MOU between the parties seeks to build a clean
hydrogen generation facility to support Lancaster’s vision to
become a model for hydrogen production in the U.S.
The City of Lancaster today announced the signing of a
memorandum of understanding (MOU) with Heliogen, Inc., a
California-based renewable energy technology company that uses
concentrating solar thermal systems to convert sunlight into steam,
heat, power, and green hydrogen fuel. Under the terms of the MOU,
Heliogen will serve as the technology provider, project developer,
builder, operator, and equity partner for a green hydrogen
generation facility that will support the city’s vision to become a
model for hydrogen production in the U.S.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20221107005391/en/
This relationship is expected to accelerate the novel use of
concentrating solar thermal energy for a commercial hydrogen
generation facility and builds upon the existing relationship
between the City of Lancaster and Heliogen, which sited its
demonstration test facility in the city in 2019.
“The City of Lancaster is pleased to announce its latest
innovative project with Heliogen. Founder and CEO of Heliogen, Bill
Gross, has been a longtime partner and friend. I am thrilled we can
continue our collaboration by helping to create a sustainable
future and continue to combat climate extinction through shared
leadership and development of renewable hydrogen,” said R. Rex
Parris, mayor of the City of Lancaster. “Together, we will
accelerate the city’s net-zero vision and expand our hydrogen
capabilities throughout the greater Los Angeles region, which could
support the ARCHES hydrogen hub proposal to the U.S. Department of
Energy.”
“We are extremely pleased to broaden our long-standing
relationship with the City of Lancaster to help them achieve their
visionary sustainability goals through the development of
carbon-free green hydrogen,” said Bill Gross, Founder and Chief
Executive Officer, Heliogen. “This partnership further demonstrates
that powering the planet with renewable energy is not only critical
to fighting climate change – it is also a real economic opportunity
for our cities.”
The facility is expected to leverage Heliogen’s patented
breakthrough technology to use AI and advanced computer vision
software to concentrate sunlight and could generate up to 1500
metric tons per year of carbon-free hydrogen, which can provide
significant economic development potential. The Heliogen facility
could help support other projects within the city and region,
including sustainable aviation fuel for hydrogen-powered aircraft,
fueling stations for hydrogen-powered vehicles, and sales and
distribution of hydrogen fuel for industrial processes such as
vertical agriculture, cement, and mining.
Heliogen expects to bring on additional equity partners to
support the project’s construction costs. The City of Lancaster
will assist with site identification, review by City Council and
the community as required, support for permitting process, and
evaluation of economic development potential.
ABOUT THE CITY OF LANCASTER
The City of Lancaster is a diverse community of people that is
leading the future through science, technology, art, culture, and
collaboration. The City is a 3-time winner of the LAEDC’s “Most
Business-Friendly City” award, as well as receiving a Bronze Rank
for the IEDC’s “Excellence in Economic Development” awards.
Home to astronauts, rocket scientists, families, and innovative
businesses large and small, Lancaster is leading the USA with
innovation. Combined with spectacular landscapes and clean air,
Lancaster has the confidence, expertise, spirit, and imagination to
transform tomorrow. Learn more at www.cityoflancasterca.org
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
Cautionary Note Regarding Forward-Looking Statements Related
to Heliogen
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 the production of, and
current and projected market for green hydrogen. 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) the ongoing impacts of the COVID-19 pandemic
and the potential impacts of Russia’s invasion of Ukraine on our
business; (viii) developments and projections relating to our
competitors and industry; (ix) our ability to access sources of
capital to finance operations, growth and future capital
requirements; 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/A for
the annual period ended December 31, 2021 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221107005391/en/
City of Lancaster Media: Jennifer Seguin
jseguin@cityoflancasterca.gov
Heliogen Media: Cory Ziskind ICR, Inc.
HeliogenPR@icrinc.com
Heliogen Investors: Louis Baltimore
Louis.Baltimore@heliogen.com
Heliogen (NYSE:HLGN)
Historical Stock Chart
From May 2024 to Jun 2024
Heliogen (NYSE:HLGN)
Historical Stock Chart
From Jun 2023 to Jun 2024