Heliogen Raises Funds for Heat, Power & Green Hydrogen Technology
Pasadena California based renewable energy technology company Heliogen is unlocking the power of sunlight to replace fossil fuels Heliogen has raised USD 108 million in two funding rounds to accelerate the global deployment of its Sunlight Refinery, a turnkey concentrated solar energy system that aims to make carbon-free energy for high-temperature heat, power, and green hydrogen accessible and more cost-effective than fossil fuels for the first time. The company recently closed USD 83 million in funding, an oversubscribed round that is in addition to USD 5 million raised in the previous round. Among the new investors in Heliogen are ArcelorMittal, Edison International, Prime Movers Lab, Ocgrow Ventures, AT Gekko, ESG Venture Capital, Gordon Crawford and Rashaun Williams.
In November 2019, Heliogen announced that it had successfully demonstrated the first commercial solution for utilizing concentrated solar energy to exceed temperatures greater than 1,000 degrees Celsius. The advanced computer vision software unique to the Sunlight Refinery precisely aligns an array of mirrors to reflect sunlight to a single target with unprecedented accuracy, delivering high-temperature, carbon-free thermal energy. The baseline system will provide industrial-grade heat that will be capable of replacing fossil fuels in processes including the production of cement, steel, and petrochemicals. Heliogen’s technology will also enable power generation through the addition of a supercritical CO2 turbine and green hydrogen fuel production in combination with an electrolyzer.
In March 2021, Heliogen and Rio Tinto announced a Memorandum of Understanding under the terms of which Heliogen will deploy its proprietary, artificial intelligence powered technology at Rio Tinto’s borates mine in Boron in California. Heliogen will use heat from the sun to generate and store carbon-free energy to power the mine’s industrial processes, significantly reducing carbon emissions at the site.
Among Heliogen’s existing investors are leading global figures in the fight against the climate crisis, including Bill Gates, Patrick Soon-Shiong, the Los Angeles-based investor and entrepreneur through his investment firm, Nant Capital, Steve Case through Revolution’s The Rise of the Rest® Seed Fund, and Neotribe Ventures.