For Heliogen, our Generation 3 CSP technology includes the items outlined on the right half of this page, and improved power conversion cycle, improved thermal energy storage, and our next-generation Heliostat. The benefit of our Generation 3 technology is that we expect to unlock gains and efficiencies that lead to an overall lower cost of delivered energy with long-duration energy storage. So it has the potential to be a game changer. I’m proud to share that during the third quarter of 2023, we were able to validate the design for our particle receiver, which is our Generation 3 thermal energy storage. We were pleased to share this milestone update during October and to discuss this at the Capella Project conference alongside our customer Woodside for whom we’re building our first commercial scale unit, and we look forward to continuing to share progress with you all.
Now, moving to slide 18, where I will highlight our Brenda development project located in Arizona. This project site is incredibly attractive based on its strength of solar and water resources, its geographic characteristics and its proximity to key infrastructure. On top of that, it’s based in a federal solar energy zone which streamlines the permitting process. Our plan for putting this site to use is to leverage it as part of a green hydrogen project powered by Heliogen’s hybrid power offering. We’ve had strong interest from equity investors on this, and we’ve been making great progress in the development stage, as you can see by the completed and ongoing activities listed on the right-hand side. In contrast to the Capella project, which is not a money-maker in itself, but instead it opens up future value, the Brenda project itself is a source of economic value to Heliogen and its shareholders, and we look forward to continuing to update you on our progress.
Now let me hand it to our CFO, Sagar Kurada, to go over our financial results.
Sagar Kurada: Thanks, Christie. Good morning, everyone. Here on Page 19, first, on the backlog. At the end of the third quarter, we have 7 megawatts and three projects in our backlog, representing $73 million in contracted revenue. $61 million of this contracted revenue remaining is attributable to our ongoing project to develop a turnkey green energy production facility sponsored by Woodside Energy and partially funded by the DOE. Christie had discussed the scope of this project on page 17. Second, on what’s not included in this backlog is an estimated $10 million to design, build, and operate a high-capacity factor steam product in West Texas discussed on page 7. Moving on to Page 20 as it relates to our third quarter financials.
We earned $2.3 million in revenue in the third quarter, primarily driven from progress on Project Capella. Year-to-date, our earned revenue is $5.6 million as a frame of reference. Over the lifetime of the Capella contract, we will earn $80.6 million. We have recognized $19.2 million lifetime to date and retained $61 million in our contracted backlog. Moving to SG&A. On an adjusted SG&A basis, we have revised our operating structure to gain 11% cost productivity quarter-over-quarter. Year-to-date, our adjusted SG&A is down 24% versus Q4 2022. On the same basis, we forecast an additional $2 million in cost savings per quarter in 2024 as a result of executed cost actions. On page 21, we ended the third quarter with $91.6 million in liquidity.
Year-to-date, we have received $12.4 million in cash for projects underway, and we have expanded project development expenses in line with cash receipts. We spent $32.9 million in SG&A year-to-date after adjusting for project costs, non-recurring costs, and non-cash items. Expected project funding for Project Capella from Woodside and the DOE is not included in our liquidity on hand. Our current liquidity position is forecasted to fully fund our investment and operating needs through 2024, allowing for us to focus on planned execution. Let me hand it back to Christie on page 22 to wrap up the presentation.
Christie Obiaya: So in closing, on Slide 22, I hope we’ve given you a sense of our strong progress during the quarter and where we’re headed with the big picture. We’ve had significant accomplishments in 2023 so far, and we are on track to hitting our key targets. As we move into 2024, our priorities are to advance our hybrid power product to operate our Lancaster site as a plant to complete installation of our first project to begin the next phase of Capella projects, demonstrating our Generation 3 CSP offerings to advance at least one of our 2023 contracts to a positive final investment decision and to operate with a fully funded 2024 business plan. With those plans for 2024, we are confident that we will continue to grow the shareholder value that I outlined in the beginning of this call. As always, thank you all for your support.
Operator: Ladies and gentlemen, we will now be conducting a question-and-answer session. [Operator Instruction]
Louis Baltimore: Yes. This is Louis Baltimore from Heliogen. We have a couple of questions from the audience and for folks who couldn’t be on the call today. Our first question comes from the audience. How does your recent movement of the New York Stock Exchange impact your plan?
Christie Obiaya: Thanks for that question. We are continuing to be highly confident in our plan. There’s no impact of having moved off the New York Stock Exchange. At the end of the day, our cash position remains strong. We have the funding needed to execute through our near-term plans, including through the end of 2024. And we are looking forward to demonstrating the successful execution of the strategy that we outlined. And so, our strategic and operational plans remain the same, and we will also continue all of the governance and SEC filings that we did as we were on the New York Stock Exchange as well.
