Montana Technologies announces agreement with Climate Impact Corporation to collaborate on atmospheric water generation for renewable hydrogen production

Rhea-AI Summary

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.

Positive

• Signed MOU with Climate Impact for renewable hydrogen production
• AirJoule® technology enables hydrogen production at competitive $2 per kilogram
• Potential for hydrogen production in high sun exposure areas, including deserts
• Plans for two 10GW renewable hydrogen projects in central Australia
• 50/50 joint venture with GE Vernova for AirJoule® commercialization

Negative

• None.

The integration of the AirJoule® atmospheric water harvesting technology into renewable hydrogen modules will allow hydrogen to be produced economically anywhere that has high sun exposure – including the world’s deserts

RONAN, Mont., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Montana Technologies Corporation (NASDAQ: AIRJ) (“Montana Technologies”), the developer of the transformational AirJoule^® technology for atmospheric water generation, today announced that it has signed a Memorandum of Understanding with Climate Impact Corporation (“CIC”) to collaborate on the development of CIC’s renewable hydrogen production modules. Using AirJoule^® atmospheric water generators from Montana Technologies, CIC expects that its modular hydrogen production units will be able to produce hydrogen in areas with high sun exposure at a competitive USD$2 per kilogram production price.

Montana Technologies, through its 50/50 joint venture with GE Vernova, is commercializing AirJoule^® atmospheric water generators that harvest water from both humid and arid atmospheres, producing pure distilled water and dehumidified air. The AirJoule^® units utilize metal organic framework coated contactors and a dual vacuum chamber to adsorb and desorb water from air in a highly efficient and scalable process.

Each of CIC’s modular hydrogen production units contains solar panels, atmospheric water generators, electrolysers and supporting infrastructure, enabling each unit to produce renewable hydrogen entirely off-grid. CIC intends to develop two 10GW renewable hydrogen projects utilizing its proprietary technology in central Australia, with other projects to follow in locations globally. The integration of the AirJoule^® atmospheric water generators into the technology allows hydrogen to be produced anywhere that has a high sun exposure – including the world’s deserts.

Matt Jore, CEO of Montana Technologies, said “Our goal is simple – effectively address the ongoing climate crisis by utilizing the Earth’s natural water cycles as a renewable resource. Our globally patented AirJoule^® technology allows for the highly efficient extraction of water from the atmosphere, which is a key element of CIC’s renewable hydrogen production modules.”

Bryan Barton, Chief Commercialization Officer at Montana Technologies, added, “We believe that strategic partnerships are essential in making a meaningful contribution to climate change, so we are delighted to be working in collaboration with CIC on optimizing their renewable hydrogen production modules with AirJoule^® to enable better global climate outcomes.”

CIC Chairman and Co-Founder David Green commented, “A successful energy transition cannot be achieved in a silo. That’s why we believe in establishing strong partnerships with companies that share our same objective. Our collaboration with Montana Technologies will play a key role in unlocking a competitive production price for renewable hydrogen. Through this agreement, we want to revolutionize hydrogen production, enabling hydrogen to be produced not only at a competitive price, but in a range of locations.”

About Montana Technologies Corporation

Montana Technologies Corporation (NASDAQ: AIRJ) is the developer of AirJoule^®, an atmospheric thermal energy and water harvesting technology that provides efficient and sustainable air dehumidification and pure water from air. Designed to reduce energy consumption and generate material cost efficiencies, AirJoule^® is being commercialized through a joint venture with GE Vernova and through partnerships with Carrier Global Corporation and BASF. For more information, visit www.mt.energy

About Climate Impact Corporation

Climate Impact Corporation is a global developer, investor and manager of large-scale green hydrogen projects. Each of its projects is designed to deliver economic opportunity, environmental benefits, and sustainable and dependable energy sources that enable the transition to a low-carbon future. With operations around the world, Climate Impact brings over 40 years of experience in delivering large-scale green energy projects. For more information, visit www.cic-hydrogen.com.

Contacts

Investor Relations:
Tom Divine – Vice President, Investor Relations and Finance
investors@mt.energy

Media:
media@mt.energy

FAQ

What is the purpose of Montana Technologies' agreement with Climate Impact ?

The agreement aims to integrate Montana Technologies' AirJoule® atmospheric water harvesting technology into Climate Impact 's renewable hydrogen production modules, enabling efficient hydrogen production in areas with high sun exposure.

What is the expected production cost of hydrogen using the AirJoule® technology?

Using AirJoule® atmospheric water generators, Climate Impact expects to produce hydrogen at a competitive price of $2 per kilogram in areas with high sun exposure.

What are Climate Impact 's plans for renewable hydrogen projects?

Climate Impact intends to develop two 10GW renewable hydrogen projects in central Australia, with plans for additional projects in other global locations.

How does the AirJoule® technology work?

AirJoule® units use metal organic framework coated contactors and a dual vacuum chamber to adsorb and desorb water from air in a highly efficient and scalable process, producing pure distilled water and dehumidified air.

What is Montana Technologies' stock symbol?

Montana Technologies trades on NASDAQ under the stock symbol AIRJ.