Heliogen Announces CFO Transition
January 12 2024 - 8:00AM
Business Wire
Sagar Kurada Steps Down; Alan Gahm Appointed
Interim CFO and Wilda Siu Promoted to Chief Accounting Officer
Heliogen, Inc. (“Heliogen” or the “Company”) (OTCQX: HLGN), a
leading provider of AI-enabled concentrating solar energy
technology, today announced that the Company and its Chief
Financial Officer, Sagar Kurada have mutually agreed for Mr. Kurada
to transition out of his role, effective January 11, 2024. Mr.
Kurada will support the Company during a transition period to
ensure an orderly exit. The Company has initiated a formal search
process for Mr. Kurada’s permanent replacement.
Alan Gahm, a veteran finance executive with over 35 years of
experience, has been appointed Interim Chief Financial Officer,
effective January 11, 2024. Mr. Gahm’s depth of expertise includes
accounting and controllership, financial planning and analysis,
operations finance, treasury, and M&A. He has held financial
leadership roles in the industrial and energy sectors at companies
such as Ascend Performance Materials, Koch Industries, and Shell.
He previously served as Interim Chief Accounting Officer at
Heliogen during the third quarter of 2022.
“I want to thank Sagar for his contributions to Heliogen during
his tenure. We wish him the best in his future endeavors,” said
Christie Obiaya, Chief Executive Officer of Heliogen. “I would also
like to thank Alan for stepping into the Interim CFO role. I am
confident Alan’s prior experience with Heliogen will support a
smooth transition during our permanent CFO search, as we continue
to execute on our strategic plan and growth initiatives.”
Heliogen also announced that Wilda Siu, who currently serves as
the Company’s Senior Vice President, Business Systems
Transformation & Financial Operations, will be promoted to the
role of Chief Accounting Officer and Head of Business Systems and
Information Technology, effective January 26, 2024. She will
replace Kelly Rosser, who has informed the Company of her intent to
resign from that role. Ms. Siu has been the Company’s Senior Vice
President, Business Systems Transformation & Financial
Operations, since September 2022. Prior to joining Heliogen, Ms.
Siu held senior accounting and finance roles at Vizio Holding Corp.
(NYSE: VZIO) – including accounting leadership through Vizio’s
initial public offering, Nellson LLC and Broadcom Inc. Ms. Siu, who
is a Certified Public Accountant (CPA), holds an M.B.A. in
Professional Accounting from the University of Toronto and a
Bachelor of Commerce in Accounting and Economics from McGill
University.
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.
Forward Looking Statements
This press release includes “forward-looking statements” for
purposes of the safe harbor provisions under the United States
Private Securities Litigation Reform Act of 1995. Statements that
are not historical in nature, including the words “may,” “will,”
“anticipate,” “intend,” “expect” and other similar expressions are
intended to identify forward-looking statements. These
forward-looking statements include, but are not limited to,
statements regarding the transition of the Chief Financial Officer
position. 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) the delisting of our common stock on
the New York Stock Exchange; (iii) changes in our business and
strategy, future operations, financial position, estimated revenues
and losses, projected costs, prospects and plans; (iv) 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; (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; (x) unexpected
adjustments and cancellations related to our backlog; and (xi) 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 year ended
December 31, 2022, as supplemented in our Quarterly Report on Form
10-Q for the quarters ended March 31, 2023 and September 30, 2023,
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 the Company 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/20240112722795/en/
Heliogen Investor: Louis Baltimore VP, Strategic Finance
& Investor Relations Louis.Baltimore@heliogen.com
Heliogen Media: Longacre Square Partners Joe Germani /
Miller Winston heliogen@longacresquare.com
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