Heliogen focuses on generating electricity and heat using an array of computer-controlled mirrors (heliostats) that collect and concentrate sunlight to generate ultra-high temperatures of around 1,000 °C.
Heliogen offers three solutions: 1) HelioHeat uses the company's solar concentration technology in heat-intensive industrial applications such as production of cement, lime, and steel, etc. to reduce the use of fossil fuels to generate heat; 2) HelioPower combines solar concentration with supercritical CO2 turbines to generate electricity to power industrial facilities, data centers, and mining operations; 3) HelioFuel uses solar concentration to produce renewable-hydrogen.
As of January 2021, Heliogen has yet to commercialize its technology, but it successfully operates a demonstration site in California. In November 2020, Heliogen received a grant of USD 39 million from the US Department of Energy to develop a supercritical carbon dioxide power cycle that operates using Heliogen’s concentrated solar thermal energy.
In October 2021, Heliogen partnered with Woodside Energy, a wholly-owned subsidiary of the leading Australian energy producer Woodside Petroleum, to develop a five-megawatt concentrated solar demonstration facility in California. Construction of the facility is expected to begin in 2022.
Heliogen’s most recent funding event was in June 2021 when it raised USD 83 million from investors including ArcelorMittal (a Luxembourg-based multinational steel manufacturer), Edison International, Prime Movers Lab, Ocgrow Ventures, A.T. Gekko, and 8090 Partners to accelerate the global deployment of its technology.
In December 2021, Heliogen was listed on NYSE through a special purpose acquisition company (SPAC) merger. The company received USD 188 million from the transaction and expects to use the proceeds to scale heliostat manufacturing and R&D activities.