The 50/50 Joint Venture,
Named AirJoule, LLC, Will Exclusively Manufacture and Supply
Air Conditioning and Atmospheric Water Harvesting Products in
the Americas, Africa, and
Australia
AirJoule Will Combine GE Vernova's Proprietary
Sorbent Materials and Coating Process with Montana's Patented Process and System into
Various Air Conditioning Components and Water Harvesting
Products, Building on Strategic Partnerships with BASF, CATL,
Carrier, US Department of Energy, and the Rice Investment
Group
CAMBRIDGE, Mass. and RONAN, Mont., March 11,
2024 /PRNewswire/ -- GE Vernova, a global leader in
electrification, decarbonization, and energy solutions, today
announced the close of a 50/50 joint venture (JV) with Montana
Technologies LLC that will incorporate GE Vernova's proprietary
sorbent materials into systems that utilize Montana's patented AirJoule® dehumidification,
air conditioning, and atmospheric water harvesting technology. The
new JV, named AirJoule, LLC, is one of the first business
transactions from GE Vernova's new Ventures and Incubation group,
which is bringing leading energy transition innovations to
customers by collaborating with startups.
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 Moore. Dr. Moore also leads technology
development for GE Vernova Advanced Research's disruptive carbon
capture portfolio, which seeks to deploy novel sorbent-based
solutions that can enable a zero-carbon emissions future.
Incorporating GE Vernova's sorbent innovations into AirJoule®
technology will enhance the performance of the JV's energy-saving
HVAC components as well as its atmospheric water harvesting
products.
"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 Montana's technology, AirJoule® represents a
strong step forward in reducing energy use and carbon emissions in
the air conditioning industry and the future of air-to-water
generation."
"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 Montana places us in a leading position to
scale this technology to reduce energy consumption and address
water scarcity."
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, Montana will trade on the NASDAQ under the
ticker symbol "AIRJ". GE Vernova expects to spin-off from
General Electric Company on April 2,
2024.
Pat Eilers, CEO of XPDB, said,
"Having exceeded the $50 million
target minimum cash condition of pre de-SPAC financing for Montana
Technologies is a testament to its transformational technology and
its global supplier, manufacturing, and commercialization partners
in BASF, GE Vernova, CATL, and Carrier. Montana Technologies'
AirJoule® product is ideally situated to capitalize on the
$455 billion TAM for HVAC and
air-to-water applications."
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 Cambridge,
Massachusetts, U.S., with more than 80,000 employees across
100+ countries around the world. GE Vernova's Advanced Research
business is an innovation powerhouse, operating at the intersection
of science and creativity to turn cutting edge research into
impactful realities. Advanced Research collaborates with GE
Vernova's businesses across a broad range of technical disciplines
to accelerate the energy transition.
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 Montana, including statements regarding the
benefits of the Proposed Business Combination, the anticipated
timing of the Proposed Business Combination, the likelihood and
ability of the parties to successfully consummate the Proposed
Business Combination, the amount of funds available in the trust
account as a result of shareholder redemptions or otherwise, the
amount of funds to be invested by Rice, the impact, cost and
performance of the AirJoule® technology once commercialized,
the services offered by Montana
and the markets in which Montana
operates, business strategies, debt levels, industry environment,
potential growth opportunities, the effects of regulations and
XPDB's or Montana's projected
future results. These forward-looking statements generally are
identified by the words "believe," "predict," "project,"
"potential," "expect," "anticipate," "estimate," "intend,"
"strategy," "future," "forecast," "opportunity," "plan," "may,"
"should," "will," "would," "should," "will be," "will continue,"
"will likely result," and similar expressions (including the
negative versions of such words or expressions).
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 Montana; (v) the effect of the announcement or
pendency of the Proposed Business Combination on Montana's business relationships, performance,
and business generally; (vi) risks that the Proposed Business
Combination disrupts current plans of Montana and potential difficulties in
Montana's employee retention as a
result of the Proposed Business Combination; (vii) the outcome of
any legal proceedings that may be instituted against XPDB or
Montana related to the agreement
and the Proposed Business Combination; (viii) changes to the
proposed structure of the business combination that may be required
or appropriate as a result of applicable laws or regulations or as
a condition to obtaining regulatory approval of the business
combination; (ix) the ability to maintain the listing of the XPDB's
securities on the NASDAQ; (x) the price of XPDB's securities,
including volatility resulting from changes in the competitive and
highly regulated industries in which Montana plans to operate, variations in
performance across competitors, changes in laws and regulations
affecting Montana's business and
changes in the combined capital structure; (xi) the ability to
implement business plans, forecasts, and other expectations after
the completion of the Proposed Business Combination, including the
possibility of cost overruns or unanticipated expenses in
development programs, and the ability to identify and realize
additional opportunities; (xii) the enforceability of Montana's intellectual property, including its
patents, and the potential infringement on the intellectual
property rights of others, cyber security risks or potential
breaches of data security; and (xiii) other risks and uncertainties
set forth in the section entitled "Risk Factors" and "Cautionary
Note Regarding Forward-Looking Statements" in XPDB's Annual Reports
on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K that are available on the website of the Securities and
Exchange Commission (the "SEC") at www.sec.gov and other documents
filed, or to be filed with the SEC by XPDB, including the
Registration Statement (as defined below). The foregoing list of
factors is not exhaustive. There may be additional risks that
neither XPDB or Montana presently
know or that XPDB or Montana
currently believe are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements. You should carefully consider the foregoing factors and
the other risks and uncertainties that will be described in XPDB's
definitive proxy statement contained in the Registration Statement,
including those under "Risk Factors" therein, and other documents
filed by XPDB from time to time with the SEC. These filings
identify and address other important risks and uncertainties that
could cause actual events and results to differ materially from
those contained in the forward-looking statements. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and XPDB and Montana assume no
obligation and, except as required by law, do not intend to update
or revise these forward-looking statements, whether as a result of
new information, future events, or otherwise. Neither XPDB nor
Montana gives any assurance that
either XPDB or Montana will
achieve its expectations.
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, Illinois 60654.
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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