Heliogen : Second Quarter 2023 Earnings Presentation

Second Quarter 2023 Earnings

August 9th 2023

© 2023 Heliogen, Inc. All Rights Reserved.

Disclaimer

Forward-Looking Statements

This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical in nature, including the words "anticipate," "expect," "suggests," "plan," "believe," "intend," "estimates," "targets," "projects," "should," "could," "would," "may," "will," "forecast" and other similar expressions are intended to identify forward- looking statements. These forward-looking statements include, but are not limited to, statements regarding our commitment to accelerating our sales and establishing stronger relationships with our commercial partners, our plans to expedite the mechanical completion and first production of large- scale projects, extend our liquidity runway, establish partnerships to sell our heliostat, software and system design services, achieving our financial and operational goals and future growth opportunities. 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) changes in our business and strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; (iii) 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; (iv) our ability to maintain listing on the New York Stock Exchange; (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; and (x) 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 annual period ended December 31, 2022 as supplemented in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 and other documents filed by Heliogen from time to time with the Securities and Exchange Commission. 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 Heliogen 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.

2	© 2023 Heliogen, Inc. All Rights Reserved.

Today's Agenda

01

02

03

Business Update

Heliogen Go-to-Market Strategy | Value Proposition | Competitive Edge | Progress on 2023 Strategic Priorities | Commercial Pipeline

Financial Update

Current Backlog & Orders | Q2 2023 Income Statement Review | Q2 2023 Cash Flow Statement

Closing Remarks

2H 2023 Ongoing Priorities | Recap of Key Messages

• © 2023 Heliogen, Inc. All Rights Reserved.

Serves behind-the- meter needs

Enables efficiency with proprietary hardware and software

Delivers dispatchable green energy

6. ABOUT US

180+person organization,

4 locations, state-of-the-art facility in Long Beach, and 2 commercial projects underway.

5. VALUE

Modularity, vertical integration, and market competitive LCOE

4. OFFERING

Turnkey customer-centric facility, technology license, own & operate model, offer purchase agreement.

1. OUR MISSION

To decarbonize and enable a sustainable low-carbon future by combining solar thermal technology with artificial intelligence.

2. PRODUCT

Solar thermal energy and storage can produce:

3. FOCUS

Energy on demand for transportation, heavy equipment, chemicals, utilities, data centers, mining, consumer & industrial, oil & gas, amongst many.

Green Steam/Heat

Green

Power

Green Hydrogen

Addressable Market

Value Differentiators

Heat3

Power

Fuel

Customer Need

• 30 percent of industrial heating applications require heat below 100°C; another 27 percent can be met with heat between 100 & 400°C.
• On-sitegeneration and storage.
• On-demandenergy: Industrial & utility load serving assets often require energy all day and all night.
• Grid-independent:Resilient & economical.
• Load-followingproduct: 4+ hour duration & cost effective.
• Currently, around 95% of all H2 is produced from fossil fuels.

Heliogen's Value

Produce and deliver green heat:

• Commercial products for saturated
  and superheated steam applications up to 550°C.1
• Avoid high fuel costs.
• Range: Up to ~1 mile.

Produce dispatchable electric power:

• Price of ≤10¢ per kWh
• 4+ hour duration
• Range: Up to ~100 miles.

Produce green hydrogen with our green power and heat as input to electrolyzer:

• Range: Up to ~10,000 miles.

Strategic

High-Capacity Factor

(up to 100%2)

Low cost of energy storage

No

rare earth materials

Regulatory

IRA incentives

>85+% recyclability

Operational

AI-enabled closed loop tracking for mirror-field

30+% more sq. ft. efficiency vs. PV

No thermal runaway fire risk

Widely available supply chain

Modular CSP aids ease of permitting & safety

3https://www.epa.gov/rhc/renewable-industrial-process-heat

1 Future: heat up to > 1000 °C, as proven at demo. scale

2 Up-to 100% as a hybrid design (with PV); 80+% as a CSP stand-alone product

• © 2023 Heliogen, Inc. All Rights Reserved.