which entails making use of hydrogen rather than natural gas as the reductant in the production of straight decreased iron, the steel company stated.

Furthermore, last year, Heliogen handled to raise $108 million in two funding rounds to increase the global deployment of its Sunlight Refinery ™. A complete focused solar power system, it aims to make carbon-free power for high-temperature warmth, power, and eco-friendly hydrogen easily accessible as well as a lot more cost-effective than fossil fuels for the first time, the business specified.

The final icing on the delightful cake that 2021 has actually proved to be for Heliogen appeared in the year's tail end. The business has finished its organization combination with Athena Technology Acquisition Corp (ATHN), with the brand-new company being called Heliogen Inc. too.

The deal was all authorized by ATHN's Board of Directors as well as was approved at an unique conference of ATHN stockholders on December 28, 2021, stated a main statement.

Commencing at the open of trading on December 31, 2021, Heliogen Inc.'s Class A common stock and also Heliogen Inc.'s warrants are anticipated to commence trading on The New York Stock Exchange under the symbols "HLGN" and "HLGNW," specifically.

Even more, the deal led to approximately $188 numerous cash to Heliogen's annual report, consisted of both funds from ATHN's former depend on account as well as an exclusive investment in public equity (PIPE). The PIPE is secured by funds and accounts taken care of by Counterpoint Global (Morgan Stanley), Salient Partners, Saba Capital, and the XCarb Innovation Fund of ArcelorMittal.

Along with the profits from this deal, there will certainly be a conversion to typical shares of $83.4 million in SAFE funding upon closing of the business combination.

Heliogen Inc. will certainly utilize the proceeds to scale heliostat production, to sustain research and development efforts on next generation heliostat technology, to sustain global project advancement, and to money the annual report.

Bill Gross, Founder as well as Chief Executive Officer of Heliogen, commented: "Powering the earth with renewable resource is not only crucial to combating environment change-- it is additionally the most significant economic possibility in background. The capital raised in this transaction will money our increased growth and also assist us to worldwide scale our game changing AI-enabled focused solar energy technology."

Phyllis Newhouse, previous chief executive officer of Athena Technology Acquisition Corp. and member of the Heliogen board of directors, commented: "Our original goal at Athena was to collaborate with idea leaders and technology trendsetters whose pioneering remedies will sustain both market as well as culture. With the closing of our organization combination today, we're moving one action closer to a healthier globe where fossil fuels are replaced by cleaner resources of power."

For Heliogen's last favourable service arrangement of 2021, Barclays is offering it with monetary consultatory solutions, while Cohen & Firm Capital Markets (a department of J.V.B. Financial Group, LLC) is working as an economic consultant to Athena.