You cannot invest in Heliogen stock today, but this is a solar energy startup that all investors should keep their eyes on. After their most recent breakthrough, replacing fossil fuels seems more possible than ever before.
The company gained notoriety for its high-profile backers. Investors include Microsoftâ€™s Bill Gates and Los Angeles Times owner Patrick Soon-Shiong.
Heliogen is currently in the Pre-IPO stage. However, itâ€™s already taking strides towards an IPO.
At its original founding in 2013, Heliogen mainly began working in secrecy. It wasnâ€™t until November of 2019 that the company decided to come out of the shadows. They didnâ€™t even have a public website until this point.
Why the sudden transparency? The company made a major breakthrough at their solar energy testing facility a few hours north of Los Angeles. They announced their solar technology can exceed temperatures of 1,000 degrees Celsius. Moreover, they can sell this technology on a commercial level. This is the real game-changer.
Currently, commercial solar thermal systems can only reach temperatures of up to 565 degrees Celsius. This works for simple power generation, but it would never be enough for industrial use. Burning fossil fuels was still the solution.
With this breakthrough, investors across the nation began salivating over the idea of Heliogen stock. A company that promotes clean energy with groundbreaking technology is hard to come by. Even more so when itâ€™s backed by some of the most powerful people on the planet.
â€śIâ€™m pleased to have been an early backer of Bill Grossâ€™s novel solar concentration technology,â€ť Bill Gates said in the press release. â€śItâ€™s capacity to achieve the high temperatures required for these processes is a promising development in the quest to one day replace fossil fuel.â€ť
Heliogen stock wonâ€™t be available for some time, but founder Bill Gross has a long history of success in solar energy. One of his companies, Energy Innovations, completed the worldâ€™s largest corporate solar installation in 2006 at Googleâ€™s headquarters.
He is also the founder of idealab, which is one of the longest running technology incubators in the world. They have created over 150 companies with more than 45 IPOs and acquisitions.
His mission for Heliogen is a tall task, but one heâ€™s been passionate about throughout his entire life. Gross announced the company goals and mission a day before the major breakthrough.
â€śHeliogen is the culmination of my life efforts,â€ť he stated in a separate press release. â€śOur goal is to replace and create fuel with pure, concentrated sunlight, allowing us to power the earth with the sun.â€ť
Itâ€™s his mission to power the globe with renewable energy. However, 75% of worldwide energy is used as heat. This heat is made by burning fuels such as coal, diesel and natural gas.
Thatâ€™s a pretty big gap to fill, but Heliogen is already heading in the right direction.
Do you have a passion for renewable energy and climate change? If so, there is a wide range of clean energy companies on the stock market today.
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You donâ€™t have to wait for Heliogen stock to become available. In the meantime, invest in other renewable energy companies that you are passionate about.