Particle receiver prototype design verification
advances Heliogen’s 5MWe commercial-scale renewable power
project
Heliogen, Inc. (NYSE: HLGN) (the “Company”), a leading provider
of AI-enabled concentrating solar energy technology, has completed
two key product development milestones related to its Capella
Project, the world’s first fully integrated Gen3 Concentrating
Solar Power (CSP) commercial demonstration. They are the deployment
of the first commercial-scale centrifugal particle receiver for
on-sun testing and completion of the design verification of the
prototype particle receiver for Capella. Together, these two
milestones are essential to deploy Heliogen’s centrifugal particle
receiver in the Capella Project, a collaboration with Woodside
Energy (USA) Inc. (NYSE: WDS) and a funding award from the U.S.
Department of Energy.
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Upon completion, the Capella project will add to Heliogen's
portfolio of commercially ready technologies. Alongside the mature
products Heliogen already offers for the industrial heat and
large-scale power markets, the Gen3 CSP capabilities will broaden
the space of potential applications to include variably sized power
projects and improve economics for many customers.
“By using Heliogen’s next-generation solar energy technology,
industrial energy users will be able to improve their bottom line
while doing their part to mitigate climate change,” said Christie
Obiaya, Chief Executive Officer of Heliogen. “Completing these two
Capella milestones brings us one step closer to helping industries
move into high-value, solar-powered processes and reduce dependence
on volatile fossil fuels.”
Like any major advanced technology project, there are a lot of
moving parts and iterative steps along the way. For Heliogen, the
completed project milestones move the project closer to harnessing
heat from the sun that will become electrical power. Heliogen’s
particle receiver design uses solid materials like ceramic
particles to safely capture and store heat from the sun at
temperatures up to 750° C, then transfers that heat to a highly
efficient power block to generate electricity. The particle
receiver is an essential element in Capella, the world’s first
fully integrated Generation 3 CSP plant combining solid-particle
thermal energy storage and supercritical CO2 (sCO2) power
generation to achieve unprecedented efficiencies.
“These milestones represent exciting progress in our
collaboration to demonstrate the potential of Heliogen’s
innovative, concentrated solar energy technology,” said Jason
Crusan, Vice President, New Energy Growth and Solutions at
Woodside. “They also advance the development of a technology
solution that supports our commitment to building a low-cost,
lower-carbon, profitable, resilient and diversified portfolio.”
Heliogen remains on track with its previously disclosed Capella
development schedule, with front-end engineering design (FEED)
forecasted for completion in late 2023 and groundbreaking planned
for 2024, in line with previous guidance.
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.
About Woodside
Woodside is a global energy company, proudly Australian with a
spirit of innovation and determination. Woodside provides energy
that the world needs to heat homes, keep lights on and support
industry. The company aims to thrive through the global energy
transition with a low-cost, lower-carbon, profitable, resilient and
diversified portfolio.
Woodside has a growing portfolio of carbon services (offsets,
carbon capture and storage, carbon capture and utilization),
hydrogen, ammonia, and renewable power opportunities in Australia
and internationally. Our new energy opportunities include proposed
hydrogen and ammonia projects H2Perth and H2TAS in Australia and a
proposed hydrogen project H2OK in North America. See:
www.woodside.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 expectations for development of the
centrifugal particle receiver; ability to improve the economics and
efficiencies of renewable power and expectations related to future
renewable power production. 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) changes in
our business and strategy, future operations, financial position,
estimated revenues and losses, projected costs, prospects and
plans; (iii) 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; (iv) our ability to maintain listing on the New
York Stock Exchange; (v) our ability to access sources of capital
to finance operations, growth and future capital requirements; (vi)
our ability to maintain and enhance our products and brand, and to
attract and retain customers; (vii) our ability to scale in a cost
effective manner; (viii) changes in applicable laws or regulations;
(ix) developments and projections relating to our competitors and
industry; 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 for the annual
period ended December 31, 2022, as supplemented in our Quarterly
Report on Form 10-Q for the quarter ended March 31, 2023 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. The views expressed herein do not
necessarily represent the views of the U.S. Department of Energy or
the United States Government.
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version on businesswire.com: https://www.businesswire.com/news/home/20231017130066/en/
Investor Contact: Louis Baltimore VP, Investor Relations,
Heliogen Louis.Baltimore@Heliogen.com
Media Contact: Jennifer Spoerri Gallagher PR
jennifer@gallagherpr.com
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