Silicon Valley-based startup, Heliogen, has raised $250 million to further develop its hydrogen technology, which has the potential to significantly reduce carbon emissions in industries such as cement and steel.

The funding round was led by billionaire Bill Gates' Breakthrough Energy Ventures and includes investments from energy companies including Chevron, Total, and BHP.

Heliogen's technology uses high-temperature solar panels to generate renewable energy, which can then be used to create hydrogen or other fuels. This process can be used to reduce the use of fossil fuels in industrial processes, which account for a significant portion of global carbon emissions.

According to Heliogen CEO Bill Gross, the company's technology has the potential to "replace the use of fossil fuels in critical industrial processes, while also significantly reducing carbon emissions."

The company has already demonstrated the effectiveness of its technology in cement production, which is responsible for around 7% of global carbon emissions. By using Heliogen's system, cement production can be made more efficient and environmentally friendly.

In addition to cement, Heliogen's technology has the potential to be used in other industries, including steel production and chemical manufacturing.

Heliogen is not the only company working on hydrogen technology, but it has attracted significant attention and investment due to its high-temperature solar panels, which allow it to produce renewable energy at temperatures of over 1,000 degrees Celsius.

The company plans to use the new funding to continue developing its technology and to expand its partnerships with industry leaders.

"With this major injection of funding, we will accelerate our progress toward our shared goal of creating a zero-carbon future," Gross said in a statement.

The investment in Heliogen reflects a growing trend among companies and investors to focus on renewable energy and to reduce their carbon footprint in the fight against climate change.