The collaboration aims to harness Mexico’s rich solar potential, advancing regional economies and bridging energy markets

Heliogen, Inc. (“Heliogen”) (OTCQX: HLGN), a leading provider of AI-enabled concentrating solar energy technology, today announced a joint development agreement with Omanor, a real estate developer of logistics & energy infrastructure assets, and provider of permitting and off-take services for renewable energy projects in the states of Baja California Norte and Sonora, Mexico. The agreement includes developing a concentrating solar power plant leveraging Heliogen’s technology.

Heliogen and Omanor are progressing through the first of four phases, which evaluates an existing zoned and permitted piece of land in Sonora, Mexico to host the first project. Upon completion of Phase 1, cost analyses and feasibility studies specific to sizing and generation capacity will commence. Omanor will support Heliogen in preliminary site due diligence and identifying and securing initial commercial energy customers.

“Our collaboration with Heliogen is a pivotal step in leveraging Mexico's unique geographical advantages for renewable energy,” said Daniel Suarez, CEO of Omanor. “The synergy between recent renewable energy accelerating federal policies and Heliogen's breakthrough concentrating solar technology promises to transform our rich solar landscapes into powerful, sustainable energy hubs. We are excited to embark on this journey and bring this visionary project to fruition.”

In partnering with Omanor, Heliogen unlocks an expanded market in Mexico, and gains the on-the-ground expertise needed to initiate projects of scale. The region boasts high solar resources and direct access to the Pacific Ocean to support various industrial processes, including desalination and hydrogen production.

“By combining our innovative technology with Omanor’s regional expertise, we are poised to unlock the vast potential of Mexico's solar resources to help decarbonize industry,” said Christie Obiaya, CEO of Heliogen. “Through this relationship, we pave the way for deployment of Heliogen’s clean energy solutions in Mexico while also stimulating local economies.”

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.

Omanor

Omanor is an investor & real estate developer of energy & logistics assets in Mexico. Since its inception in 2015, it has proven to excel amid the complex bureaucratic landscape, for example having successfully permitted a Marine Fluids Terminal. Its partners hold a majority ownership of several real estate assets in the State of Sonora and are amongst the leading entrepreneurs in the mining, tourist, commercial, industrial and housing development sectors in the Mexican Northwest.

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 the successful deployment of renewable energy projects in Mexico. 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.

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