Athena Technology Acquisition filed a preliminary proxy and prospectus on Form S-4, outling the terms of its proposed meger with solar company Heliogen.
If approved, the combined company would have a pro-forma enterprise value of $2 billion.
The transaction is anticipated to generate gross proceeds of approximately $415 million in cash, assuming no redemptions by Athena’s public stockholders. Proceeds include investor commitments for a PIPE of up to $165 million. The PIPE is anchored by existing and new investors including funds and accounts managed by Morgan Stanley’s Counterpoint Global, Salient Partners, Saba Capital, and the XCarb Innovation Fund of ArcelorMittal.
Heliogen’s Sunlight Refinery™ aims to deliver near 24/7 carbon-free energy in the form of heat, power, and green hydrogen fuel at scale. Heliogen was created at Idealab, a technology incubator founded in 1996. Read more.
