Montana Technologies Corporation - AIRJ STOCK NEWS

Montana Technologies (NASDAQ: AIRJ) has opened its first international office in the United Arab Emirates (UAE) to accelerate the deployment of its AirJoule® technology in the region. This move aims to meet the significant demand for advanced dehumidification and atmospheric water harvesting capabilities in the UAE, Gulf Cooperation Council countries, and India.

According to Ramdas Rao, President, International, the UAE office will help strategically calibrate the global rollout of AirJoule®. The technology is noted for its efficiency in delivering distributed water security and power-efficient comfort cooling, supporting responsible decarbonization and infrastructure growth in the region.

Montana Technologies previously signed a Memorandum of Understanding with TenX Investment in Energy Enterprises & Management Co. to address water security and energy efficiency in the UAE. The company will showcase AirJoule® at the WETEX conference in Dubai on October 1-3, demonstrating its capabilities in reducing power consumption for air conditioning by up to 75%.

Montana Technologies (NASDAQ: AIRJ) has signed a Memorandum of Understanding with Clairity Technology to deploy AirJoule® units in support of Clairity's direct air capture (DAC) carbon dioxide removal operations. AirJoule®'s advanced dehumidification technology will be used to regulate humidity and optimize DAC reactor performance. Clairity's innovative DAC process uses an alkali carbonate sorbent to capture CO2 molecules from the air, producing a mixed stream of CO2 and air.

Clairity recently raised a $6.75 million seed round and plans to deploy its first reactor capable of removing 100 metric tons of CO2 per year by the end of 2024, with additional modules increasing capacity to 2,500 metric tons per year in 2025. This collaboration aims to advance cost-effective carbon dioxide removal and contribute to mitigating climate change.

Montana Technologies (NASDAQ: AIRJ) announced its Q2 2024 results, highlighting progress towards commercialization of its AirJoule® technology for water generation and dehumidification. Key developments include:

1. MOUs with TenX Investment (UAE) and Climate Impact (Australia) for AirJoule® deployment
2. Commenced build-out of a new facility in Newark, Delaware
3. Completed $12 million private placement financing
4. Ended Q2 with $35 million cash, sufficient for operations through expected 2026 commercialization
5. Expanded business development and operations teams
6. Progressing on commercialization with Carrier for HVAC applications

The company is focusing on both dehumidification and water production applications, targeting industries such as agriculture, manufacturing, and data centers.

Montana Technologies (NASDAQ: AIRJ) has signed a Memorandum of Understanding with TenX Investment to deploy AirJoule® technology for water security and sustainability in the United Arab Emirates. AirJoule® units generate pure distilled water from air and reduce energy consumption for air conditioning. The collaboration aims to enhance water security and energy sustainability in the UAE, with initial installations focusing on critical infrastructure and community water needs.

The partnership aligns with the UAE's Vision 2030 strategy, which has allocated over AED 20 billion towards water security and sustainable energy projects. Montana Technologies' joint venture with GE Vernova is commercializing AirJoule® atmospheric water generators that harvest water from both humid and arid atmospheres. The technology uses metal organic framework coated contactors to extract water from air efficiently and scalably.

Montana Technologies (NASDAQ: AIRJ) has announced it will restate its previously issued unaudited financial statements for the three months ended March 31, 2024. This decision follows a consultation with the SEC and was made by the Board of Directors, management, and the Audit Committee. The restatement is necessary because the company incorrectly consolidated the assets and operations of its AirJoule joint venture in its Q1 financial statements, instead of using the equity method of accounting.

As a result, investors are advised not to rely on the previously issued financial statements, related earnings releases, or other communications derived from these statements. Montana Technologies plans to correct this error by filing an amendment to its Form 10-Q (initially filed on May 20, 2024) with the SEC as soon as possible.

Montana Technologies (NASDAQ: AIRJ) has signed a Memorandum of Understanding with Climate Impact (CIC) to integrate its AirJoule® atmospheric water harvesting technology into CIC's renewable hydrogen production modules. This collaboration aims to enable hydrogen production at $2 per kilogram in areas with high sun exposure, including deserts. CIC plans to develop two 10GW renewable hydrogen projects in central Australia, with global expansion plans.

The AirJoule® technology, commercialized through a 50/50 joint venture with GE Vernova, efficiently extracts water from both humid and arid atmospheres. CIC's modular units, equipped with solar panels, atmospheric water generators, and electrolysers, can produce renewable hydrogen off-grid. This partnership is expected to contribute significantly to addressing climate change and advancing the energy transition.

Montana Technologies (NASDAQ: AIRJ) has announced a private placement financing agreement for approximately 1.2 million shares of common stock, aiming to raise around $12 million. The funds will expedite the commercialization of its AirJoule® technology, which offers advanced energetics for global water scarcity and increased demand for cooling solutions. AirJoule® uses Metal Organic Framework (MOF) coated contactors and a dual vacuum chamber to extract water vapor from ambient air, producing dehumidified air and pure, PFAS-free, distilled water. Montana Technologies is collaborating with GE Vernova and Carrier Global to target markets in air conditioning, atmospheric water harvesting, and data center cooling. The securities are not registered under the Securities Act of 1933 and cannot be offered in the U.S. without registration or exemption.

Montana Technologies (NASDAQ: AIRJ) reported first quarter 2024 results, highlighting the completion of a business combination with Legacy Montana and a capital raise exceeding $50 million led by Carrier Global, Rice Investment Group, and GE Vernova. The company formed a joint venture with GE Vernova to advance AirJoule® technology for HVAC and water harvesting solutions and entered into commercialization agreements with Carrier. Montana Technologies ended the quarter with $37 million in cash. Key appointments to the board and executive team were announced, and the company's common stock and warrants began trading under 'AIRJ' and 'AIRJW' on Nasdaq.

Montana Technologies Corp. appointed Mr. Kyle Derham to its Board of Directors and named Mr. Pat Eilers as Chairman. The company aims to leverage the expertise of the new Board members to grow its AirJoule® technology globally, focusing on comfort cooling and water scarcity solutions. Montana has strategic partnerships in place to scale AirJoule® technology to meet increasing demand for pure water and air conditioning.