Continuum Renewables plans to buy Heliogen, Inc. for US$0.40 per share

Continuum Renewables has announced its intention to acquire Heliogen, a clean energy company based in Pasadena, California, that is focused on developing concentrated solar power technology to provide carbon-free energy. The non-binding proposal submitted to Heliogen's board of directors is priced at US$0.40 per share of common stock, a premium of 60% above the closing stock price on the day before the announcement, and an equivalent premium of approximately 70% over the company’s unaffected volume-weighted average price over the last month. The all-cash sale would allow Continuum Renewables to expand into the renewable energy market and accelerate its existing growth strategies.

Should the deal proceed, it would be subject to a due diligence review, meeting customary closing conditions, including regulatory approvals, and finalizing transaction documents.

The proposed deal has the potential to greatly enhance the renewable energy company's position in the industry and help set the stage for other similar purchases. Through this acquisition, Continuum Renewables is seeking to broaden its product line and expand its technological reach.