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Heliogen Announces Major Milestones in Concentrated Solar Technology Project with Woodside Energy and U.S. Department of Energy

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

PASADENA, Calif., October 17, 2023--(BUSINESS WIRE)--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 receiver for on-sun testing and completion of the design verification of the prototype particle receiver for Capella. Together, these two milestones are essential to deploy Heliogen’s centrifugal particle receiver in the Capella Project, a collaboration with Woodside Energy (USA) Inc. (NYSE: WDS) and a funding award from the U.S. Department of Energy.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231017130066/en/

Upon completion, the Capella project will add to Heliogen's portfolio of commercially ready technologies. Alongside the mature products Heliogen already offers for the industrial heat and large-scale power markets, the Gen3 CSP capabilities will broaden the space of potential applications to include variably sized power projects and improve economics for many customers.

"By using Heliogen’s next-generation solar energy technology, industrial energy users will be able to improve their bottom line while doing their part to mitigate climate change," said Christie Obiaya, Chief Executive Officer of Heliogen. "Completing these two Capella milestones brings us one step closer to helping industries move into high-value, solar-powered processes and reduce dependence on volatile fossil fuels."

Like any major advanced technology project, there are a lot of moving parts and iterative steps along the way. For Heliogen, the completed project milestones move the project closer to harnessing heat from the sun that will become electrical power. Heliogen’s particle receiver design uses solid materials like ceramic particles to safely capture and store heat from the sun at temperatures up to 750° C, then transfers that heat to a highly efficient power block to generate electricity. The particle receiver is an essential element in Capella, the world’s first fully integrated Generation 3 CSP plant combining solid-particle thermal energy storage and supercritical CO2 (sCO2) power generation to achieve unprecedented efficiencies.

"These milestones represent exciting progress in our collaboration to demonstrate the potential of Heliogen’s innovative, concentrated solar energy technology," said Jason Crusan, Vice President, New Energy Growth and Solutions at Woodside. "They also advance the development of a technology solution that supports our commitment to building a low-cost, lower-carbon, profitable, resilient and diversified portfolio."

Heliogen remains on track with its previously disclosed Capella development schedule, with front-end engineering design (FEED) forecasted for completion in late 2023 and groundbreaking planned for 2024, in line with previous guidance.

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.

About Woodside

Woodside is a global energy company, proudly Australian with a spirit of innovation and determination. Woodside provides energy that the world needs to heat homes, keep lights on and support industry. The company aims to thrive through the global energy transition with a low-cost, lower-carbon, profitable, resilient and diversified portfolio.

Woodside has a growing portfolio of carbon services (offsets, carbon capture and storage, carbon capture and utilization), hydrogen, ammonia, and renewable power opportunities in Australia and internationally. Our new energy opportunities include proposed hydrogen and ammonia projects H2Perth and H2TAS in Australia and a proposed hydrogen project H2OK in North America. See: www.woodside.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 expectations for development of the centrifugal particle receiver; ability to improve the economics and efficiencies of renewable power and expectations related to future renewable power production. 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) changes in our business and strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; (iii) 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; (iv) our ability to maintain listing on the New York Stock Exchange; (v) our ability to access sources of capital to finance operations, growth and future capital requirements; (vi) our ability to maintain and enhance our products and brand, and to attract and retain customers; (vii) our ability to scale in a cost effective manner; (viii) changes in applicable laws or regulations; (ix) developments and projections relating to our competitors and industry; and (x) our ability to protect our intellectual property. You should carefully consider the foregoing factors and the other risks and uncertainties disclosed in the "Risk Factors" section in Part I, Item 1A in our Annual Report on Form 10-K for the annual period ended December 31, 2022, as supplemented in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 and other documents filed by Heliogen from time to time with the Securities and Exchange Commission. 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. The views expressed herein do not necessarily represent the views of the U.S. Department of Energy or the United States Government.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231017130066/en/

Contacts

Investor Contact:
Louis Baltimore
VP, Investor Relations, Heliogen
Louis.Baltimore@Heliogen.com

Media Contact:
Jennifer Spoerri
Gallagher PR
jennifer@gallagherpr.com