GE Vernova and Montana Technologies Close Joint Venture to Manufacture Transformational Air Conditioning and Atmospheric Water Harvesting Products
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Insights
The formation of AirJoule, LLC by GE Vernova and Montana Technologies represents a strategic move in the HVAC and water harvesting industry. This joint venture leverages proprietary technologies from both companies to address two critical global challenges: energy efficiency and water scarcity. The collaboration with established partners like BASF, CATL, Carrier and support from the US Department of Energy underscores the venture's potential to disrupt the market.
From a market perspective, the integration of advanced sorbent materials into HVAC systems could significantly enhance energy savings and operational efficiency. This is particularly relevant as the global HVAC market is expected to grow, driven by increasing demand for eco-friendly and energy-efficient solutions. Moreover, the atmospheric water harvesting aspect taps into the growing water purification market, which is expanding due to the acute need for clean water solutions in many regions.
For investors, the announcement of Montana Technologies' upcoming NASDAQ listing under the ticker 'AIRJ' post-merger with Power & Digital Infrastructure Acquisition II Corp signals a new investment opportunity in a company poised for growth in the green technology sector. The mention of exceeding the $50 million target minimum cash condition for pre de-SPAC financing indicates strong investor confidence in the technology's commercial viability and the overall business strategy.
GE Vernova's spin-off from General Electric and its subsequent formation of AirJoule, LLC with Montana Technologies is a notable development in the energy sector, reflecting a broader trend towards decarbonization and sustainable energy solutions. The focus on reducing carbon emissions and energy use in the air conditioning industry aligns with global climate goals and positions the joint venture at the forefront of the energy transition.
The proprietary sorbent materials and coating process developed by GE Vernova, combined with Montana's patented AirJoule® technology, could offer a competitive edge in the market. The ability to harvest thermal energy and pure water from the air using a self-regenerating pressure swing adsorption system is a unique selling proposition that could attract a diverse customer base, ranging from residential to industrial users.
Investors should note the strategic importance of the partnerships and the role of GE Vernova's Ventures and Incubation group in fostering innovation. The joint venture's alignment with government initiatives, as indicated by the collaboration with the US Department of Energy, may provide additional opportunities for growth, including potential government contracts and subsidies.
The environmental technology implications of AirJoule, LLC's formation are significant, given the venture's focus on sorbent-based solutions for carbon capture and atmospheric water harvesting. This aligns with global efforts to address climate change and resource scarcity. The JV's technology promises to reduce the environmental footprint of air conditioning systems, a sector traditionally associated with high energy consumption and greenhouse gas emissions.
For stakeholders concerned with environmental impact, the adoption of AirJoule® technology could represent a shift towards more sustainable practices in the HVAC industry. The potential for these systems to be deployed across various applications, including dehumidification and water heating, suggests a broad market applicability and the possibility of setting new industry standards for eco-friendly technologies.
Moreover, the JV's commitment to R&D, as evidenced by the involvement of GE Vernova's Advanced Research team, indicates a forward-thinking approach that could lead to continuous improvements and innovations in the field. The environmental benefits of such technologies, if proven at scale, could lead to increased regulatory support and incentives, further enhancing the JV's market position and attractiveness to environmentally conscious investors.
The 50/50 Joint Venture, Named AirJoule, LLC, Will Exclusively Manufacture and Supply Air Conditioning and Atmospheric Water Harvesting Products in the
AirJoule Will Combine GE Vernova's Proprietary Sorbent Materials and Coating Process with
The AirJoule® technology utilizes advanced sorbents and a self-regenerating pressure swing adsorption system to harvest thermal energy and pure water from air. GE Vernova, a recognized leader in the development of advanced materials technology for industrial systems, developed the atmospheric water harvesting technologies under the direction of Dr. David
"As we work to electrify and decarbonize the world, supporting and scaling breakthrough technologies will be critical to the energy transition," said GE Vernova CEO Scott Strazik. "By leveraging the work of our Advanced Research team with
"We are elated to have this fantastic joint venture collaboration with GE Vernova," said Matt Jore, CEO of Montana Technologies. "The sorbent and coating innovations developed by the GE Vernova Advanced Research team combined with the system developed at
In support of the JV, GE Vernova has made an investment in Montana Technologies, following on recently announced investments from Carrier and the Rice Investment Group. Furthermore, GE Vernova's Advanced Research team will provide support to the JV's R&D function, and GE Vernova's Dr. Bryan Barton will leave GE Vernova to lead the JV as its CEO. GE Vernova continues to work to identify and incubate other advanced technologies to drive similar outcomes.
"AirJoule® technology has the potential to revolutionize air conditioning efficiency and access to clean water globally," said Dr. Bryan Barton. "This breakthrough leverages advancements across various scientific disciplines, allowing us, through collaborations, to deliver products that harvest pure water directly from the air while reducing energy consumption in cooling systems."
Dr. Pete McGrail, Montana Technologies Chief Technology Officer and former PNNL Laboratory Fellow, said, "AirJoule is a transformational technology that combines advanced desiccant materials with novel engineered components to allow extraction of water from the atmosphere in a highly energy efficient manner. Once deployed, AirJoule systems should make an immediate impact in reducing energy consumption across a range of global applications, including dehumidification, air conditioning, water harvesting, and water heating, to name a few. It is a great scientific achievement that will aid in creating a better way of life for millions around the world."
Montana Technologies announced on June 5, 2023 that it will combine with Power & Digital Infrastructure Acquisition II Corp (NASDAQ: XPDB, XPDBU, XPDBW). Following the closing of the business combination, which is expected to occur in March,
Pat Eilers, CEO of XPDB, said, "Having exceeded the
About Montana Technologies
Montana Technologies is an atmospheric thermal energy and water harvesting technology company that provides efficient and sustainable air conditioning and pure water from air through its transformational AirJoule® technology. For more information, visit www.mt.energy.
About GE Vernova
GE Vernova is a planned, purpose-built global energy company that includes Power, Wind, and Electrification businesses and is supported by its accelerator businesses of Advanced Research, Consulting Services, and Financial Services. Building on over 130 years of experience tackling the world's challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in
About Power & Digital Infrastructure Acquisition II Corp
Power & Digital Infrastructure Acquisition II Corp (XPDB) is a blank check company incorporated in Delaware for the purpose of effecting a merger, capital stock exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
Forward Looking Statements
Certain statements in this press release may be considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 and within the meaning of the federal securities laws with respect to the Proposed Business Combination between XPDB and
Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the risk that the Proposed Business Combination may not be completed in a timely manner or at all, which may adversely affect the price of XPDB securities; (ii) the risk that the Proposed Business Combination may not be completed by XPDB's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by XPDB; (iii) the failure to satisfy the conditions to the consummation of the Proposed Business Combination, including the approval of the Proposed Business Combination by XPDB's stockholders, the satisfaction of the minimum aggregate transaction proceeds amount following redemptions by XPDB's public stockholders and the receipt of certain governmental and regulatory approvals; (iv) the failure to obtain financing to complete the Proposed Business Combination and to support the future working capital needs of
Additional Information and Where to Find It
On February 20, 2024, XPDB filed a definitive proxy statement (the "Extension Definitive Proxy Statement") with the SEC in connection with its solicitation of proxies for the Special Meeting of stockholders to be held on March 12, 2024 (the "Extension Meeting"). INVESTORS AND SECURITY HOLDERS OF XPDB ARE URGED TO READ THE EXTENSION DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND OTHER DOCUMENTS THE COMPANY FILES WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the Extension Definitive Proxy Statement (including any amendments or supplements thereto) and other documents filed with the SEC through the web site maintained by the SEC at www.sec.gov or by directing a request to: Power & Digital Infrastructure Acquisition II Corp., 321 North Clark Street, Suite 2440, Chicago,
Participants in the Solicitation
XPDB and its respective directors and officers may be deemed to be participants in the solicitation of proxies from shareholders in connection with the Extension Meeting. Additional information regarding the identity of these potential participants and their direct or indirect interests, by security holdings or otherwise, is set forth in the Extension Definitive Proxy Statement. You may obtain free copies of these documents using the sources indicated above.
Press Contacts
Montana Technologies:
Andy Maas; Daniel Yunger
Kekst CNC
MTMediaInquiries@kekstcnc.com
GE Vernova:
Treacy Reynolds, Public Affairs
Treacy.Reynolds@ge.com
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SOURCE Montana Technologies
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