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Heliogen Inc. (Symbol: HLGN) is a pioneering clean energy company with a mission to eliminate the need for fossil fuels across all sectors of the economy. The company is dedicated to developing and implementing revolutionary technologies that harness the power of the sun to produce carbon-free, ultra-high temperature heat and fuels.
Founded at Idealab, a leading technology incubator, Heliogen aims to transform industrial processes by replacing fossil fuels with sustainable energy solutions. The company's innovations focus on generating solar energy at scale, including the production of hydrogen fuel, which has the potential to revolutionize the energy industry.
Heliogen's core business revolves around its breakthrough technology that concentrates sunlight to achieve temperatures exceeding 1,000 degrees Celsius. This high-temperature heat can be used in various industrial applications such as cement manufacturing, steel production, and petrochemical processes, making these industries more sustainable and eco-friendly.
In recent achievements, Heliogen has made significant strides in advancing its technology through strategic partnerships and pilot projects. The company is actively engaged in collaborations with major players in the energy sector to deploy its solar energy solutions on a commercial scale. Moreover, Heliogen's financial health reflects its commitment to innovation and growth, with continuous investments in research and development.
Heliogen is also exploring new avenues to enhance its technology and expand its market reach. The company's current projects include developing solutions for energy storage and improving the efficiency of solar energy conversion. These initiatives align with Heliogen's vision of creating a sustainable future powered by clean and renewable energy sources.
For more information about Heliogen, please visit heliogen.com.
Heliogen, Inc. (OTCQX: HLGN), an AI-enabled concentrating solar energy technology provider, released its Q2 2024 financial results. Key highlights include:
- Revenue of $2.3 million, primarily from the Capella Project and engineering services
- Net loss of $(19.3) million, impacted by impairment charges and inventory reserves
- Adjusted EBITDA of $(14.6) million
- Available liquidity of $51.8 million as of June 30, 2024
The company implemented a targeted plan in May 2024, including workforce reduction and facility closure, to reduce costs. Heliogen's first commercial-scale steam plant in west Texas is progressing towards mechanical completion by year-end 2024. The company continues to focus on liquidity and cost reduction while exploring strategic alternatives.
Heliogen, Inc. announced its first quarter 2024 financial and operational results, showcasing a strong opportunity pipeline of 1.9 GW and a contracted revenue backlog of $76.2 million. The company added $1.8 million to its backlog through a U.S. Department of Energy award and is on track for the first commercial-scale installation of its steam plant in west Texas by year-end 2024. Heliogen reported total revenue of $1.5 million, a net loss of $(15.2) million, and an Adjusted EBITDA of $(14.9) million for the first quarter.
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