Longer run time and steam generation
through concentrated solar, combined with high-temperature
electrolysis, unlock low-cost hydrogen production
Heliogen, Inc. and Bloom Energy Corporation (NYSE: BE) today
announced the generation of green hydrogen by integrating the
companies’ technologies – Heliogen’s concentrated solar energy
system and the Bloom Electrolyzer. The successful demonstration in
Lancaster, California produced hydrogen and showcased the many
benefits of combining the companies’ complementary technologies to
achieve low-cost green hydrogen production.
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Heliogen’s AI-enabled concentrated solar energy system is
designed to create carbon-free steam, electricity, and heat from
abundant and renewable sunlight. When combined with Bloom’s
proprietary solid oxide, high-temperature electrolyzer, hydrogen
can be produced 45 percent more efficiently than low-temperature
PEM and alkaline electrolyzers. Electricity accounts for nearly 80
percent of the cost of hydrogen from electrolysis. By using less
electricity, hydrogen production is more economical and accelerates
adoption. In addition, the ability to use heat, which is a much
lower cost source of energy than electricity, further improves the
economics of green hydrogen production.
Heliogen’s concentrated solar technology is different than
traditional photovoltaic solar; it facilitates hydrogen generation
for longer periods of time, operating near 24/7 by storing the
solar energy, resulting in more compact and lower cost production.
The extended operating time of Heliogen’s technology and Bloom
Energy’s ability to efficiently utilize heat is designed to reduce
the cost of green hydrogen production compared to competing
solutions.
Hydrogen use is forecast to grow from 115 million metric tonnes
currently to 500-800 million metric tonnes a year by 2050,
accounting for 15 to 20 percent of total global energy demand.
Hydrogen projects already announced represent over $300 billion in
spending across the value chain, and McKinsey & Company
analysts expect at least $150 billion of that spend to be related
to hydrogen production, which Heliogen and Bloom Energy are
addressing through their collaboration.
The successful demonstration is an important step forward
towards the goal of replacing fossil-derived fuels with green
hydrogen in commercial and industrial applications. Responsible for
more than one-third of the world’s energy
consumption and a quarter of global CO2 emissions,
industrial companies are particularly well-suited for low-cost,
large-scale hydrogen utilization given their substantial energy
requirements and notable carbon emissions. Further, the integration
of Heliogen and Bloom Energy is a significant milestone for the
hydrogen economy, as it is expected to unlock a future of
economically viable green hydrogen production on par with hydrogen
produced from photovoltaic solar generation.
“Our demonstration project with Bloom Energy represents a
significant leap toward full commercial-scale green hydrogen
production, which will play an important role in decarbonizing
heavy industry,” said Bill Gross, founder and CEO of Heliogen.
“Following this successful integration of Heliogen’s near-24/7
solar steam generation with the Bloom Electrolyzer, we expect that
commercial projects will use Heliogen technology to supply their
electric power as well, providing 100 percent of the thermal and
electrical energy required to produce green hydrogen.”
“This integration with Heliogen underscores the value that
strategic collaborations and industry-leading innovation can bring
to driving change and making positive impacts for our climate,”
said Venkat Venkataraman, executive vice president and chief
technology officer, Bloom Energy. “With a focus on providing highly
efficient and low-cost green hydrogen at scale, we will be a leader
in low-cost hydrogen.”
Heliogen and Bloom Energy plan to continue their testing efforts
and look forward to sharing further information at a future
date.
Additional information on the companies’ integrated solution can
be found here:
https://bit.ly/heliogen-bloom-energy-green-hydrogen-demo.
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.
On July 6, 2021, Heliogen entered into a definitive business
combination agreement with Athena Technology Acquisition Corp.
(NYSE: ATHN). Upon the closing of the business combination,
Heliogen will become publicly traded on the New York Stock Exchange
under the new ticker symbol "HLGN". Additional information about
the transaction can be viewed here:
www.heliogen.com/investor-center/.
Additional Information and Where to Find It
In connection with the proposed business combination between
Heliogen, Inc. (“Heliogen”) and Athena Technology Acquisition Corp.
(“Athena”), Athena has filed with the Securities and Exchange
Commission (“SEC”) a registration statement on Form S-4 containing
a preliminary proxy statement and a preliminary prospectus which
has not yet become effective. After the registration statement is
declared effective, Athena will mail a definitive proxy
statement/prospectus relating to the proposed business combination
to its stockholders. This press release does not contain all the
information that should be considered concerning the proposed
business combination and is not intended to form the basis of any
investment decision or any other decision in respect of the
business combination. Additional information about the proposed
business combination and related transactions will be described in
Athena’s combined proxy statement/prospectus relating to the
proposed business combination and the businesses of Athena and
Heliogen, which Athena has filed with the SEC. The proposed
business combination and related transactions will be submitted to
stockholders of Athena for their consideration. Athena’s
stockholders and other interested persons are advised to read the
preliminary proxy statement/prospectus and the amendments thereto
and the definitive proxy statement/prospectus, when available, and
other documents filed in connection with Athena’s solicitation of
proxies for its special meeting of stockholders to be held to
approve, among other things, the proposed business combination and
related transactions, because these materials will contain
important information about Heliogen, Athena and the proposed
business combination and related transactions. When available, the
definitive proxy statement/prospectus and other relevant materials
for the proposed business combination will be mailed to
stockholders of Athena as of a record date to be established for
voting on the proposed business combination and related
transactions. Stockholders may also obtain a copy of the
preliminary or definitive proxy statement/prospectus, once
available, as well as other documents filed with the SEC by Athena,
without charge, at the SEC’s website located at www.sec.gov or by
directing a request to Phyllis Newhouse, President and Chief
Executive Officer, Athena Technology Acquisition Corp., 125
Townpark Drive, Suite 300, Kennesaw, GA 30144, or by telephone at
(970) 924-0446.
Participants in the Solicitation
Athena, Heliogen and their respective directors and executive
officers and other persons may be deemed to be participants in the
solicitations of proxies from Athena’s stockholders in respect of
the proposed business combination and related transactions.
Information regarding Athena’s directors and executive officers is
available in its Registration Statement on Form S-1 and the
prospectus included therein filed with the SEC on March 3, 2021.
Additional information regarding the participants in the proxy
solicitation and a description of their direct and indirect
interests will be contained in the preliminary and definitive proxy
statements/prospectus related to the proposed business combination
and related transactions when it becomes available, and which can
be obtained free of charge from the sources indicated above. For
the avoidance of doubt, Bloom Energy shall not be deemed to be a
participant in the solicitation and disclaims liability related to
the proposed transaction between Heliogen and Athena.
No Offer or Solicitation
This communication shall not constitute a solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the proposed transaction. This communication shall
also not constitute an offer to sell or the solicitation of an
offer to buy any securities, nor shall there be any sale of
securities in any states or jurisdictions in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
About Bloom Energy
Bloom Energy’s mission is to make clean, reliable energy
affordable for everyone in the world. Bloom Energy’s product, the
Bloom Energy Server, delivers highly reliable and resilient,
always-on electric power that is clean, cost-effective, and ideal
for microgrid applications. Bloom Energy’s customers include many
Fortune 100 companies and leaders in manufacturing, data centers,
healthcare, retail, higher education, utilities, and other
industries. For more information, visit www.bloomenergy.com.
Cautionary Note Regarding Forward-Looking Statements Related
to Bloom Energy Corporation
This press release contains forward-looking statements within
the meaning of the federal securities laws that involve risks and
uncertainties. Words such as “anticipates,” “could,” “expects,”
“intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,”
“can,” “may,” “will,” “would” and similar expressions identify such
forward-looking statements. These statements include, but are not
limited to, expectations regarding the success of the companies’
integrated technologies; expectations for economically viable green
hydrogen production; expectations regarding the Bloom Electrolyzer;
ability to improve the economics of green hydrogen production;
expectations related to replacing fossil-derived fuels with green
hydrogen in commercial and industrial applications; and
expectations related to future hydrogen production. These
statements should not be taken as guarantees of results and should
not be considered an indication of future activity or future
performance. Actual events or results may differ materially from
those described in this press release due to a number of risks and
uncertainties, including timing of market adoption of hydrogen
projects and solutions, and those included in the risk factors
section of Bloom Energy’s Quarterly Report on Form 10-Q for the
quarter ended September 30, 2021 and other risks detailed in Bloom
Energy’s SEC filings from time to time. Bloom Energy undertakes no
obligation to revise or publicly update any forward-looking
statements unless if and as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20211116005579/en/
Media Contacts: Leo Traub, Antenna Group for Heliogen
heliogen@antennagroup.com + 1 (646) 883 3562
Jennifer Duffourg, Bloom Energy
jennifer.duffourg@bloomenergy.com + 1 (480) 341 5464
Investor Contacts: Caldwell Bailey, ICR Inc. for Heliogen
HeliogenIR@icrinc.com
Edward Vallejo, Bloom Energy edward.vallejo@bloomenergy.com + 1
(267) 370 9717
Bloom Energy (NYSE:BE)
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