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City of Lancaster Announces Collaboration with Heliogen to Produce Green Hydrogen
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
The City of Lancaster has signed a memorandum of understanding (MOU) with Heliogen (NYSE:HLGN) to establish a clean hydrogen generation facility, aiming to position Lancaster as a leader in hydrogen production in the U.S.. Heliogen will act as the technology provider and equity partner, utilizing its solar thermal systems to generate up to 1500 metric tons of carbon-free hydrogen annually. This partnership is set to support local economic development, sustainable aviation fuel initiatives, and other renewable energy projects, enhancing the city’s net-zero vision.
Positive
Agreement to build a clean hydrogen generation facility with potential production of 1500 metric tons of carbon-free hydrogen per year.
Heliogen's patented technology leverages AI and advanced systems for efficient hydrogen production.
The project aligns with Lancaster's sustainability goals, enhancing regional economic development.
Negative
None.
MOU between the parties seeks to build a clean hydrogen generation facility to support Lancaster’s vision to become a model for hydrogen production in the U.S.
LANCASTER, Calif.--(BUSINESS WIRE)--
The City of Lancaster today announced the signing of a memorandum of understanding (MOU) with Heliogen, Inc., a California-based renewable energy technology company that uses concentrating solar thermal systems to convert sunlight into steam, heat, power, and green hydrogen fuel. Under the terms of the MOU, Heliogen will serve as the technology provider, project developer, builder, operator, and equity partner for a green hydrogen generation facility that will support the city’s vision to become a model for hydrogen production in the U.S.
This relationship is expected to accelerate the novel use of concentrating solar thermal energy for a commercial hydrogen generation facility and builds upon the existing relationship between the City of Lancaster and Heliogen, which sited its demonstration test facility in the city in 2019.
“The City of Lancaster is pleased to announce its latest innovative project with Heliogen. Founder and CEO of Heliogen, Bill Gross, has been a longtime partner and friend. I am thrilled we can continue our collaboration by helping to create a sustainable future and continue to combat climate extinction through shared leadership and development of renewable hydrogen,” said R. Rex Parris, mayor of the City of Lancaster. “Together, we will accelerate the city’s net-zero vision and expand our hydrogen capabilities throughout the greater Los Angeles region, which could support the ARCHES hydrogen hub proposal to the U.S. Department of Energy.”
“We are extremely pleased to broaden our long-standing relationship with the City of Lancaster to help them achieve their visionary sustainability goals through the development of carbon-free green hydrogen,” said Bill Gross, Founder and Chief Executive Officer, Heliogen. “This partnership further demonstrates that powering the planet with renewable energy is not only critical to fighting climate change – it is also a real economic opportunity for our cities.”
The facility is expected to leverage Heliogen’s patented breakthrough technology to use AI and advanced computer vision software to concentrate sunlight and could generate up to 1500 metric tons per year of carbon-free hydrogen, which can provide significant economic development potential. The Heliogen facility could help support other projects within the city and region, including sustainable aviation fuel for hydrogen-powered aircraft, fueling stations for hydrogen-powered vehicles, and sales and distribution of hydrogen fuel for industrial processes such as vertical agriculture, cement, and mining.
Heliogen expects to bring on additional equity partners to support the project’s construction costs. The City of Lancaster will assist with site identification, review by City Council and the community as required, support for permitting process, and evaluation of economic development potential.
ABOUT THE CITY OF LANCASTER
The City of Lancaster is a diverse community of people that is leading the future through science, technology, art, culture, and collaboration. The City is a 3-time winner of the LAEDC’s “Most Business-Friendly City” award, as well as receiving a Bronze Rank for the IEDC’s “Excellence in Economic Development” awards.
Home to astronauts, rocket scientists, families, and innovative businesses large and small, Lancaster is leading the USA with innovation. Combined with spectacular landscapes and clean air, Lancaster has the confidence, expertise, spirit, and imagination to transform tomorrow. Learn more at www.cityoflancasterca.org
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
Cautionary Note Regarding Forward-Looking Statements Related to Heliogen
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” 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 the production of, and current and projected market for green hydrogen. 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) 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; (iii) our ability to access sources of capital to finance operations, growth and future capital requirements; (iv) our ability to maintain and enhance our products and brand, and to attract and retain customers; (v) our ability to scale in a cost effective manner; (vi) changes in applicable laws or regulations; (vii) the ongoing impacts of the COVID-19 pandemic and the potential impacts of Russia’s invasion of Ukraine on our business; (viii) developments and projections relating to our competitors and industry; (ix) our ability to access sources of capital to finance operations, growth and future capital requirements; and (x) 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/A for the annual period ended December 31, 2021 and other documents filed by Heliogen from time to time with the Securities and Exchange Commission. 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 Heliogen 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.
