Bloom Energy and Heliogen Join Forces to Harness the Power of the Sun to Produce Low-Cost Green Hydrogen

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By combining near 24/7 carbon-free power and steam, generated by Heliogen’s Sunlight Refinery solar power generation system, with Bloom Energy’s highly efficient solid oxide electrolyzer, the companies will produce green hydrogen that can replace fossil-derived fuels in commercial and industrial applications.

Heliogen and Bloom Energy (NYSE: BE) today announced plans to produce green hydrogen using only concentrated solar power and water, further accelerating the world’s progress toward a zero-carbon future.

By combining near 24/7 carbon-free power and steam, generated by Heliogen’s Sunlight Refinery solar power generation system, with Bloom Energy’s highly efficient solid oxide electrolyzer, the companies will produce green hydrogen that can replace fossil-derived fuels in commercial and industrial applications. Bloom Energy’s electrolyzers operating on steam are nearly 30 percent more efficient than low-temperature electrolyzers, such as polymer electrolyte membrane (PEM) and alkaline. The complementary technologies make for economically viable green hydrogen production, on par with hydrogen produced from photovoltaic solar generation.

“We developed our AI-powered Sunlight Refinery knowing that green hydrogen is a key element in decarbonizing global transport,” said Bill Gross, founder and chief executive officer, Heliogen. “By coupling our technology with Bloom Energy’s electrolyzers, we can produce this crucially important fuel at an attractive price point. We will further enhance our Sunlight Refinery’s technology with the addition of Bloom Energy’s market-leading technology, and we have found a committed and invaluable partner in our mission to help decarbonize the entire global economy.”

According to the International Energy Agency, the industrial sector is responsible for more than one-third of the world’s energy consumption, while cement production alone is the source of seven percent of global carbon emissions. Industrial companies are particularly well-suited for low-cost, large-scale hydrogen utilization given the substantial energy requirements and notable CO2 emissions.

“We are always on the lookout for complementary technology to accelerate the path to zero and negative carbon, and that’s exactly what we plan to do with Heliogen,” said Venkat Venkataraman, executive vice president and chief technology officer, Bloom Energy. “By providing efficient and more cost-effective hydrogen production, we believe we can drive rapid adoption of green hydrogen to accelerate the zero-carbon energy transition in these industries.”

The companies’ first integrated solution is intended to be deployed at Heliogen’s facility in Lancaster, California by the end of 2021.

About Heliogen

Heliogen is a renewable energy technology company focused on eliminating the need for fossil fuels in all sectors of the economy and empowering a sustainable future. The company’s Sunlight Refinery aims to cost-effectively deliver near 24/7 carbon-free energy in the form of heat, power, and hydrogen fuels at scale for the first time in history. Heliogen was created at Idealab, the leading technology incubator founded by Bill Gross in 1996. For more information about Heliogen, please visit heliogen.com.

On July 7, 2021, Heliogen announced a definitive business combination agreement with Athena Technology Acquisition Corp. (NYSE: ATHN). Upon the closing of the business combination, Heliogen will become publicly traded on the New York Stock Exchange under the new ticker symbol “HLGN”. Additional information about the transaction can be viewed here: https://heliogen.com/investor-center/.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Additional Information and Where to Find It

In connection with the proposed business combination, Athena Technology Acquisition Corp. (“Athena”) intends to file with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 containing a preliminary proxy statement and a preliminary prospectus. After the registration statement is declared effective, Athena will mail a definitive proxy statement/prospectus relating to the proposed business combination to its stockholders. This communication does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. Additional information about the proposed business combination and related transactions will be described in Athena’s combined proxy statement/prospectus relating to the proposed business combination and the businesses of Athena and Heliogen, Inc. (“Heliogen”), which Athena will file with the SEC. The proposed business combination and related transactions will be submitted to stockholders of Athena for their consideration. Athena’s stockholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with Athena’s solicitation of proxies for its special meeting of stockholders to be held to approve, among other things, the proposed business combination and related transactions, because these materials will contain important information about Heliogen, Athena and the proposed business combination and related transactions. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to stockholders of Athena as of a record date to be established for voting on the proposed business combination and related transactions. Stockholders may also obtain a copy of the preliminary or definitive proxy statement/prospectus, once available, as well as other documents filed with the SEC by Athena, without charge, at the SEC’s website located at www.sec.gov or by directing a request to Phyllis Newhouse, President and Chief Executive Officer, Athena Technology Acquisition Corp., 125 Townpark Drive, Suite 300, Kennesaw, GA 30144, or by telephone at (970) 924-0446.

Participants in the Solicitation

Athena, Heliogen and their respective directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from Athena’s stockholders in respect of the proposed business combination and related transactions. Information regarding Athena’s directors and executive officers is available in its Registration Statement on Form S-1 and the prospectus included therein filed with the SEC on March 3, 2021. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be contained in the preliminary and definitive proxy statements/prospectus related to the proposed business combination and related transactions when it becomes available, and which can be obtained free of charge from the sources indicated above.

No Offer or Solicitation

This communication shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction. This communication shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Bloom Energy

Bloom Energy’s mission is to make clean, reliable energy affordable for everyone in the world. Bloom Energy’s product, the Bloom Energy Server, delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications. Bloom Energy’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and other industries. For more information, visit www.bloomenergy.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Words such as “anticipates,” “could,” “expects,” “intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,” “can,” “may,” “will,” “would” and similar expressions identify such forward-looking statements. These statements include, but are not limited to, expectations regarding the collaboration efforts between the two companies; expectations for economically viable green hydrogen production; ability to drive rapid adoption of green hydrogen; and expectations related to the first integrated solution and its timing of deployment. These statements should not be taken as guarantees of results and should not be considered an indication of future activity or future performance. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including those included in the risk factors section of Bloom Energy’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 and other risks detailed in Bloom Energy’s SEC filings from time to time. Bloom Energy undertakes no obligation to revise or publicly update any forward-looking statements unless if and as required by law.

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