XPDBU - Montana Technologies Enters Joint Commercialization Agreement Term Sheet with Carrier Global to Provide Carbon-Reducing Cooling Technology for Key Global Markets | Benzinga
Montana's AirJoule Technology Aims to Reduce Power Consumption and Carbon Emission, While Reducing or Eliminating the Use of Refrigerants
Includes $10 Million Growth Equity Investment Conditional Commitment from Carrier Following Montana's Recent Agreements with CATL and BASF
Carrier to Nominate Member to Board of Post-Combination Entity Following the Merger Between Montana and Power & Digital Infrastructure Acquisition II Corp.
RONAN, Mont., Jan. 8, 2024 /PRNewswire/ -- Montana Technologies LLC ("Montana"), today announced entry into a binding term sheet related to a commercial collaboration with Carrier Global Corporation (NYSE:CARR), global leader in intelligent climate and energy solutions, to develop and commercialize Montana's transformational AirJoule dehumidification and cooling technology. In connection with the commercial collaboration, Montana has, subject to the satisfaction of certain milestones, granted Carrier the exclusive right to commercialize the AirJoule technology into HVAC equipment in the Americas for a period of three years.
In addition, Carrier has conditionally committed $10 million in growth equity into Montana to foster commercialization of AirJoule. This investment follows strategic partnerships that Montana has entered into with BASF, the largest chemical producer in the world, and CATL, the world's largest lithium-ion electric battery manufacturer.
"We are humbled and honored to have received such a strong vote of confidence in our technology and vision," said Matt Jore, CEO of Montana Technologies. "This partnership and investment represent further proof that both parties are committed to reducing energy consumption, cost and carbon footprint, and we expect that together these transactions will greatly accelerate the speed at which we can bring our innovative approach to market."
AirJoule is a transformational dehumidification technology that substantially improves air conditioning efficiency. AirJoule systems utilize a self-regenerating pressure swing adsorption method to harvest water and thermal energy from air. The proprietary method and design, when used for evaporative cooling by harvesting its own water from air, can 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 refrigerants.
"At Carrier, we are committed to investing in both sustainable and disruptive solutions that will better our planet for generations to come," said Ajay Agrawal, Senior Vice President, Business Development, Global Services, & Chief Strategy Officer. "Our partnership with Montana Technologies, and our future collaboration to commercialize its AirJoule technology, marks another step forward in this commitment."
Carrier will also receive the right to nominate a member to the board of directors of the post-combination entity following the merger between Montana and Power & Digital Infrastructure Acquisition II Corp. ("XPDB") (NASDAQ:XPDB, XPDBU, XPDBW)). Montana announced on June 5, 2023, that it will combine with XPDB and list on the NASDAQ under the ticker AIRJ following the merger. The transaction is expected to close in the first quarter of 2024, subject to the satisfaction or waiver of customary closing conditions, including the approval of XPDB stockholders.
Pat Eilers, CEO of XPDB, said, "Montana's partnership with a global industry leader such as Carrier paves the way and completes Montana's go-to-market strategy in HVAC and provides end market customers and the public markets confidence in and access to Montana's breakthrough technology."
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. ...