Heliogen Announces Third Quarter 2023 Financial and Operational Results

Updated:2023-11-15 19:16Source:Heliogen

Heliogen, Inc. («Heliogen») (OTCQB: HLGN), a leading provider of AI-enabled concentrating solar energy technology, today provided its third quarter 2023 financial and operational results.

Third Quarter 2023 Highlights

  • $73 million contracted revenue backlog driven by a diverse set of projects ranging from Generation 3 concentrated solar power («CSP») to green hydrogen to sustainable aviation fuel
  • Recognized revenue of $2.3 million, bringing year-to-date revenue to $5.6 million
  • Ended the quarter with $91.6 million in available liquidity

Operating Highlights

  • 1.8 gigawatts («GW») in opportunity pipeline, an increase of over 1.0 GW since August 2023
  • Initiated construction in October 2023 on the Heliogen steam plant in the Permian Basin after executing a land lease in Plains, TX
  • Developed and executed on an $8 million annual operating cost reduction plan in October 2023, forecasted to fund both investment and operating needs of Heliogen through the end of 2024
  • Completed design verification of the particle receiver for the world’s first fully integrated Generation 3 CSP plant and deployed it for on-sun testing

Executive Commentary

«During the third quarter of 2023, we continued to translate Heliogen’s strategic vision into tangible achievements, advancing our mission to decarbonize industry,» said Christie Obiaya, Heliogen’s Chief Executive Officer. «We believe our expanding opportunity pipeline underscores the market’s interest in our solutions. Furthermore, our recent milestones in the deployment of our Generation 3 CSP product mark a breakthrough in solar thermal technology.»

Ms. Obiaya added, «We’re not just innovating; we’re scaling and optimizing. Our proactive cost reduction strategy positions Heliogen to continue our pioneering work through the end of 2024 based on our current business plan and assumptions. Our commitment to our shareholders, customers and the planet remains as steadfast as ever, as we push the boundaries of what’s possible in renewable energy.»

Third Quarter 2023 Financial Results

For the third quarter 2023, Heliogen reported total revenue of $2.3 million and net loss of $18.6 million. Heliogen’s revenue was driven primarily by continued execution on its Capella project. Heliogen’s Adjusted EBITDA was negative $19.0 million for third quarter 2023.

As of September 30, 2023, the Company had liquidity of $91.6 million, consisting of $63.4 million of cash and cash equivalents and $28.2 million of investments, and no substantial debt.

Conference Call Information

The Heliogen management team will host a conference call to discuss its third quarter 2023 financial results on Tuesday, November 14, 2023, at 10:00 a.m. EST. The call can be accessed via a live webcast accessible on the Events & Presentations page in the Investor Relations section of Heliogen’s website at www.heliogen.com. The call can also be accessed live via telephone by dialing 1-877-407-0789 (1-201-689-8562 for international callers) and referencing Heliogen.

An archive of the webcast will also be available shortly after the call on the Investor Relations section of Heliogen’s website.

Open Conference Call Question Submission

Members of the investor community may submit questions before the start of the conference call for consideration via email to louis.baltimore@heliogen.com.


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.

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