PALM
BEACH GARDENS, Fla., Jan. 8, 2024
/PRNewswire/ -- Carrier Global Corporation (NYSE: CARR), global
leader in intelligent climate and energy solutions, today announced
entry into a binding term sheet with Montana Technologies LLC
("Montana") to develop and
commercialize Montana's
transformational AirJoule dehumidification and cooling technology.
In addition, Carrier has conditionally committed $10 million in growth equity into Montana to foster commercialization of
AirJoule.
AirJoule's dehumidification technology substantially improves
air conditioning efficiency by harvesting water and thermal energy
from air. The proprietary method and design 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."
"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. 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."
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.
For more information about Carrier Ventures' portfolio
companies, visit Corporate.Carrier.com/carrier-ventures.
About Carrier
Carrier Global Corporation, global
leader in intelligent climate and energy solutions, is committed to
creating solutions that matter for people and our planet for
generations to come. From the beginning, we've led in inventing new
technologies and entirely new industries. Today, we continue to
lead because we have a world-class, diverse workforce that puts the
customer at the center of everything we do. For more information,
visit corporate.carrier.com or follow Carrier on social
media at @Carrier.
Contact:
Jason Shockley
561-542-0207
Jason.Shockley@Carrier.com
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SOURCE Carrier Global Corporation