New SPAC Deals Highlight Hidden Corners of Solar Market
- Jul 22, 2021 3:04 am GMT
This far, solar technology has mostly been focused on two markets: residential and utility. Recent Special Purpose Acquisition Company (SPAC) deals, however, are spotlighting the technology’s perceived utility in other markets.
Heliogen, a startup that uses concentrated solar power (CSP), is merging with a SPAC called Athena Technology to go public at an estimated valuation of $2 billion. Founded by entrepreneur Bill Gross in 2013, the Pasadena, Calif., - based company has heavyweight backers like mining giant Rio Tinto, steelmaker Arcelormittal SA, Microsoft co-founder Bill Gates, and LA Times owner Patrick Soon-Shiong. Heliogen’s investors are also its customers, meaning they will use its services to make green hydrogen to power their operations according to an investor presentation.
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