Third-party Testing Validates Software’s Role in Enhancing Solar Plant Efficiency and Interoperability, Opening Licensing Opportunities

Heliogen, Inc. (“Heliogen”) (OTCQX: HLGN), a leading provider of AI-enabled concentrating solar energy technology, has demonstrated the effectiveness of its proprietary control system at Sandia National Laboratories’ National Solar Thermal Test Facility (NSTTF). The project, funded by the Department of Energy’s (DOE) Technology Commercialization Fund, marks a leap forward in concentrating solar energy and provides third-party validation data essential to Heliogen’s software licensing potential.

The project was designed to evaluate potential improvements in the operation of concentrating solar power facilities. In a recent test, Heliogen’s closed-loop software was deployed on third-party heliostats, marking a first in the industry. This technology is pivotal in detecting optical inaccuracies and initiating autonomous correction, which can considerably improve the efficiency of existing CSP plants worldwide. Correcting the aim of the NSTTF heliostats using Heliogen’s software reduced tracking error to 0.33 mrad, significantly surpassing the project target of less than 1.0 mrad. The software also measured the alignment of the mirror facets to improve beam quality.

The evidence from these tests, conducted by Sandia, conclusively demonstrates the efficacy of Heliogen's AI-powered software in accurately monitoring and correcting heliostat tracking. This represents a significant advancement in mitigating the primary sources of historical inaccuracy in heliostat orientation within the existing infrastructure of concentrating solar energy plants.

“The results from Sandia’s in-depth testing program further validate our closed-loop control software in optimizing performance of concentrating solar energy plants,” said Christie Obiaya, CEO of Heliogen. “This development is pivotal in widening the scope of our proprietary technology, enabling its application across government, industry, and new or existing solar projects, thereby advancing the decarbonization of hard-to-abate sectors.”

This milestone demonstrates the ability of Heliogen’s patented software to improve efficiency across a range of heliostat fields and paves the way for commercialization through licensing agreements with operators of concentrating solar projects. The software's automated correction of heliostat pointing inaccuracies aims to lower operational and maintenance costs by reducing the need for offline calibration and continually optimizing system efficiency for maximum sunlight collection. Additionally, the project, in partnership with Sandia National Laboratories, affirms the scalability and readiness of Heliogen’s AI-enabled technology for broader application in its project portfolio.

"The NSTTF at Sandia was a perfect place to prove that Heliogen’s software is equally effective at automated control of a multi-facet heliostat field as a single facet heliostat field,” said Margaret Gordon, Concentrating Solar Power Manager at the NSTTF. “Our engineers were excited to work with Heliogen to demonstrate this advancement.”

Testing was conducted at the NSTTF, the only test facility of its type in the United States. Funded through the Technology Commercialization Fund, an initiative to commercialize promising energy technologies from DOE’s national laboratories, the Solar Energy Technologies Office (SETO) awarded the project in 2020.

“Our office is focused on advancing collector technologies, and we’re excited to see this software reach a major milestone on the path to commercialization,” said Becca Jones-Albertus, Acting Deputy Assistant Secretary for Renewable Energy and Director of the Solar Energy Technologies Office at DOE. “Improving the performance and reliability of heliostats is a critical component of DOE’s investments in CSP, and we look forward to seeing the broader impact of this technology on our industrial decarbonization goals.”

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.

Forward-Looking Statements

This press release includes “forward-looking statements” for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature, including the words “may,” “will,” “anticipate,” “intend,” “expect” 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 effectiveness and efficiency of our proprietary control system; ability to improve the economics and efficiencies of concentrating solar energy and expectations related to commercialization of our software. 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) the delisting of our common stock on the New York Stock Exchange; (iii) changes in our business and strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; (iv) 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; (v) our ability to access sources of capital to finance operations, growth and future capital requirements; (vi) our ability to maintain and enhance our products and brand, and to attract and retain customers; (vii) our ability to scale in a cost effective manner; (viii) changes in applicable laws or regulations; (ix) developments and projections relating to our competitors and industry; (x) unexpected adjustments and cancellations related to our backlog; and (xi) 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 for the year ended December 31, 2022, as supplemented in our Quarterly Report on Form 10-Q for the quarters ended March 31, 2023 and September 30, 2023, and other documents filed by the Company from time to time with the SEC. 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 the Company 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.

Heliogen Investor Contact: Louis Baltimore VP, Investor Relations Louis.Baltimore@Heliogen.com

Heliogen Media Contact: Sam Padreddii Manager, Corporate Communications Sam.Padreddii@Heliogen.com

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