Fuels Launch of Recently Announced Joint Venture Between GE Vernova and Montana Technologies to Commercialize the AirJoule Technology for Atmospheric Water Generation and Carrier Air Conditioning Products
Parties Will Leverage a Global Supply Agreement With BASF, One of the World's Largest Chemical Companies and Manufacturer of Adsorbent Material at Scale, and Strategic Partnerships with CATL, the U.S. Department of Energy, and the Rice Investment Group
RONAN, Mont., March 4, 2024 /PRNewswire/ -- Montana Technologies LLC ("Montana") today announced the execution of commitments by third parties to invest in excess of $50 million led by Carrier and Rice Investment Group. The private capital commitments are expected to satisfy the minimum cash condition and clear the way for Montana's planned business combination with Power & Digital Infrastructure Acquisition II Corp. (NASDAQ:XPDB, XPDBU, XPDBW))))), which is currently scheduled for March 12th, 2024.
"We are incredibly fortunate to have financial backing from, and industrial partnerships with, GE Vernova, Carrier, BASF, CATL, and the Rice Family," said Matt Jore, CEO of Montana. "Their combined support and technical expertise will help scale the production of Montana Technologies' AirJoule solution, supporting our efforts to tackle two of the planet's largest challenges -- growth of comfort cooling and demand for water."
Ajay Agrawal, Senior Vice President, Business Development, Global Services & Chief Strategy Officer for Carrier Global Corp., said, "We are excited to be joined by the Rice Investment Group to capitalize the launch of our joint efforts with Montana and GE Vernova to commercialize a new line of high efficiency air conditioning systems."
The AirJoule joint venture, which will be called AirJoule LLC, will also leverage a global supply agreement with BASF to produce the new sorbent materials at production scale. The joint venture follows the recent execution of an agreement between Montana and Carrier Corp. to commercialize the AirJoule technology in Carrier's Heating, Ventilation, and Air Conditioning (HVAC) products throughout the Americas, Europe, India, and the Middle East.
The AirJoule system utilizes a self-regenerating pressure swing adsorption method to harvest thermal energy and pure water from air. Incorporating GE Vernova's sorbent innovations into this proprietary system has the potential to reduce electricity consumption as compared to conventional air conditioning cooling systems, resulting in a corresponding reduction in carbon emissions as well as a reduction, or in some cases elimination, of the use of refrigerants. In addition, the combined technologies are expected to be able to harvest pure, PFAS-free water from air at low costs, offering a potential solution to water scarcity around the world.
Pat Eilers, CEO of XPDB, said, "Having secured more than $50 million of committed financing, we anticipate being able to satisfy the minimum cash condition, which will clear the way for the closing of the business combination with Montana Technologies currently scheduled for March 12th, which is a testament to its transformational technology, global supplier, manufacturing, and commercialization partners in BASF, GE Vernova, CATL, and Carrier. AirJoule is ideally situated to capitalize on a $455 billion TAM for HVAC and air-to-water applications."