Continuum Renewables, Inc. today announced its intention to acquire Heliogen, Inc. for $0.40 per share of the company’s stock, in a non-binding proposal to the company’s board of directors. Heliogen is a renewable energy company specializing in concentrated solar power systems. The acquisition would allow Continuum Renewables to expand its renewable energy products and accelerate its growth strategy.
Continuum Renwables wants to take advantage of Heliogen’s expertise
Paul Browning, CEO of Continuum Renewables, Inc. said, “We are pleased to announce our offer to acquire Heliogen. Heliogen has a strong reputation for developing innovative renewable energy solutions, and our proposal, if accepted, would provide the company’s shareholders with a substantial premium over the current stock price. This acquisition is an important step in our growth strategy, and we look forward to recapitalizing Heliogen as a private company and working with the Heliogen team to create value for our customers.”
The proposed all-cash price of $0.40 per share represents a premium of 60% over the closing price of Heliogen’s stock on the day prior to the announcement and a premium of approximately 70% over the company’s unaffected volume weighted average price over the past month. The transaction would be subject to due diligence, customary closing conditions, including regulatory approvals, and negotiation of transaction documents.
Continuum Renewables looks to expand its renewable energy products
About Continuum Renewables, Inc. Continuum Renewables is focused on the development and deployment of next-generation clean energy solutions, including solar photovoltaics, offshore hydro, renewable heat and energy storage products. The company is committed to providing clean, reliable and affordable energy solutions to customers around the world.
In summary, Continuum Renewables plans to acquire Heliogen, which specializes in concentrating solar power systems, for $0.40 per share of the company. This acquisition would allow Continuum Renewables to expand its renewable energy product line and boost its growth strategy. The proposed price represents a significant premium to Heliogen’s current share price and the transaction would be subject to customary due diligence and closing conditions.
