Heliogen, Inc. (NYSE:HLGN) Q3 2023 Earnings Call Transcript

Louis Baltimore: Thanks, Christie. And this next one comes from Robert Wertheimer at Melius Research. Can you talk about the potential timeline from pre-FID to booked to order? I know this can be variable and is not ours to predict, but any insight is helpful.

Christie Obiaya: Sure. That’s a common question that we’ve been getting. And I think part of this is just part of the education of the energy capital markets space. It’s common for large-scale energy capital projects to go through different phases. And in the pre-FID phase, which is what we’ve defined on our sales pipeline slide, it’s very typical for that pre-FID phase to take something in the realm of between, say, 4 to 12 months as projects go through front-end engineering design. For us, especially for our hybrid CSP PV thermal energy storage offering, these will be the first couple of projects that we’re going to be building with that. And so we do expect that to be that front-end work that takes a little bit longer on the front end.

And we’re pleased to be in discussions with customers on having that phase be funded as much as possible. And so, we are driving for having signposts in these next couple of months that will be a mix of paid design studies to advance that work on a large-scale project in advance of a final investment decision, which is where a project will get added to our full revenue backlog. And so, you can expect to see that in the coming months, we’ll be delivering the outcomes of our front-end engineering design, which is an important part of the pre-FEED phase. But all that work is progressing very well. As I talked about, the power offering that we have, there’s a lot of interest and traction in the market. And so we’re looking forward to continuing to share progress on that.

And this is just part of the typical large-scale energy project process.

Operator: As there are no further questions, I would now hand the conference over to Christie Obiaya for any closing comments. Christie?

Christie Obiaya: Thank you, operator. Yes. So, we remain super confident in the global market opportunity. If anything, the demand for dispatchable clean energy is just getting stronger, and we’re confident that we have a really compelling offering in our dispatchable power product, especially. And that represents the majority of our pipeline. We’re looking forward to continuing to build on the momentum that we demonstrated during the third quarter and continuing to knock up the targets that we set for ourselves. And so, a lot of exciting time ahead for Heliogen, and we look forward to talking with you again soon. Thank you, everyone, for your support.

Operator: Thank you. The conference of Heliogen has now concluded. Thank you for your participation. You may now disconnect your lines.

End of Q&A: