Heliogen Announces Semifinalist Position in DOE Heliostat Prize

Innovative wireless heliostat project highlights company’s leadership in solar energy advancement

Heliogen, Inc. (“Heliogen”) (OTCQX: HLGN), a leading provider of AI-enabled concentrating solar energy technology, today announced its selection as one of nine semifinalists in the U.S. Department of Energy's (DOE) American-Made Heliostat Prize. This renowned contest, part of a three-phase challenge, accelerates technological innovation in selected heliostat components.

Heliogen's project, "Testing & Deployment of Fully Wireless Heliostats," is a novel initiative aimed at evaluating the viability and comprehensiveness of various cost-effective and widely available wireless communication technologies powered by Heliogen’s advanced software control system.

David Haas, concentrating solar-thermal power senior technical advisor for DOE's Solar Energy Technologies Office (SETO), expressed his enthusiasm for the advancements showcased by the semifinalists in the American-Made Heliostat Prize. "We are excited by the potential in the nine proposed projects by our semifinalists. The proposals represent innovative approaches and potential new technologies that could further advance heliostat capabilities nationwide. We are excited to see where they take these projects in phase two of the challenge," Haas stated.

This recognition of Heliogen's project in the DOE's Heliostat Prize reaffirms the company's leading role in the concentrating solar energy sector, demonstrating its commitment to advancing sustainable solutions. The deployment of Heliogen’s technology is backed by the DOE across several previously announced projects, including the recent strategic collaboration with NantG Power to advance solar calcining, the development of the world’s first fully integrated Gen3 concentrating solar power commercial demonstration with Woodside Energy, and the $39 million DOE award for deploying AI-enabled concentrated solar technology. These demonstrations exemplify Heliogen’s capability to enhance the cost-effectiveness, reliability, and scalability of concentrating solar energy while highlighting an innovative approach and pivotal role in shaping a more sustainable energy future.

"Being selected as a semifinalist in the DOE's American-Made Heliostat Prize is a significant acknowledgment of our team's dedication to innovation," said Steve Schell, Chief Scientist at Heliogen. "Our project reflects our commitment to advancing concentrating solar energy technologies in practical and extensive ways. We're excited about this project's potential to reduce project costs, improve the reliability of solar collectors, and accelerate the deployment of this impactful technology.”

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 expectations for effectiveness and efficiency of our software control system; ability to advance heliostat capabilities and expectations related to deployment of our software. 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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"Being selected as a semifinalist in the DOE's American-Made Heliostat Prize is a significant acknowledgment of our team's dedication to innovation," said Steve Schell, Chief Scientist at Heliogen.