Heliogen, Inc., a leading provider of AI-enabled concentrated solar energy, announced full year 2021 financial and operational results.
Full-Year 2021 Highlights
- Finalized $39 million U.S. Department of Energy award for deployment of AI-enabled concentrated solar technology
- Completed first field test of autonomous robots designed to reduce installation and maintenance costs
- Announced start of equipment procurement for first commercial-scale facility collaboration with Woodside Energy to deploy Heliogen’s power technology
- Held successful demonstration of green hydrogen production using the Company’s core concentrated solar technology in partnership with Bloom Energy
- Closed business combination with Athena Technology Acquisition Corp. (“Athena”); began trading on the NYSE on December 31, 2021
- Began site preparation and setup for first full-scale manufacturing facility in Long Beach, California
- Awarded exclusive lease rights to Brenda Solar Energy Zone by the U.S. Bureau of Land Management for the purposes of green hydrogen production
“Our mission is bold but simple,” said Bill Gross, Founder and Chief Executive Officer of Heliogen. “We aim to decarbonize heavy industry, using artificial intelligence, scalable, repeatable manufacturing techniques, and the power of the sun. Our patented closed-loop tracking system for our mirrors will allow us to generate temperatures up to 1,000 degrees Celsius, and efficiently store that heat to create industrial process steam, power and green hydrogen – without the intermittency problems of other renewable energy sources.”
Heliogen Progress in 2021 Continues into 2022
During 2021, Heliogen launched negotiations regarding deployment of its AI-enabled solar energy systems, and began engineering work on one of its first commercial scale facilities. The Company also continued to develop its infrastructure and set the foundation for its commercial-scale operations, to support its prospective project pipeline.
“The past year has been transformational in many ways for Heliogen,” said Mr. Gross. “We debuted on the New York Stock Exchange at the end of the year and, on the commercial side our company announced commercial relationships with Rio Tinto and Woodside Energy, two of the world’s largest resources firms, and partnered with Bloom Energy for the successful demonstration scale production of green hydrogen. We also finalized a cooperative agreement with the Department of Energy for the deployment of our new concentrated solar thermal energy technology. In addition, we expanded our manufacturing and operational capabilities, announcing a successful field test of our ICARUS autonomous robot which we designed with the goal of reducing installation and maintenance costs for our facilities.”
“As you can tell, the team at Heliogen has been busy,” continued Gross. “We intend to carry this momentum through 2022 and have already begun the initial work on our Long Beach manufacturing facility, as well as our green hydrogen production facility in the Brenda Solar Energy Zone in Arizona. Having made exceptional progress in 2021 toward our goals, we are excited about what the future holds for Heliogen.”
Full-Year 2021 Financial and Operational Results
For the full year 2021, Heliogen reported total revenue of $8.8 million, total operating expenses of $43.9 million and net loss of $142.2 million. The company’s net loss was driven primarily by non-cash, remeasurement impacts of $93.6 million related to our legacy SAFE instruments and warrants prior to and through the date of closing of the business combination with Athena and share-based compensation expense of $11.4 million. The Company’s Adjusted EBITDA, which excludes these and other impacts, was negative $32.1 million for full year 2021.
As of December 31, 2021, the Company had approximately $190.1 million in cash and cash equivalents and $32.3 million of available-for-sale investments, for a total of over $222.4 million available to fund its future scaling and development efforts. Heliogen currently has no material debt outstanding.
For full-year 2022, Heliogen expects to have between two and three modules contracted and is introducing revenue guidance of $20 - $25 million. The Company believes this metric of modules contracted is the most useful indicator of the demand for Heliogen’s products and technology at this stage in its lifecycle. Over time, it expects these contracts to be converted to revenue as the projects are installed, although there is no assurance as to the time period for such conversion.