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

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.

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.@HeliogenInc has achieved a key development milestone, transitioning from design into testing and implementation of its supercritical CO2 power generation system for 5 MWe commercial-scale demonstration deployment for Woodside. $HLGN