Heliogen, a leader in clean technology, announced this Monday it finalized a $39 million award from the US Department of Energy to deploy its top-notch technology in California.
Firstly, Heliogen is a leading provider of AI-enabled concentrated solar power. This 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.
Moreover, upon closing the award, the company will apply the funds to a commercial-scale facility; leveraging its AI-enabled concentrated solar technology. Particularly, the funds will support the implementation of the company’s unique concentrated solar technology; which couples its AI-powered heliostat field with a supercritical carbon dioxide (sCO2) power cycle.
In order to achieve this, the company’s AI-powered heliostat field will efficiently generate higher temperatures than traditional concentrated solar, enabling the cost-effective integration of a sCO2 power cycle.
In addition, these steam-based power cycles are typically used in thermal energy plants to convert heat into electricity. Still, advanced sCO2 cycles will reach higher efficiencies at a lower cost with a smaller footprint and reduced water use.
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Heliogen to unlock potential of renewable energy
As a result, the technology from Heliogen will unlock the production of low-cost, near 24/7 carbon-free electricity. Therefore, highlighting the potential for concentrated solar technology to power industry; and accelerating the clean energy transition in the United States and beyond.
Heliogen Founder and CEO, Bill Gross, said. “The large and ambitious scope of this DOE award adds momentum to the deployment of Heliogen’s breakthrough AI-enabled, modular concentrated solar solution for carbon-free energy at scale.”
On the other hand, Heliogen received support from DOE’s Solar Energy Technologies Office, which supports projects that can improve the affordability, reliability, and value of solar technologies on the US grid and tackle emerging challenges in the solar industry.
Finally, on July 6, 2021, Heliogen entered into a definitive business combination agreement with Athena Technology Acquisition Corp. After it, Heliogen will become publicly traded on the New York Stock Exchange under the new ticker symbol “HLGN.”
