Heliogen is a renewable energy technology company that develops AI-enabled concentrated solar power (CSP) and thermal storage systems designed to deliver carbon-free heat, steam, power, and green hydrogen at scale for industrial decarbonization. Founded in 2013 by Idealab founder Bill Gross and incubated out of Idealab in Pasadena, California, Heliogen uses fields of small, precisely-aligned mirrors (heliostats) controlled by computer vision and machine learning to focus sunlight onto a tower-mounted receiver, achieving the high temperatures needed for industrial processes such as cement, steel, and petrochemical manufacturing. Heliogen went public via a SPAC merger with Athena Technology Acquisition Corp. on December 30, 2021, trading on the NYSE under the ticker HLGN at an initial valuation near $2 billion. After a sharp decline in share price, contentious management changes (founder Bill Gross was removed as CEO in February 2023 and succeeded by Christie Obiaya), a rejected April 2023 take-private bid from Gross-affiliated Continuum Renewables at $0.40 per share, and a 1-for-35 reverse stock split, Heliogen was delisted from the NYSE in November 2023 and began trading on the OTCQX. Following a strategic review, Heliogen was acquired by Zeo Energy Corp. in an all-stock transaction completed on August 11, 2025, becoming a subsidiary of Zeo Energy.
Heliogen has been acquired
This company is no longer available on our private secondary market.
Company data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.
Founded
2013
Employees
51–200
Total Funding
$35M
2 rounds
Total raised $35M across 2 rounds
Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.
Last updated 06-25-2026
Latest Round
Type
Pre-SPAC bridge
Date
January 2021
Amount
$9M
Valuation
—
Lead Investors
| Date | Round | Amount Raised | Valuation | Lead Investors |
|---|---|---|---|---|
| January 2021 | Pre-SPAC bridge | $9M | — | A.T. Gekko |
| August 2018 | Series A | $26M | — | Bill Gates, Patrick Soon-Shiong, Edison Partners |
Christie Obiaya
Chief Executive Officer (2023-2025)
Bill Gross
Founder and former CEO (2013-2023)
Competitor list is illustrative and may be incomplete, stale, or erroneous.
Vast Renewables
Australian concentrated solar thermal power developer building modular CSP plants with molten-salt thermal storage; listed on Nasdaq as VSTE.
BrightSource Energy
Concentrated solar thermal power technology company best known for the Ivanpah solar tower project in California's Mojave Desert.
Abengoa Solar
Spanish CSP developer and EPC contractor with parabolic-trough and solar-tower projects worldwide.
ACWA Power
Saudi-listed developer and operator of large-scale CSP and renewable power plants including the Noor Energy 1 solar tower in Dubai.
Antora Energy
Thermal-battery startup converting renewable electricity to high-temperature heat and electricity for industrial decarbonization; competes with Heliogen on industrial heat use cases.
Rondo Energy
High-temperature thermal-storage 'heat battery' provider delivering industrial process heat from renewable electricity.
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