Pasadena-based concentrated solar energy technology developer Heliogen, a spinout of the Idealab startup incubator, has gone public via a Special Purpose Acquisition Company (SPAC) deal, the company said on Wednesday. According to Heliogen and Athena Technology Acquisition Corp., the deal will list Heliogen publicly on the New York Stock Exchange, with a pro forma implied enterprise value of $2 billion. Heliogen is developing concentrated solar energy technology, aimed at replacing fossil fuels. According to the companies, the deal is expected to provide up to approximately $415 million to the combined company, including estimated proceeds from a $165 million fully-committed Class A common stock PIPE. That PIPE includes investments from Counterpoint Global (Morgan Stanley), Salient Partners, Saba Capital, and the XCarb Innovation Fund of ArcelorMittal. According to Heliogen, the funding will go towards scaling its heliostate manufacturing, research and development, global project develompent, and to fund its balance sheet. Heliogen's technology revolves around using an array of mirrors to create superheated temperatures, which can be used in the industrial, mining, and energy sector. The company is expected to trade on the NYSE as HLGN.