Heliogen Gets $108M For Concentrated Solar

Pasadena-based Heliogen, which is deeloping concentrated solar power technology, has raised $108M in two funding rounds, the company said on Tuesday. The company--which already has backing from Bill Gates--said the funding was led by steel producer ArcelorMittal, and also included Edison International, Prime Movers Lab, Ocgrow Ventures, A.T. Gekko, ESG Venture Capital, 8090 Partners, Gordon Crawford, and Rashaun Williams. Heliogen said it has developed a system which produces concentrated solar energy to exceed temperatures greater than 1,000 degrees Celsius. That energy can be used to provide heat for industrial processes, including production of cement, steel, and petrochemicals, according to the company.