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July 8, 2021

Heliogen to become publicly traded in Athena Technology merger

Once the merger deal with Heliogen is completed, Athena is expected to be renamed Heliogen.

By Umesh Ellichipuram

US-based solar power technology company Heliogen is set to merge with special purpose acquisition company Athena Technology Acquisition to become a publicly traded company.

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The merger of the two companies values Heliogen at around $2bn.

The combined business entity is estimated to receive gross proceeds of almost $415m at the closing. This includes estimated proceeds of $165m fully committed Class A common stock private investment in public equity (PIPE).

The combined entity is anchored by existing and new investors, including funds and accounts managed by Counterpoint Global (Morgan Stanley), Salient Partners and Saba Capital, as well as ArcelorMittal’s XCarb Innovation Fund.

Once the merger is completed, Athena could be renamed Heliogen and will remain listed on the New York Stock Exchange.

The proceeds will be used to increase Heliogen’s heliostat manufacturing capacity, for research and development activities, to support global project development and to fund the company’s balance sheet.

The merger is also expected to expedite Heliogen’s mission to ’empower a sustainable future’ with low-cost, dispatchable concentrated solar energy.

Heliogen founder and CEO Bill Gross said: “We are excited to combine with Athena to leverage our collective expertise as we execute our strategy to accelerate Heliogen’s growth and scale our groundbreaking concentrated solar technology for the global energy market.

“I have been building companies nearly my entire life, and the opportunity that Heliogen’s technology represents to decarbonise power generation, replace other carbon-intensive sources of industrial heat and contribute to the cost-efficient production of alternative fuels such as green hydrogen, is at the head of the pack in terms of its potential to make a positive impact on society.”

For the merger deal, Cohen and Company Capital Markets is serving as Athena’s financial adviser and placement agent, with Barclays acting as Heliogen’s financial adviser.

DLA Piper (US) is serving as Athena’s legal adviser while Cooley is acting as Heliogen’s legal advisor.

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Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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