AirJoule Technologies Corporation - AIRJ STOCK NEWS

Montana Technologies (NASDAQ: AIRJ) has changed its corporate name to AirJoule Technologies , effective immediately. The company's stock and warrants will continue trading under symbols 'AIRJ' and 'AIRJW' on the Nasdaq Capital Market. This rebranding better reflects their position as developers of AirJoule®, their advanced dehumidification and water harvesting technology. The name change aligns with their 50/50 joint venture with GE Vernova, called AirJoule, , which focuses on commercializing atmospheric water harvesting products.

Montana Technologies (NASDAQ: AIRJ), developer of AirJoule® atmospheric water harvesting technology, has scheduled its Q3 2024 earnings release for November 13, 2024, after market close. The company will host a conference call and Q&A session at 5:00pm ET on the same day. Investors can access the webcast through the company's website or participate via phone using the provided domestic and international dial-in numbers.

Montana Technologies (NASDAQ: AIRJ) has signed the Abu Dhabi Sustainable Finance Declaration, joining over 135 members committed to fostering sustainable investments in the UAE. The company also attended the Water, Energy, Technology, and Environment Exhibition (WETEX) in Dubai, showcasing its AirJoule® technology.

At WETEX, Montana Technologies demonstrated a prototype AirJoule® unit, capable of producing pure distilled water from air. The exhibition allowed the company to engage with key players in the Gulf Cooperation Council and neighboring countries, exploring potential partnerships for deploying AirJoule® units to address various water security challenges.

The AirJoule® technology can harvest water directly from air and, when paired with vapor-compression refrigeration systems, can reduce power consumption for moisture removal by up to 50 percent. Montana Technologies previously announced a Memorandum of Understanding with TenX Investment and the establishment of its first international office in the UAE.

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.