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Heliogen and Woodside Energy Announce Commercial Demonstration Project and Collaboration Agreement

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Agreement to use a 5MW module of Heliogen’s AI-enabled concentrated solar technology in California, USA and co-commercialize Heliogen’s innovative technology in Australia

PASADENA, CA, March 28, 2022–(BUSINESS WIRE)–Heliogen, Inc. (NYSE: HLGN), a leading provider of AI-enabled concentrated solar power, and Woodside Energy (USA) Inc., a wholly owned subsidiary of Australia’s leading energy producer , Woodside Petroleum Ltd. (ASX: WPL), today announced a project agreement (the “Project Agreement”) for the commercial-scale demonstration application of Heliogen’s AI-enabled clustered solar technology to be manufactured in Mojave, California. .

This press release contains multimedia content. See the full announcement here: https://www.businesswire.com/news/home/20220328005259/en/

Heliogen and Woodside Energy Announce Commercial-Scale Demonstration Project and Collaboration Agreement (Photo: Business Wire)

The project agreement follows the Limited Notice to Proceed (LNTP) previously announced by Woodside, after which Heliogen began procurement of essential equipment for the use of a commercially viable 5 megawatt (5 MWe) plant that can start as a single module. Under the project agreement, Heliogen will handle the design, procurement and construction of the facility, with construction expected to begin once permits are secured.

The two companies have agreed to match the scope and funding of Heliogen’s previously announced US Department of Energy grant of $39 million to implement Heliogen’s renewable energy technologies in California. This means that in addition to demonstrating Heliogen’s 5MW module on a commercial scale, the project also includes the implementation and testing of an innovative approach to convert the thermal energy produced by the Heliogen facility into electricity. This has the potential for higher efficiency with a smaller footprint than is possible with traditional steam turbines.

In addition to the project agreement, Heliogen and Woodside Energy Technologies Pty. Limited have also entered into a collaboration agreement under which they will jointly commercialize Heliogen technology in Australia (“Australian Collaboration Agreement”). Under this agreement, the companies expect to define product offerings incorporating Heliogen modular technology for potential customers (including Woodside) in Australia and establish a strategy on how to identify and retain those customers. The deal includes the goal of leveraging additional commercial modules from Heliogen’s offerings for heat and power generation, potentially to be combined with a hydrogen offering, thereby enhancing Woodside’s role in the businesses’ transition. they are also having similar discussions in the US regarding Heliogen technologies.

“We are delighted to be working with Australia’s leading energy producer, Woodside. Our agreements represent a critical next step in commercializing Heliogen’s innovative concentrated solar technology and decarbonizing heavy industry,” said Bill Gross, Heliogen’s founder and CEO. “We are also pleased to announce that our strategic alliance with Woodside will also includes an equity investment by Woodside in Heliogen as part of these agreements.”

“The proposed facility in Mojave will further advance our discussions with Woodside regarding additional opportunities to produce carbon-free heat, power and hydrogen to help them achieve their sustainability goals.”

“Woodside has set a goal of investing $5 billion in new energy products and carbon-reducing services by 2030.1said Meg O’Neill, CEO of Woodside. “Our collaboration with Heliogen on this innovative technology supports our commitment to deliver a low-cost, low-carbon, profitable, stable and diversified portfolio.”

About Heliogen

Heliogen is a renewable energy technology company focused on eradicating the need for fossil fuels in heavy industry and promoting a sustainable future. Modular, AI-enabled concentrated solar technology aims to cost-effectively deliver zero-carbon energy in the form of heat, electricity, or green hydrogen fuel at scale, cost-effectively, and nearly 24/7. week for the first time in history. Heliogen was conceived at Idealab Studio, the leading technology incubator founded by Bill Gross in 1996. For more information about Heliogen, visit heliogen.com.

About Woodside

We provide the energy Australia and the world need to heat homes, keep lights running and industries running. We have a reputation for working safely and reliably. Our hydrocarbons business is complemented by a growing portfolio of hydrogen, ammonia and solar opportunities in Australia and internationally. Our new energy opportunities include the proposed H2Perth and H2TAS hydrogen and ammonia projects in Australia and the proposed H2OK hydrogen project in North America. Visit woodside.com.au for more information.

1 The investment objective is subject to the completion of the planned merger with BHP’s oil business. Individual investment decisions depend on Woodside’s investment barriers. No instructions.

The source language in which the original text is published is the official and authorized version. Translations will be included for better understanding. Only the version in the language that was originally published is legally valid. Therefore, compare the translations with the original language version of the publication.

View the original version on businesswire.com: https://www.businesswire.com/news/home/20220328005259/en/

contacts

Heliogen Media Contact:
Cory Ziskind
icr, inc.
[email protected]

Heliogen Investor Contact:
louis baltimore
[email protected]

Woodside Media Contact
cristina forster
Mobile: +61 484 112 469
Email: [email protected]

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