US-based renewable energy technology developer Heliogen has secured $108m from investors including steel production and mining group ArcelorMittal and energy utility Edison International across two funding rounds.
The funding consists of a $25m series A-2 round led by Prime Movers Lab and an $83m bridge extension that included ArcelorMittal, Edison International, Ocgrow Ventures, AT Gekko, 8090 Partners and private investors Gordon Crawford and Rashaun Williams.
Heliogen has developed concentrated solar power (CSP) technology that uses computer-controlled mirrors to reflect sunlight onto a specialised receiver in order to generate heat used in power generation, hydrogen fuel production or industrial processes like steel or cement production.
The company will use the funding to develop sunlight refinery facilities in the United States and other regions.
ArcelorMittal’s chief technology officer, Pinakin Chaubal, said: “Heliogen is providing steel producers with an exciting new technology which could make a valuable contribution to cutting carbon emissions.
“Its technology holds the potential to complement our existing decarbonisation initiatives and efforts to secure a more sustainable footprint for our company.”
Details of Heliogen’s earlier funding have not been disclosed but the company described Nant Capital, Revolution’s The Rise of the Rest Seed Fund, Neotribe Ventures and Bill Gates as existing investors.