Heliogen Achieves Key Milestone on Project Funded with up to $50M from Woodside and $39M from U.S. Department of Energy
May 03 2022 - 8:00AM
Business Wire
Transitions from design into testing and
implementation of supercritical CO2 power generation system to be
utilized in 5 MWe commercial-scale demonstration deployment in
California
Heliogen, Inc. (NYSE: HLGN), a leading provider of AI-enabled
concentrated solar energy technology, today announced that the
company has achieved a key development milestone, transitioning
from design into testing and implementation of its supercritical
CO2 (sCO2) power generation system to be utilized to generate
carbon-free electricity for its previously announced 5 MWe
commercial-scale demonstration deployment for Woodside in Mojave,
California.
The deployment of Heliogen’s AI-enabled concentrated solar
energy technology, including testing and deployment of the sCO2
power generation system, is being funded with up to $50M from
Woodside, along with Heliogen’s previously announced $39 million
award from the U.S. Department of Energy to deploy its renewable
energy technology in California. Heliogen expects to recognize
approximately $80 million in total revenue from Woodside and the
U.S. Department of Energy for the project over a multi-year
period.
In partnership with Hanwha Power Systems, a global leader in the
development of eco-friendly power generation solutions, Heliogen
has developed a modular, high-efficiency 5 MWe sCO2 power block
integrated with high temperature solid media thermal energy
storage, designed to meet the renewable power generation
requirements for industrial customers in energy, mining and other
heavy industries. Hanwha and Heliogen have entered into an
agreement for the production and delivery of the power block for
the Mojave, California demonstration project.
In addition to the power block, Heliogen is collaborating with
Vacuum Process Engineering (VPE) and Solex Thermal Science to
develop an advanced particle to sCO2 heat exchanger that will be
used to transfer thermal energy from thermal storage to the power
block. A test loop is being designed and fabricated by Combustion
Associates Inc (CAI) based in Corona, California, to validate the
performance of the heat exchanger.
When complete, Heliogen expects the sCO2 heat exchanger to be
the largest of its type ever built, and the power block is expected
to be the first and largest commercially-deployed integrally geared
sCO2 recompression closed Brayton cycle. These innovations convert
the thermal energy produced by Heliogen’s advanced concentrated
solar energy technology into power with the goal of delivering
higher efficiencies with a smaller footprint than traditional steam
turbines.
“This development milestone further demonstrates Heliogen’s
momentum through commercial, technological and governmental
partnerships,” said Bill Gross, Founder and Chief Executive Officer
of Heliogen. “Bringing together the needs and expertise of
world-class companies like Woodside, Hanwha, and others will
accelerate the pace at which Heliogen is able to deploy our
innovative technologies for providing clean energy to heavy
industry. The support of the U.S. Department of Energy is also
critical in moving technologies like ours into commercial
deployment phase. I am incredibly excited at what our company can
achieve in 2022 and beyond.”
“We are proud to transition out of the design phase and into
testing and implementation of our advanced sCO2 power cycle,” said
Steve Schell, Chief Technology Officer and Chief Engineer at
Heliogen. “The innovative design we have developed is a testament
to our world-class engineering capabilities and our partnership
with Hanwha, which brings unparalleled expertise in designing,
developing and commercializing sustainable power systems. Our
collective teams have taken a significant step forward in
developing the technology that will play a critical role in
decarbonizing heavy industry to fight climate change.”
The implementation of Heliogen’s unique concentrated solar
technology couples its AI-powered heliostat field with a sCO2 power
cycle with the goal of enabling higher efficiency, lower cost power
generation with a smaller footprint and reduced water use compared
to traditional steam turbines. To do this, Heliogen’s AI-powered
heliostat field will efficiently generate higher temperatures than
traditional concentrated solar, enabling the cost-effective
integration of thermal energy storage and a sCO2 power cycle. With
its numerous advanced technologies, the Heliogen system is expected
to unlock the production of low-cost, near 24/7 carbon-free
electricity, highlighting the potential for concentrated solar
technology to power industry and accelerate the clean energy
transition in the United States and beyond.
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.
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 our expectations for revenue recognition,
development of the sCO2 heat exchanger and production and delivery
of the power block. 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) 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; (iii) our ability to
access sources of capital to finance operations, growth and future
capital requirements; (iv) our ability to maintain and enhance our
products and brand, and to attract and retain customers; (v) our
ability to scale in a cost-effective manner; (vi) changes in
applicable laws or regulations; (vii) developments and projections
relating to our competitors and industry; (viii) the ongoing
impacts of the COVID-19 pandemic and the potential impacts of
Russia’s invasion of Ukraine on our business; (ix) our ability to
protect our intellectual property and (x) our ability to find and
retain critical employee talent and key personnel. You should
carefully consider the foregoing factors and the other risks and
uncertainties described in the “Risk Factors” section in our Annual
Report on Form 10-K filed for the annual period ended December 31,
2021 and other documents filed by the Company from time to time
with the SEC. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220503005768/en/
Heliogen Media Contact: Cory Ziskind ICR, Inc.
HeliogenPR@icrinc.com
Heliogen Investor Contact: Louis Baltimore
Louis.Baltimore@heliogen.com
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