Heliogen Inc., a provider AI-enabled concentrated sun power, has completed its previously announced business merger with Athena Technology Acquisition Corp.
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. The approval of the business combination was supported by more than 91% of those who voted at the special meeting. Stockholders of THN voted to approve any other proposals made at the special gathering.
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 will begin trading on The New York Stock Exchange under the symbols HLGN and HLGNW, respectively.
Founded in 2013, Heliogen’s modular, AI-enabled, concentrated solar power plants utilize technology that 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. The heat can then be stored, converted, and used for industrial use or power generation. This is a step towards generating near-24 hour renewable energy that could replace fossil fuels.
“Powering the planet with renewable energy is not only critical to fighting climate change – it is also the biggest economic opportunity in history,” says Bill Gross, founder and CEO of Heliogen. “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.”
“We’re extremely proud to achieve this milestone and begin the next chapter in Heliogen’s growth story,” states Phyllis Newhouse, former CEO of Athena Technology Acquisition Corp. and member of the Heliogen board of directors. “Our original mission at Athena was to work with thought leaders and technology innovators whose pioneering solutions will support both industry and society.”
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). Funds and accounts managed and anchored the PIPE by Counterpoint Global (Morgan Stanley), Salient Partners. Saba Capital, ArcelorMittal’s XCarb Innovation Fund and Saba Capital.
In addition to the proceeds of the transaction, the company disclosed previously the conversion of common shares of $83.4million in SAFE financing after closing of the business combination.
Heliogen Inc. plans to use the proceeds to scale heliostat manufacture, to support research efforts on next-generation heliostat technology, and to fund the balance sheets.
Heliogen’s existing senior management team will continue to lead the combined company, including Bill Gross (CEO, director), Christie Obiaya (CFO), Steve Schell (CTO 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. Bill Gross, Heliogen CEO, will be the sole non-independent director.