Heliogen and Woodside Energy Announce Project and Collaboration Agreement for Commercial Demonstration

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 commercial-scale demonstration application of Heliogen’s AI-enabled lumped solar technology to be manufactured in Mojave, California.

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

The project agreement follows Woodside’s previously announced Limited Notice To Proceed (LNTP) after which Heliogen completed the procurement of essential equipment for the use of a commercially viable, 5 megawatt plant (5 MWe) can start as a single module. Under the project agreement, Heliogen will undertake the design, procurement and construction of the facility, with construction expected to commence once permits are in place.

The two companies have agreed to match the scope and funding from the previously announced $39 million US Department of Energy award received by Heliogen to deploy Heliogen’s renewable energy technologies in California. This means that in addition to demonstrating the Heliogen 5MW module on a commercial scale, the project will also involve the deployment and testing of an innovative approach to convert 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. ltd also signed a cooperation agreement under which they will jointly market the Heliogen technology in Australia (“Australian Collaboration Agreement”). Under the terms of the agreement, the companies expect to define product offerings using Heliogen’s modular technology for prospective customers (including Woodside) in Australia and establish a strategy for identifying and retaining those customers. The agreement includes the goal of using further commercial modules from the Heliogen offerings for heat and power generation, which are to be possibly combined with a hydrogen offering. This is intended to strengthen Woodside’s role in the transition of the energy sector to lower carbon energy sources. The companies are also having similar discussions in the US regarding Heliogen’s technologies.

“We are excited to be working with Australia’s leading energy producer, Woodside. Our agreements represent a pivotal next step in the commercialization of Heliogen’s breakthrough concentrated solar technology and the decarbonization of heavy industry,” said Bill Gross, Heliogen’s Founder and Chief Executive Officer . “We are also pleased to announce that our strategic alliance with Woodside under these agreements includes an equity investment by Woodside in Heliogen.”

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

“Woodside has set a goal of investing $5 billion in new energy products and carbon reduction services by 2030¹, said Meg ONeill, Woodside’s chief executive officer. “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 phasing out the need for fossil fuels in heavy industry and promoting a sustainable future. The AI-enabled, modular, 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 almost 24/7 – 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 that Australia and the world need to heat homes, keep lights working and industries running. We have a reputation for a safe and reliable way of working. Our hydrocarbons business is complemented by a growing portfolio of hydrogen, ammonia and solar power 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 target is subject to the completion of the planned merger with the BHP oil business. Individual investment decisions depend on Woodside’s investment constraints. No instructions.

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