[price_and_volume]

Quiet mover. Quiet board.

[WeTheMarket]

Heliogen, Inc. Announces Fourth Quarter And Full Year 2023 Financial And Operational Results; Appoints New CFO
March 25, 2024
Link to Press Release https://investors.heliogen.com/news/news-details/2024/Heliogen-Inc.-Announces-Fourth-Quarter-and-Full-Year-2023-Financial-and-Operational-Results-Appoints-New-CFO/default.aspx
Link to Presentation https://s202.q4cdn.com/554461737/files/doc_financials/2023/q4/HLGN-4Q23-earnings-presentation.pdf
Link to Webcast https://viavid.webcasts.com/starthere.jsp?ei=1660038&tp_key=c8b570dabd
Link to Previous Results https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173215180

PASADENA, Calif.--(BUSINESS WIRE)-- Heliogen, Inc. (“Heliogen”) (OTCQX: HLGN), a leading provider of AI-enabled concentrating solar energy technology, today provided its fourth quarter and full year 2023 financial and operational results and announced the appointment of its new Chief Financial Officer.

Financial and Operational Highlights

- 2.0 gigawatts (“GW”) in opportunity pipeline, an increase of nearly 1.2 GW since August 2023
- Demonstrated third-party validation of the effectiveness of Heliogen’s proprietary control system at Sandia National Laboratories’ National Solar Thermal Test Facility, validating software’s role in enhancing solar plant efficiency and interoperability, paving the way for commercialization through licensing opportunities
- Executed a joint development agreement with Omanor, a real estate developer of logistics & energy infrastructure assets, and provider of permitting and off-take services for renewable projects in Mexico, unlocking an expanded market in Latin America and gaining on-the-ground expertise needed to initiate projects of scale
- Executed a contract with Woodside Energy for up to $1.6 million to progress engineering and development for the Brenda Green Hydrogen Project in Arizona, anticipated to produce up to 20,000 metric tons per year of fuel cell electric vehicle grade liquid hydrogen
- Began site preparation for heliostat field installation at the Heliogen steam plant in the Permian Basin with mechanical completion on track for the end of 2024
- Developed and executed on an operating cost reduction plan forecasted to address both investment and operating needs of Heliogen into March 2025
$76 million contracted revenue backlog driven by a diverse set of contracts ranging from next-generation concentrated solar power (“CSP”) to green hydrogen to sustainable aviation fuel
- $75.1 million in available liquidity as of December 31, 2023
- Initiated a comprehensive review process to explore and evaluate strategic alternatives for enhancing value

“Reflecting on the past year, I am proud of the Heliogen team for the strides we have taken toward commercializing our innovative concentrated solar thermal technology,” said Christie Obiaya, Heliogen’s Chief Executive Officer. “We believe we have sufficient liquidity to execute our plans into March 2025 and we have proactively engaged a financial advisor to assist us in reviewing strategic alternatives that we believe will position us for future growth and increased long-term shareholder value.”

Julie Kane, chair of Heliogen’s Board of Directors, added, “The Heliogen Board appreciates Christie and her team for moving the Company forward during 2023 and are confident in the team’s ability to accomplish more in 2024.”

Appointment of Chief Financial Officer

Phelps Morris will join Heliogen as Chief Financial Officer effective April 1, 2024, replacing Interim Chief Financial Officer, Alan Gahm. Prior to joining the Company, Mr. Morris served as Chief Financial Officer of FTC Solar, Inc. (NASDAQ: FTCI) from March 2022 to November 2023 where he led all aspects of the finance function. Previously, he served as Senior Vice President and Treasurer of True Blue, Inc. (NYSE: TBI) from November 2016 to March 2022. Mr. Morris also acted as Vice President, Investor Relations at Sunedison, Inc. (NYSE: SUNE) from May 2014 to August 2016. Mr. Morris brings extensive knowledge of the solar industry, and more than 20 years of experience in finance with expertise spanning treasury, capital markets, mergers and acquisitions, risk management and investor relations. Mr. Morris is a Certified Financial Analyst charterholder and holds an MBA from the Ross School of Business at the University of Michigan and a BA in Economics from Middlebury College.

“I’m delighted to welcome Phelps to the Heliogen team,” said Ms. Obiaya. “His core areas of expertise, his collaborative leadership style, and his experience in financial leadership through dynamic business cycles will serve us very well.”

Ms. Obiaya added, “Our strong team is well-prepared to continue executing on our strategic goals. Heliogen remains committed to serving as a leading provider of solar energy technology to industry, to support the transition to a more sustainable world.”

Fourth Quarter and Full Year 2023 Financial Results

During the fourth quarter 2023, Heliogen completed the front-end engineering design phase and updated its cost estimate for the Capella Project. Located in California, the Capella Project is the world’s first fully-integrated third generation CSP commercial-scale demonstration facility. For the fourth quarter and full year 2023, Heliogen reported total revenue of $(1.2) million and $4.4 million, respectively, driven primarily by an unfavorable cumulative adjustment of $(3.4) million recorded during the fourth quarter of 2023, as a result of the updated Capella Project cost estimate.

For the fourth quarter and full year 2023, Heliogen reported a net loss of $(78.8) million and $(129.6) million, respectively, driven primarily by the recognition of a non-cash provision for contract losses of $52.9 million, associated primarily with the change in estimate for its Capella Project. The current cost estimate for the Capella Project is subject to further refinement as Heliogen continues to explore additional cost saving opportunities. In addition, Heliogen is exploring supplemental third-party funding sources to offset the incremental cost. As a result, the final cost for the Capella Project could vary from our current estimate.

Heliogen’s Adjusted EBITDA was $(23.9) million and $(79.2) million for the fourth quarter and full year 2023, respectively.

As of December 31, 2023, the Company had available liquidity of $75.1 million, consisting of $62.7 million of cash and cash equivalents and $12.4 million of investments, and no debt.

Conference Call Information

The Heliogen management team will host a conference call to discuss its fourth quarter and full year 2023 financial results on Tuesday, March 26, 2024, at 10:00 a.m. EDT. The call can be accessed via a live webcast accessible on the Events & Presentations page in the Investor Relations section of Heliogen’s website at www.heliogen.com. The call can also be accessed live via telephone by dialing 1-877-407-0789 (1-201-689-8562 for international callers) and referencing Heliogen.

An archive of the webcast will also be available shortly after the call on the Investor Relations section of Heliogen’s website.

Open Conference Call Question Submission

Members of the investor community may submit questions before the start of the conference call for consideration via email to [e-mail].

About Heliogen

Heliogen is a renewable energy technology company focused on decarbonizing industry and empowering a sustainable civilization. The company’s concentrating solar energy and thermal storage systems aim to deliver carbon-free heat, steam, power, or green hydrogen at scale to support round-the-clock industrial operations. Powered by AI, computer vision and robotics, Heliogen is focused on providing robust clean energy solutions that accelerate the transition to renewable energy, without compromising reliability, availability, or cost. For more information about Heliogen, please visit heliogen.com.

Backlog

Contracted revenue backlog represents contracted revenue with customers and government entities we expect to realize for the construction of facilities, engineering services agreements, operating agreements, and products delivered under purchase agreements. We cannot guarantee that our revenue projected in our backlog will be realized or, if realized, will result in profits. In addition, project cancellations or scope adjustments may occur with respect to contracts reflected in our backlog. Accordingly, our backlog as of any particular date is an uncertain indicator of future earnings.

Non-GAAP Financial Information

Management uses certain financial measures, including EBITDA and Adjusted EBITDA, to evaluate our financial and operating performance that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (“GAAP”). We believe these non-GAAP financial measures are useful to investors and analysts to assess our ongoing financial performance because they provide improved comparability between periods through the exclusion of certain items that we believe are not indicative of our core operating performance, enhance the overall understanding of our past financial performance and future prospects, and remove items that may obscure our underlying business results and trends. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP, and our calculations thereof may not be comparable to similarly titled measures reported by other companies.

EBITDA represents consolidated net loss before (i) interest (income) expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense. We define Adjusted EBITDA as EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends. Please see the accompanying tables for a reconciliation of net loss to EBITDA and Adjusted EBITDA.

[WeTheMarket]

Earnings out.

Heliogen, Inc. Announces Fourth Quarter and Full Year 2023 Financial and Operational Results; Appoints New CFO
March 25 2024
https://ih.advfn.com/stock-market/NYSE/heliogen-HLGN/stock-news/93544784/heliogen-inc-announces-fourth-quarter-and-full-y

[WeTheMarket]

Heliogen, Inc. Schedules Release of Fourth Quarter and Full Year 2023 Financial Results and Conference Call
March 14 2024
https://ih.advfn.com/stock-market/NYSE/heliogen-HLGN/stock-news/93492221/heliogen-inc-schedules-release-of-fourth-quarter

Heliogen, Inc. (“Heliogen”) (OTCQX: HLGN), a leading provider of AI-enabled concentrating solar energy, today announced that it will release financial and operating results for the fourth quarter and full year 2023 after the market close on Monday, March 25, 2024. This release will be followed by a conference call for investors at 10:00 AM EDT on Tuesday, March 26. Christie Obiaya, Heliogen’s Chief Executive Officer will host the call.

The conference call may be accessed via a live webcast on a listen-only basis in the Investors section of Heliogen’s website at investors.heliogen.com. The call can also be accessed live via telephone by dialing 1-877-407-0789 (1-201-689-8562 for international callers) and referencing Heliogen.

A replay of the webcast will be available shortly after the call on the Investors section of Heliogen’s website.

About Heliogen

Heliogen is a renewable energy technology company focused on decarbonizing industry and empowering a sustainable civilization. The company’s concentrating solar energy and thermal storage systems aim to deliver carbon-free heat, steam, power, or green hydrogen at scale to support round-the-clock industrial operations. Powered by AI, computer vision and robotics, Heliogen is focused on providing robust clean energy solutions that accelerate the transition to renewable energy, without compromising reliability, availability, or cost. For more information about Heliogen, please visit heliogen.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240314923177/en/

Heliogen Investor Contact:
Louis Baltimore
VP, Strategic Finance & Investor Relations
[e-mail]

Heliogen Media Contact:
Sam Padreddii
Manager, Corporate Communications
[e-mail]

[WeTheMarket]

Heliogen and Omanor Forge Collaboration for Solar Energy Expansion in Mexico
January 16 2024
https://ih.advfn.com/stock-market/NYSE/heliogen-HLGN/stock-news/93050545/heliogen-and-omanor-forge-collaboration-for-solar

The collaboration aims to harness Mexico’s rich solar potential, advancing regional economies and bridging energy markets

Heliogen, Inc. (“Heliogen”) (OTCQX: HLGN), a leading provider of AI-enabled concentrating solar energy technology, today announced a joint development agreement with Omanor, a real estate developer of logistics & energy infrastructure assets, and provider of permitting and off-take services for renewable energy projects in the states of Baja California Norte and Sonora, Mexico. The agreement includes developing a concentrating solar power plant leveraging Heliogen’s technology.

Heliogen and Omanor are progressing through the first of four phases, which evaluates an existing zoned and permitted piece of land in Sonora, Mexico to host the first project. Upon completion of Phase 1, cost analyses and feasibility studies specific to sizing and generation capacity will commence. Omanor will support Heliogen in preliminary site due diligence and identifying and securing initial commercial energy customers.

“Our collaboration with Heliogen is a pivotal step in leveraging Mexico's unique geographical advantages for renewable energy,” said Daniel Suarez, CEO of Omanor. “The synergy between recent renewable energy accelerating federal policies and Heliogen's breakthrough concentrating solar technology promises to transform our rich solar landscapes into powerful, sustainable energy hubs. We are excited to embark on this journey and bring this visionary project to fruition.”

In partnering with Omanor, Heliogen unlocks an expanded market in Mexico, and gains the on-the-ground expertise needed to initiate projects of scale. The region boasts high solar resources and direct access to the Pacific Ocean to support various industrial processes, including desalination and hydrogen production.

“By combining our innovative technology with Omanor’s regional expertise, we are poised to unlock the vast potential of Mexico's solar resources to help decarbonize industry,” said Christie Obiaya, CEO of Heliogen. “Through this relationship, we pave the way for deployment of Heliogen’s clean energy solutions in Mexico while also stimulating local economies.”

About Heliogen

Heliogen is a renewable energy technology company focused on decarbonizing industry and empowering a sustainable civilization. The company’s concentrating solar energy and thermal storage systems aim to deliver carbon-free heat, steam, power, or green hydrogen at scale to support round-the-clock industrial operations. Powered by AI, computer vision and robotics, Heliogen is focused on providing robust clean energy solutions that accelerate the transition to renewable energy, without compromising reliability, availability, or cost. For more information about Heliogen, please visit heliogen.com.

Omanor

Omanor is an investor & real estate developer of energy & logistics assets in Mexico. Since its inception in 2015, it has proven to excel amid the complex bureaucratic landscape, for example having successfully permitted a Marine Fluids Terminal. Its partners hold a majority ownership of several real estate assets in the State of Sonora and are amongst the leading entrepreneurs in the mining, tourist, commercial, industrial and housing development sectors in the Mexican Northwest.

[WeTheMarket]

Heliogen Announces CFO Transition
January 12 2024
https://ih.advfn.com/stock-market/NYSE/heliogen-HLGN/stock-news/93029865/heliogen-announces-cfo-transition

Sagar Kurada Steps Down; Alan Gahm Appointed Interim CFO and Wilda Siu Promoted to Chief Accounting Officer

Heliogen, Inc. (“Heliogen” or the “Company”) (OTCQX: HLGN), a leading provider of AI-enabled concentrating solar energy technology, today announced that the Company and its Chief Financial Officer, Sagar Kurada have mutually agreed for Mr. Kurada to transition out of his role, effective January 11, 2024. Mr. Kurada will support the Company during a transition period to ensure an orderly exit. The Company has initiated a formal search process for Mr. Kurada’s permanent replacement.

Alan Gahm, a veteran finance executive with over 35 years of experience, has been appointed Interim Chief Financial Officer, effective January 11, 2024. Mr. Gahm’s depth of expertise includes accounting and controllership, financial planning and analysis, operations finance, treasury, and M&A. He has held financial leadership roles in the industrial and energy sectors at companies such as Ascend Performance Materials, Koch Industries, and Shell. He previously served as Interim Chief Accounting Officer at Heliogen during the third quarter of 2022.

“I want to thank Sagar for his contributions to Heliogen during his tenure. We wish him the best in his future endeavors,” said Christie Obiaya, Chief Executive Officer of Heliogen. “I would also like to thank Alan for stepping into the Interim CFO role. I am confident Alan’s prior experience with Heliogen will support a smooth transition during our permanent CFO search, as we continue to execute on our strategic plan and growth initiatives.”

Heliogen also announced that Wilda Siu, who currently serves as the Company’s Senior Vice President, Business Systems Transformation & Financial Operations, will be promoted to the role of Chief Accounting Officer and Head of Business Systems and Information Technology, effective January 26, 2024. She will replace Kelly Rosser, who has informed the Company of her intent to resign from that role. Ms. Siu has been the Company’s Senior Vice President, Business Systems Transformation & Financial Operations, since September 2022. Prior to joining Heliogen, Ms. Siu held senior accounting and finance roles at Vizio Holding Corp. (NYSE: VZIO) – including accounting leadership through Vizio’s initial public offering, Nellson LLC and Broadcom Inc. Ms. Siu, who is a Certified Public Accountant (CPA), holds an M.B.A. in Professional Accounting from the University of Toronto and a Bachelor of Commerce in Accounting and Economics from McGill University.

About Heliogen

Heliogen is a renewable energy technology company focused on decarbonizing industry and empowering a sustainable civilization. The company’s concentrating solar energy and thermal storage systems aim to deliver carbon-free heat, steam, power, or green hydrogen at scale to support round-the-clock industrial operations. Powered by AI, computer vision and robotics, Heliogen is focused on providing robust clean energy solutions that accelerate the transition to renewable energy, without compromising reliability, availability, or cost. For more information about Heliogen, please visit heliogen.com.

[Jack_Bolander]

WTM - MORE BAD NEWS !

When the CFO BAILS ... So should YOU !

https://seekingalpha.com/news/4054670-heliogen-cfo-sagar-kurada-to-step-down-from-post-interim-cfo-announced?v=1705067677#comment-96953444

[Jack_Bolander]

WTM - It looks like I was right again

[WeTheMarket]

Heliogen’s CEO to Lead Public Presentation in Sidoti’s Virtual Investor Conference
January 05 2024
https://ih.advfn.com/stock-market/NYSE/heliogen-HLGN/stock-news/92962079/heliogen-s-ceo-to-lead-public-presentation-in-sid

Heliogen, Inc. (“Heliogen”) (OTCQX: HLGN), a leading provider of AI-enabled concentrating solar energy, today announced its participation in the Sidoti Micro-Cap Virtual Investor Conference. The event will take place from Jan. 17 to 18, 2024, uniting thought leaders, innovators, and investors from across the globe in a dynamic virtual environment.

As part of Heliogen's ongoing dedication to fostering strong relationships with the investment community and underscoring its commitment to decarbonizing industry and empowering a sustainable civilization, Christie Obiaya, Heliogen’s CEO, will lead a public presentation and participate in one-on-one meetings with investors.

Presentation Details:

- Date: Wednesday, Jan. 17, 2024
- Time: 4:00 PM Eastern Standard Time (EST)
- Access: Live access to the webinar presentation is available for public attendance and can be secured by registering here

Heliogen's participation in the Sidoti Virtual Investor Conference provides an opportunity to align with investors who share the company’s vision for a sustainable future powered by innovative clean energy solutions. Participants will gain exclusive insights into the company's strategic initiatives and progress in addressing the decarbonization of industry and the pressing global need for renewable energy sources.

A replay of the presentation will be available on the investor relations section of Heliogen's website at investors.heliogen.com.

About Heliogen

Heliogen is a renewable energy technology company focused on decarbonizing industry and empowering a sustainable civilization. The company’s concentrating solar energy and thermal storage systems aim to deliver carbon-free heat, steam, power, or green hydrogen at scale to support round-the-clock industrial operations. Powered by AI, computer vision and robotics, Heliogen is focused on providing robust clean energy solutions that accelerate the transition to renewable energy, without compromising reliability, availability, or cost. For more information about Heliogen, please visit heliogen.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240105330181/en/

Heliogen Investors:
Louis Baltimore
VP, Strategic Finance & Investor Relations
[e-mail]

Heliogen Media:
Sam Padreddii
Manager, Corporate Communications
[e-mail]

[WeTheMarket]

Concentrating Solar Power Plots Stealth Attack On Fossil Fuels
Tina Casey
1 week ago
https://cleantechnica.com/2023/12/05/concentrating-solar-power-attacks-fossil-fuels/

Nuclear energy stakeholders have been cheering the goings-on over at the COP 28 climate conference, where the US has joined a new 20-nation pledge to triple nuclear capacity by 2050. Whether or not they make that goal depends on investor interest, and plenty of other players in the decarbonization field are competing for attention, too. That includes the US concentrating solar power startup Heliogen, which is introducing a new particle-based system with the aim of kicking fossil fuels out of hard-to-decarbonize industries.

Concentrating Solar Power Vs. Nuclear Energy
Nuclear energy has enjoyed a special place in the modern energy landscape. Accidents and security risks aside, they provide the scale and 24/7 availability expected of fossil power plants, without the carbon emissions.

However, their role as a go-to decarbonizer has been undercut by wind and solar power. New energy storage and smart grid technologies are enabling wind turbines and solar panels to pull heavier duties, undercutting the rationale for building new nuclear power plants.

Concentrating solar power systems are in a particularly good position for heavy duty decarbonization because their energy storage capacity is built-in. Concentrating systems use sunlight to heat up a transfer medium, typically molten salt or a specialized oil, which doubles as an energy storage platform (see more CleanTechnica CSP coverage here).

Back in 2015, researchers from Imperial College in London took stock of the economic competition between concentrating solar and nuclear energy. Using a 15-year time frame in South Africa as an example, they found that the economic case favored concentrating solar on costs, with additional benefits in terms of “lower investment and environmental risks.”

“The results suggest that while nuclear power may be an important low-emissions power technology in regions with little sun, in the case of South Africa, CSP could be capable of providing a stable baseload supply at lower cost than nuclear power, and may have other non-cost benefits,” they concluded.

Building A Better (And Less Expensive) Concentrating Solar Power Plant
If you’ve come across any more recent studies, drop us a note in the comment thread. Cost aside, concentrating solar systems have caught on more rapidly overseas than here in the US, where a set of five Obama-era showcase projects failed to spark follow-on momentum among investors.

Nevertheless, the US Department of Energy has continued to hold a torch for concentrating solar power. The agency is particularly interested in the potential for concentrating solar power plants to replace the fossil fuels used in steelmaking and other heavy industries that require high heat.

The Energy Department has been working with Heliogen among other partners to tackle the high heat challenge. The company burst out of stealth mode in 2019 with a modular approach aimed at providing zero emission solar energy for steel, cement making and other industrial users. The system can produce electricity, green hydrogen or process heat, depending on the needs of the industry.

“Heliogen’s modular solution is designed to replace the use of fossil fuels in demanding operations. By combining AI-controlled concentrating solar thermal technology with long-duration thermal energy storage, Heliogen can provide dispatchable renewable energy for heat and energy-intensive operations,” the company explains.

Back in 2020, CleanTechnica took note of Heliogen’s use of supercritical carbon dioxide for its power system. The company also uses ceramic particles as an energy transfer and storage medium instead of molten salt or oil. Last year it earned a $39 million Energy Department award to construct a 5-megawatt demonstration of the new technology in partnership with the firm Woodside Energy.

In the latest development, Heliogen has achieved third-party validation data for its new automated heliostat control software, aimed at maximizing the efficiency of heliostat tracking in concentrating solar power plants.

A Secret Weapon For Concentrating Solar Power Plants
For those of you new to the topic, tracking refers to adjustments to the position of solar panels, enabling them to follow the sun during the course of a day. The tracking equipment takes energy to run, but that is more than offset by the gain in solar conversion efficiency.

A similar dynamic is at work in heliostat tracking, and Heliogen is looking beyond the potential to maximize its own operations. The software is heliostat-agnostic. Heliogen expects to license it for use by other concentrating solar power plants, both existing and in the planning stages.

“In a recent test, Heliogen’s closed-loop software was deployed on third-party heliostats, marking a first in the industry,” the company explained in a press release, referring to the Sandia validation process.

“This technology is pivotal in detecting optical inaccuracies and initiating autonomous correction, which can considerably improve the efficiency of existing CSP plants worldwide,” they added. “This represents a significant advancement in mitigating the primary sources of historical inaccuracy in heliostat orientation within the existing infrastructure of concentrating solar energy plants.”

Heliogen’s goal for the Sandia test was to reduce tracking errors to less than 1 milliradian. A milliradian is the unit of measurement used to assess very small angles such as those deployed in adjusting the targeting sights of firearms.

The software hit that goal and then some, coming in with a tracking error of just 0.33 milliradian.

As for widespread impact, Heliogen CEO Christie Obiaya underscored how the software could help accelerate the energy transition.

“This development is pivotal in widening the scope of our proprietary technology, enabling its application across government, industry, and new or existing solar projects, thereby advancing the decarbonization of hard-to-abate sectors,” Obiaya said.

More CSP For The USA
Heliogen has had a bumpy fiscal ride this year, but signs of recovery have been emerging. In addition to the successful validation of its tracking software, last month the company won a slot among eight other semifinalists in the Energy Department’s American-Made Heliostat Prize competition. In October Heliogen also announced the completion of two critical milestones in support of its concentrating solar power demonstration plant, the Capella Project.

The Heliostate Prize competition aims to motivate private sector innovators to help reduce the cost of concentrating solar power. “Lowering the cost of heliostats supports the goals of achieving a decarbonized energy sector by 2035 and a net-zero economy by 2050 which will require the deployment of flexible and dispatchable generation and energy storage technologies, like concentrating solar-thermal power (CSP) with thermal energy storage and high temperature process heat,” the Energy Department explains.

Heliogen won a slot in the competition for its work in assessing wireless heliostat control systems using widely available, off-the-shelf communications systems.

Cost-cutting measure developed by the other semifinalists include strategies to reduce the cost of the heliostat structure through the introduction of new designs, manufacturing processes, and materials.

The finalists will be announced in April next year so stay tuned for more on that.

[WeTheMarket]

Heliogen Unveils Significant Achievement In Concentrating Solar Technology With Successful Demonstration Of Advanced Control Software At Sandia Labs
December 5, 2023
https://investors.heliogen.com/news/news-details/2023/Heliogen-Unveils-Significant-Achievement-in-Concentrating-Solar-Technology-with-Successful-Demonstration-of-Advanced-Control-Software-at-Sandia-Labs/default.aspx

Third-party Testing Validates Software’s Role in Enhancing Solar Plant Efficiency and Interoperability, Opening Licensing Opportunities

PASADENA, Calif.--(BUSINESS WIRE)-- Heliogen, Inc. (“Heliogen”) (OTCQX: HLGN), a leading provider of AI-enabled concentrating solar energy technology, has demonstrated the effectiveness of its proprietary control system at Sandia National Laboratories’ National Solar Thermal Test Facility (NSTTF). The project, funded by the Department of Energy’s (DOE) Technology Commercialization Fund, marks a leap forward in concentrating solar energy and provides third-party validation data essential to Heliogen’s software licensing potential.

The project was designed to evaluate potential improvements in the operation of concentrating solar power facilities. In a recent test, Heliogen’s closed-loop software was deployed on third-party heliostats, marking a first in the industry. This technology is pivotal in detecting optical inaccuracies and initiating autonomous correction, which can considerably improve the efficiency of existing CSP plants worldwide. Correcting the aim of the NSTTF heliostats using Heliogen’s software reduced tracking error to 0.33 mrad, significantly surpassing the project target of less than 1.0 mrad. The software also measured the alignment of the mirror facets to improve beam quality.

The evidence from these tests, conducted by Sandia, conclusively demonstrates the efficacy of Heliogen's AI-powered software in accurately monitoring and correcting heliostat tracking. This represents a significant advancement in mitigating the primary sources of historical inaccuracy in heliostat orientation within the existing infrastructure of concentrating solar energy plants.

“The results from Sandia’s in-depth testing program further validate our closed-loop control software in optimizing performance of concentrating solar energy plants,” said Christie Obiaya, CEO of Heliogen. “This development is pivotal in widening the scope of our proprietary technology, enabling its application across government, industry, and new or existing solar projects, thereby advancing the decarbonization of hard-to-abate sectors.”

This milestone demonstrates the ability of Heliogen’s patented software to improve efficiency across a range of heliostat fields and paves the way for commercialization through licensing agreements with operators of concentrating solar projects. The software's automated correction of heliostat pointing inaccuracies aims to lower operational and maintenance costs by reducing the need for offline calibration and continually optimizing system efficiency for maximum sunlight collection. Additionally, the project, in partnership with Sandia National Laboratories, affirms the scalability and readiness of Heliogen’s AI-enabled technology for broader application in its project portfolio.

"The NSTTF at Sandia was a perfect place to prove that Heliogen’s software is equally effective at automated control of a multi-facet heliostat field as a single facet heliostat field,” said Margaret Gordon, Concentrating Solar Power Manager at the NSTTF. “Our engineers were excited to work with Heliogen to demonstrate this advancement.”

Testing was conducted at the NSTTF, the only test facility of its type in the United States. Funded through the Technology Commercialization Fund, an initiative to commercialize promising energy technologies from DOE’s national laboratories, the Solar Energy Technologies Office (SETO) awarded the project in 2020.

“Our office is focused on advancing collector technologies, and we’re excited to see this software reach a major milestone on the path to commercialization,” said Becca Jones-Albertus, Acting Deputy Assistant Secretary for Renewable Energy and Director of the Solar Energy Technologies Office at DOE. “Improving the performance and reliability of heliostats is a critical component of DOE’s investments in CSP, and we look forward to seeing the broader impact of this technology on our industrial decarbonization goals.”

About Heliogen

Heliogen is a renewable energy technology company focused on decarbonizing industry and empowering a sustainable civilization. The company’s concentrating solar energy and thermal storage systems aim to deliver carbon-free heat, steam, power, or green hydrogen at scale to support round-the-clock industrial operations. Powered by AI, computer vision and robotics, Heliogen is focused on providing robust clean energy solutions that accelerate the transition to renewable energy, without compromising reliability, availability, or cost. For more information about Heliogen, please visit heliogen.com.

[WeTheMarket]

Heliogen Announces Semifinalist Position in DOE Heliostat Prize
November 20 2023
https://ih.advfn.com/stock-market/NYSE/heliogen-HLGN/stock-news/92608414/heliogen-announces-semifinalist-position-in-doe-he

Innovative wireless heliostat project highlights company’s leadership in solar energy advancement

Heliogen, Inc. (“Heliogen”) (OTCQX: HLGN), a leading provider of AI-enabled concentrating solar energy technology, today announced its selection as one of nine semifinalists in the U.S. Department of Energy's (DOE) American-Made Heliostat Prize. This renowned contest, part of a three-phase challenge, accelerates technological innovation in selected heliostat components.

Heliogen's project, "Testing & Deployment of Fully Wireless Heliostats," is a novel initiative aimed at evaluating the viability and comprehensiveness of various cost-effective and widely available wireless communication technologies powered by Heliogen’s advanced software control system.

David Haas, concentrating solar-thermal power senior technical advisor for DOE's Solar Energy Technologies Office (SETO), expressed his enthusiasm for the advancements showcased by the semifinalists in the American-Made Heliostat Prize. "We are excited by the potential in the nine proposed projects by our semifinalists. The proposals represent innovative approaches and potential new technologies that could further advance heliostat capabilities nationwide. We are excited to see where they take these projects in phase two of the challenge," Haas stated.

This recognition of Heliogen's project in the DOE's Heliostat Prize reaffirms the company's leading role in the concentrating solar energy sector, demonstrating its commitment to advancing sustainable solutions. The deployment of Heliogen’s technology is backed by the DOE across several previously announced projects, including the recent strategic collaboration with NantG Power to advance solar calcining, the development of the world’s first fully integrated Gen3 concentrating solar power commercial demonstration with Woodside Energy, and the $39 million DOE award for deploying AI-enabled concentrated solar technology. These demonstrations exemplify Heliogen’s capability to enhance the cost-effectiveness, reliability, and scalability of concentrating solar energy while highlighting an innovative approach and pivotal role in shaping a more sustainable energy future.

"Being selected as a semifinalist in the DOE's American-Made Heliostat Prize is a significant acknowledgment of our team's dedication to innovation," said Steve Schell, Chief Scientist at Heliogen. "Our project reflects our commitment to advancing concentrating solar energy technologies in practical and extensive ways. We're excited about this project's potential to reduce project costs, improve the reliability of solar collectors, and accelerate the deployment of this impactful technology.”

About Heliogen

Heliogen is a renewable energy technology company focused on decarbonizing industry and empowering a sustainable civilization. The company’s concentrating solar energy and thermal storage systems aim to deliver carbon-free heat, steam, power, or green hydrogen at scale to support round-the-clock industrial operations. Powered by AI, computer vision and robotics, Heliogen is focused on providing robust clean energy solutions that accelerate the transition to renewable energy, without compromising reliability, availability, or cost. For more information about Heliogen, please visit heliogen.com.

[WeTheMarket]

Heliogen Announces Commencement of OTCQX Trading
November 15 2023
https://ih.advfn.com/stock-market/NYSE/heliogen-HLGN/stock-news/92568123/heliogen-announces-commencement-of-otcqx-trading

[WeTheMarket]

Heliogen, Inc. Announces Third Quarter 2023 Financial And Operational Results
November 13, 2023
Link to Press Release https://investors.heliogen.com/news/news-details/2023/Heliogen-Inc.-Announces-Third-Quarter-2023-Financial-and-Operational-Results/default.aspx
Link to webcast https://viavid.webcasts.com/starthere.jsp?ei=1639574&tp_key=6df2b5e5cd
Link to Investor Presentation https://s202.q4cdn.com/554461737/files/doc_financials/2023/q3/HLGN-3Q23-earnings-presentation.pdf

PASADENA, Calif.--(BUSINESS WIRE)-- Heliogen, Inc. (“Heliogen”) (OTCQB: HLGN), a leading provider of AI-enabled concentrating solar energy technology, today provided its third quarter 2023 financial and operational results.

Third Quarter 2023 Highlights

- $73 million contracted revenue backlog driven by a diverse set of projects ranging from Generation 3 concentrated solar power (“CSP”) to green hydrogen to sustainable aviation fuel
- Recognized revenue of $2.3 million, bringing year-to-date revenue to $5.6 million
- Ended the quarter with $91.6 million in available liquidity

Operating Highlights

- 1.8 gigawatts (“GW”) in opportunity pipeline, an increase of over 1.0 GW since August 2023
Initiated construction in October 2023 on the Heliogen steam plant in the Permian Basin after executing a land lease in Plains, TX
- Developed and executed on an $8 million annual operating cost reduction plan in October 2023, forecasted to fund both investment and operating needs of Heliogen through the end of 2024
- Completed design verification of the particle receiver for the world’s first fully integrated Generation 3 CSP plant and deployed it for on-sun testing

Executive Commentary

“During the third quarter of 2023, we continued to translate Heliogen’s strategic vision into tangible achievements, advancing our mission to decarbonize industry,” said Christie Obiaya, Heliogen’s Chief Executive Officer. “We believe our expanding opportunity pipeline underscores the market’s interest in our solutions. Furthermore, our recent milestones in the deployment of our Generation 3 CSP product mark a breakthrough in solar thermal technology.”

Ms. Obiaya added, “We’re not just innovating; we’re scaling and optimizing. Our proactive cost reduction strategy positions Heliogen to continue our pioneering work through the end of 2024 based on our current business plan and assumptions. Our commitment to our shareholders, customers and the planet remains as steadfast as ever, as we push the boundaries of what’s possible in renewable energy.”

Third Quarter 2023 Financial Results

For the third quarter 2023, Heliogen reported total revenue of $2.3 million and net loss of $18.6 million. Heliogen’s revenue was driven primarily by continued execution on its Capella project. Heliogen’s Adjusted EBITDA was negative $19.0 million for third quarter 2023.

As of September 30, 2023, the Company had liquidity of $91.6 million, consisting of $63.4 million of cash and cash equivalents and $28.2 million of investments, and no substantial debt.

Conference Call Information

The Heliogen management team will host a conference call to discuss its third quarter 2023 financial results on Tuesday, November 14, 2023, at 10:00 a.m. EST. The call can be accessed via a live webcast accessible on the Events & Presentations page in the Investor Relations section of Heliogen’s website at www.heliogen.com. The call can also be accessed live via telephone by dialing 1-877-407-0789 (1-201-689-8562 for international callers) and referencing Heliogen.

An archive of the webcast will also be available shortly after the call on the Investor Relations section of Heliogen’s website.

Open Conference Call Question Submission

Members of the investor community may submit questions before the start of the conference call for consideration via email to [e-mail].

About Heliogen

Heliogen is a renewable energy technology company focused on decarbonizing industry and empowering a sustainable civilization. The company’s concentrating solar energy and thermal storage systems aim to deliver carbon-free heat, steam, power, or green hydrogen at scale to support round-the-clock industrial operations. Powered by AI, computer vision and robotics, Heliogen is focused on providing robust clean energy solutions that accelerate the transition to renewable energy, without compromising reliability, availability, or cost. For more information about Heliogen, please visit heliogen.com.

Backlog

Contracted revenue backlog represents contracted revenue with customers and government entities we expect to realize for the construction of facilities, engineering services agreements, operating agreements, and products delivered under purchase agreements. We cannot guarantee that our revenue projected in our backlog will be realized or, if realized, will result in profits. In addition, project cancellations or scope adjustments may occur with respect to contracts reflected in our backlog. Accordingly, our backlog as of any particular date is an uncertain indicator of future earnings.

Non-GAAP Financial Information

Management uses certain financial measures, including EBITDA and Adjusted EBITDA, to evaluate our financial and operating performance that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (“GAAP”). We believe these non-GAAP financial measures are useful to investors and analysts to assess our ongoing financial performance because they provide improved comparability between periods through the exclusion of certain items that we believe are not indicative of our core operating performance, enhance the overall understanding of our past financial performance and future prospects, and remove items that may obscure our underlying business results and trends. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP, and our calculations thereof may not be comparable to similarly titled measures reported by other companies.

EBITDA represents consolidated net loss before (i) interest (income) expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense. We define Adjusted EBITDA as EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends. Please see the accompanying tables for a reconciliation of net loss to EBITDA and Adjusted EBITDA.

[WeTheMarket]

Great news out from Heliogen partner Bloom Energy.

Bloom Energy Reports Record Revenue in Third Quarter 2023 Financial Results
November 08 2023
https://ih.advfn.com/stock-market/NYSE/bloom-energy-BE/stock-news/92504139/bloom-energy-reports-record-revenue-in-third-quart

[WeTheMarket]

JB, it's been a terrible 2 years. Hoping for a turnaround in 2024.

[Jack_Bolander]

WTM - You picked another winner !

[WeTheMarket]

Heliogen Announces Suspension of NYSE Listing Status
November 07 2023
https://ih.advfn.com/stock-market/NYSE/heliogen-HLGN/stock-news/92491136/heliogen-announces-suspension-of-nyse-listing-stat

Company’s Common Stock and Public Warrants Expected to Begin Trading Promptly on OTC Marketplace

Heliogen, Inc. (“Heliogen” or the “Company”) (NYSE: HLGN), a leading provider of AI-enabled concentrating solar energy technology, today announced it has received notice that the New York Stock Exchange (“NYSE”) has determined to suspend trading of – and commence proceedings to delist – shares of Heliogen’s common stock and public warrants, effective immediately. This suspension was made because the Company fell below the NYSE’s continued listing standard requiring listed companies to maintain an average global market capitalization over a consecutive 30 trading day period of at least $15 million. The Company intends to appeal the delisting determination.

Heliogen anticipates that its common stock and public warrants will begin trading in the over-the-counter (“OTC”) marketplace on November 8, 2023 under the symbols HLGN and HLGNW, respectively. Investors are expected to continue to be able to access accurate information, including stock price quotes, and execute trades. The Company has applied to have its common stock – and potentially its public warrants, if eligible – quoted on the OTCQX, the highest market tier operated by the OTC Markets Group, Inc. For quotes or additional information on the OTC, investors may visit otcmarkets.com.

The change in Heliogen’s listing status does not impact the Company’s commitment to achieving its strategic priorities, including expanding its commercial reach and building out its sales pipeline. The Company continues to experience progress toward its goals and will continue to work to enhance value for all stakeholders.

“We remain highly confident in the global market opportunity for our proprietary technology and our ability to execute our strategic growth plan,” said Christie Obiaya, Chief Executive Officer of Heliogen. “Our cash position and commercial pipeline are strong, and we are well positioned to deploy our breakthrough renewable energy technology. We look forward to demonstrating the successful execution of our growth strategy in the months ahead.”

Heliogen intends to continue to comply with public company Securities Exchange Commission (“SEC”) regulations and other NYSE listing requirements, including filing quarterly financial statements, having independently audited financials, and maintaining an independent Board of Directors with corporate governance rules and oversight committees.

Additional information related to this announcement will be included in a Current Report on Form 8-K to be filed with the SEC.

About Heliogen

Heliogen is a renewable energy technology company focused on decarbonizing industry and empowering a sustainable civilization. The company’s concentrating solar energy and thermal storage systems aim to deliver carbon-free heat, steam, power, or green hydrogen at scale to support round-the-clock industrial operations. Powered by AI, computer vision and robotics, Heliogen is focused on providing robust clean energy solutions that accelerate the transition to renewable energy, without compromising reliability, availability, or cost. For more information about Heliogen, please visit heliogen.com.

[WeTheMarket]

Posted yesterday.

[WeTheMarket]

Key slides from Matthew Klippenstein's presentation at the Mission Hydrogen Online Conference 2023, showing that hydrogen fuel cells are growing (worldwide) at the same rate as wind and solar did, and electrolyzers are growing even faster (Last slide).

[WeTheMarket]

I asked Open AI ChatGPT to guess what guidelines the Treasury Department will impose to qualify for the IRA clean hydrogen production tax credits. I did not get a great response. I continued to probe, and finally came up with a question with a decent answer, shown below. Basically, a phased in approach, like in Europe.

My Question

What specific guidelines would you recommend?

ChatGPT Answer

Crafting specific guidelines requires a detailed understanding of the energy landscape, technological capabilities, and economic considerations. However, here are some specific guidelines that policymakers might consider for implementing a phased approach to power matching for clean hydrogen production:

1. Initial Flexibility: Begin with moderate power matching requirements that allow for flexibility in clean hydrogen production. Consider annual or monthly matching targets initially before moving to more stringent hourly requirements.

2. Incentivize Advanced Technologies: Provide financial incentives, grants, or tax credits for industries adopting advanced technologies that enable precise hourly power matching. This can encourage early adoption and innovation.

3. Research and Development Funding: Allocate funding for research and development projects aimed at improving technologies related to power matching, storage, and grid integration.

4. Stakeholder Consultations: Engage in regular consultations with industry stakeholders to understand their capabilities, challenges, and potential solutions. This collaborative approach can lead to more informed and practical guidelines.

5. Public-Private Partnerships: Foster public-private partnerships to accelerate the deployment of clean hydrogen production technologies and infrastructure, ensuring a coordinated effort between the government and private sector.

6. Review Mechanism: Establish a mechanism for regular reviews of power matching guidelines to assess their effectiveness, consider technological advancements, and adjust requirements accordingly.

7. Transition Support Programs: Implement transition support programs to assist industries in upgrading their infrastructure and processes to meet the evolving power matching standards.

8. Global Alignment: Collaborate with international partners to align power matching standards globally, facilitating consistency and interoperability in the growing clean hydrogen market.

9. Education and Outreach: Conduct educational campaigns to raise awareness about the benefits of power matching, the importance of clean hydrogen production, and the long-term advantages of compliance with evolving standards.

10. Monitoring and Reporting Requirements: Implement robust monitoring and reporting requirements to ensure compliance with power matching guidelines, fostering transparency and accountability within the industry.

These guidelines should be adapted based on ongoing assessments, feedback from stakeholders, and the evolving landscape of clean energy technologies. Additionally, policymakers should consider the unique characteristics of the U.S. energy sector and collaborate with relevant stakeholders for effective implementation.

[WeTheMarket]

Solar energy set to eclipse fossil fuels as world passes ‘tipping point’, study reveals
‘The recent progress of renewables means that fossil fuel-dominated projections are no longer realistic,’ says researcher
Anthony Cuthbertson
3 days ago
https://www.independent.co.uk/tech/solar-energy-renewables-fossil-fuels-b2432493.html

Key excerpts:

“Solar energy is the most widely available energy resource on Earth, and its economic attractiveness is improving fast in a cycle of increasing investments,” the researchers wrote in a study detailing their findings.

“We find that, due to technological trajectories set in motion by past policy, a global irreversible solar tipping point may have passed where solar energy gradually comes to dominate global electricity markets, without any further climate policies.”



The latest research comes less than a month after a Berlin-based research institute calculated that fossil fuel-generated power will no longer be economically viable within the next 30 years due to the plummeting costs of solar, batteries and other renewable technologies.

The UK saw a record-breaking year for renewable energy last year, and is on track to do the same in 2023 following the installation of new solar and wind plants.

Wind, solar, biomass and hydro power generated 40 per cent of the country’s electricity in 2022, according to figures compiled by Imperial College London, up 5 per cent from the year before.

[WeTheMarket]

Heliogen, Inc. Schedules Release of Third Quarter 2023 Financial Results and Conference Call
October 19 2023
https://ih.advfn.com/stock-market/NYSE/heliogen-HLGN/stock-news/92316247/heliogen-inc-schedules-release-of-third-quarter

Heliogen, Inc. (“Heliogen”) (NYSE: HLGN), a leading provider of AI-enabled concentrating solar energy, today announced that it will release financial and operating results for the third quarter 2023 after the market close on Monday, November 13, 2023. This release will be followed by a conference call for investors at 10:00 AM EST on Tuesday, November 14. Christie Obiaya, Heliogen’s Chief Executive Officer and Sagar Kurada, Chief Financial Officer, will host the call.

The conference call may be accessed via a live webcast on a listen-only basis in the Investors section of Heliogen’s website at investors.heliogen.com. The call can also be accessed live via telephone by dialing 1-877-407-0789 (1-201-689-8562 for international callers) and referencing Heliogen.

A replay of the webcast will be available shortly after the call on the Investors section of Heliogen’s website.

About Heliogen

Heliogen is a renewable energy technology company focused on decarbonizing industry and empowering a sustainable civilization. The company’s concentrating solar energy and thermal storage systems aim to deliver carbon-free heat, steam, power, or green hydrogen at scale to support round-the-clock industrial operations. Powered by AI, computer vision and robotics, Heliogen is focused on providing robust clean energy solutions that accelerate the transition to renewable energy, without compromising reliability, availability, or cost. For more information about Heliogen, please visit heliogen.com.



View source version on businesswire.com: https://www.businesswire.com/news/home/20231019239131/en/

Heliogen Investor:
Louis Baltimore
VP, Strategic Finance & Investor Relations
[e-mail]

Heliogen Media:
Sam Padreddii
[e-mail]

[WeTheMarket]

Heliogen Announces Major Milestones in Concentrated Solar Technology Project with Woodside Energy and U.S. Department of Energy
October 17 2023
https://ih.advfn.com/stock-market/NYSE/heliogen-HLGN/stock-news/92292788/heliogen-announces-major-milestones-in-concentrate

Particle receiver prototype design verification advances Heliogen’s 5MWe commercial-scale renewable power project

Heliogen, Inc. (NYSE: HLGN) (the “Company”), a leading provider of AI-enabled concentrating solar energy technology, has completed two key product development milestones related to its Capella Project, the world’s first fully integrated Gen3 Concentrating Solar Power (CSP) commercial demonstration. They are the deployment of the first commercial-scale centrifugal particle re