Heliogen completes merger with blank check company

Heliogen Inc, a California-based developer of artificial intelligence (AI)-enabled concentrated solar technology, said Thursday it has completed its merger with special purpose acquisition company Athena Technology Acquisition Corp (NYSE:ATHN).

The combined company has changed its name to Heliogen Inc. It is expected to start trading on the New York Stock Exchange on December 31 under the symbols “HLGN” for its Class A common stock and “HLGNW” for its warrants.

The completion comes after ATHN stockholders approved the deal at a special meeting on December 28.

The transaction brought USD 188 million (EUR 165.9m) of cash to Heliogen’s balance sheet, including funds from ATHN’s former trust account and a private investment in public equity (PIPE), anchored by funds and accounts managed by Counterpoint Global (Morgan Stanley), Salient Partners, Saba Capital and the XCarb Innovation Fund of ArcelorMittal.

The merger completion also saw the conversion of USD 83.4 million in SAFE financing to common shares.

Heliogen’s heliostat system concentrates sunlight at very high temperatures and can provide heat for industrial use, power generation or green hydrogen production. The technology is intended to deliver near-24 hour renewable energy.

The company plans to use the capital obtained to scale heliostat manufacturing, support research and development, as well as global project development, and to fund the balance sheet.

“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,” said Heliogen founder and chief executive Bill Gross.

(USD 1 = EUR 0.882)

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