Heliogen nets $188 million in cash in business combination, added to NYSE


Heliogen, provider of concentrated solar power (CSP) plants enabled with AI, reached the New York Stock Exchange on the last day of 2021 after completing a business combination with Athena Technology Acquisition Corp.

The deal resulted in roughly $188 million in gross cash proceeds to Heliogen, which now trades under the ticker HLGN. At the time of writing, HLGN has increased roughly 30% since its initial public offering (IPO).

The Heliogen automated heliostat installation robot.

Image: Heliogen

The company develops and installs modular concentrated solar power plants, which use AI to precisely direct mirrors called heliostats to a collection tower. It also uses an autonomous system to install the heliostats with a high level of locational accuracy, and to clean and maintain the system.

The CSP collection tower stores electricity and heat, which has various applications that differ from traditional PV. One such application is the production of “green hydrogen”, which Heliogen developed in a collaborative demonstration project with Bloom Energy.

Bloom Energy’s electrolyzer (foreground) and Heliogen’s CSP tower (background).
Image: Heliogen

Image: Heliogen

In the demonstration, Heliogen’s technology was paired with Bloom’s high-temperature electrolyzer to make hydrogen fuel. The company said hydrogen can be made 45% more efficiently than low-temperature electrolyzers. Electricity dictates nearly 80% of the cost of hydrogen from electrolysis but the CSP method reduces the need for electricity, using heat to aid its operations.

In December, Heliogen finalized a $39 million award from the U.S. Department of Energy to deploy its technology in California. The company said it will apply the funds received from the DOE towards developing a commercial-scale facility.

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