Heliogen, Inc.
heliogen.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q1 FY2025 10-Q, filed May 7, 2025. Its latest SEC filing is a SCHEDULE 13G/A from Aug 14, 2025.
10-Q for Q1 FY2025, filed May 7, 2025
The sections below describe the company as of the FY2024 annual report.
What Did They Do?
Develops concentrated-solar systems that combine sunlight with thermal storage to supply low-carbon electricity and industrial heat to data centers, utilities and independent power producers, and industrial operators.
10-K for FY2024, filed Mar 27, 2025Hybrid & Tri-Brid Low-Carbon Power Generation — Our hybrid approach integrates a steam turbine generator with CSP, PV and long-duration…View ↗
Concentrated solar energy technology is fundamentally a thermal energy collection system, which we believe is particularly well-suited to…View ↗
Heliogen’s growth strategy is to target this demand by offering our cost-effective solar-thermal energy solutions on competitive deployment…View ↗
How Did They Make Money?
Heliogen earns fees for project work as it is performed and engineering services as customers receive them; government grants reimburse costs for specified project tasks.
10-K for FY2024, filed Mar 27, 2025Project Revenue. We recognize project revenue over time as work is performed using the incurred costs method, which we believe is the…View ↗
Engineering Services Revenue. We recognize engineering services revenue over time as customers receive and consume the benefit of such…View ↗
The Company’s grant revenue is primarily related to the Company’s award received in October 2021 from the U.S. Department of Energy (the…View ↗
$23.2M
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10-K for FY2024, filed Mar 28, 2025
$23.2M ↗
Who Were Their Customers?
Targets data centers, utilities and independent power producers, oil and gas, and mining. It provides engineering and project-development support to third parties and plans for owner-operators and engineering, procurement and construction companies to deploy its technology.
10-K for FY2024, filed Mar 27, 2025the development and implementation of our enhanced concentrated solar energy technology and thermal energy storage; providing engineering…View ↗
Heliogen’s growth strategy is to target this demand by offering our cost-effective solar-thermal energy solutions on competitive deployment…View ↗
In the longer term, we expect to license our patent-protected technology to owner-operators and EPC companies who can each deploy many…View ↗
Did Revenues Turn Into Profits?
Yes. Its net income in FY2024 was larger than its revenue, but spent more cash than it brought in: free cash flow was −$39.1M.
10-K for FY2024, filed Mar 28, 2025
$29.6MView ↗
10-K for FY2024, filed Mar 28, 2025
$32.5MView ↗
10-K for FY2024, filed Mar 28, 2025
−$39.1MView ↗
How Were They Changing?
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Aug 11, 2025
Heliogen completed its merger with Zeo Energy
Heliogen stockholders received Zeo shares, and the Zeo shares issued in the transaction are listed on Nasdaq.
Sources
8-K, filed Aug 11, 2025
Pursuant to the Merger Agreement, at the Effective Time, each share of common stock of Heliogen, par value $0.0001 per share (the “Company…View ↗
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May 29, 2025
Heliogen agreed to an all-stock merger with Zeo Energy
Zeo planned to use Heliogen’s technology and talent for long-duration energy generation and storage at commercial and industrial facilities.
Sources
8-K, filed May 29, 2025
On May 28, 2025, Heliogen, Inc., a Delaware corporation (“Heliogen”), entered into an Agreement and Plan of Merger and Reorganization (the…View ↗
Grew. Revenue grew 116.1x in 4 years, from $200K in FY2020 to $23.2M in FY2024, about 228% a year.
Product emphasis
The older report planned plants for heat, power and green hydrogen; the latest describes hybrid and tri-brid power generation and carbon-free steam.
10-K for FY2021, filed Mar 31, 2022 10-K for FY2024, filed Mar 27, 2025The three use categories will be configured as follows, forming the backbone of three business lines:View ↗
HelioHeat — The production of heat or steam for use in industrial processes will be enabled by the baseline system.View ↗
HelioPower — With the baseline system as the foundation, the addition of a turbine generator system will then enable power generation.View ↗
HelioFuel — Building on the power system described above, hydrogen fuel production will be enabled by further adding an electrolyzer system…View ↗
Hybrid & Tri-Brid Low-Carbon Power Generation — Our hybrid approach integrates a steam turbine generator with CSP, PV and long-duration…View ↗
Facility construction
The older plan called for much of each plant to be built in a factory; the latest describes partnering with engineering, procurement and construction firms to build facilities.
10-K for FY2021, filed Mar 31, 2022 10-K for FY2024, filed Mar 27, 2025Heliogen’s technology platform allows modular plants for heat, steam, power, and/or hydrogen to be built at customer locations. The…View ↗
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