Business
Montana Technologies Announces Investment From Rice Investment Group
Rice Investing $10 Million in Private Capital Raise Led By Carrier Ventures Investment Comes Ahead of Montana's Business Combination With Power & Digital
About this update from Airjoule Technologies Corporation
[{"type":"text","content":"Rice Investing $10 Million in Private Capital Raise Led By Carrier Ventures\nInvestment Comes Ahead of Montana's Business Combination With Power & Digital Infrastructure Acquisition II Corp. (\"XPDB\")\nMontana's Patented AirJoule® System Reduces Energy Consumption and CO2 Emissions for Air Conditioning, While Reducing or Eliminating Refrigerants and Providing Water from Air\nRONAN, Mont., Feb. 20, 2024 /PRNewswire/ -- Montana Technologies LLC (\"Montana\" or the \"Company\") today announced that Rice Investment Group (\"Rice\") has committed to invest $10 million in Montana as part of a private capital consortium led by Carrier Ventures. Following the closing of its business combination with Power & Digital Infrastructure Acquisition II Corp (NASDAQ: XPDB, XPDBU, XPDBW) expected in March, Montana will trade on the NASDAQ under the ticker symbol \"AIRJ\".\n\n \n \n \n \n \n \n\n \nThe investment from Rice will accelerate the commercialization of Montana's patented AirJoule® system. It follows the execution of an agreement between Montana and Carrier Corp. to commercialize the AirJoule® technology in Carrier's Heating, Ventilation, and Air Conditioning (HVAC) markets throughout the Americas, Europe, India, and the Middle East. Montana also most recently announced the formation of a joint venture with GE Vernova to combine GE Vernova's proprietary sorbent materials and coating processes with the AirJoule® system.\nKyle Derham, Partner, Rice Investment Group, said, \"AirJoule® is a transformational energy efficiency technology that we believe is capable of gigaton scale decarbonization while lowering costs without subsidies. Our diligence revealed meaningful engagement from blue-chip strategics who have performed extensive work to validate the technical claims of the Company and are now preparing to fully support product commercialization. We believe the Company's go-to-market strategy can lead to rapid market adoption in the large and growing HVAC and air-to-water end markets.\"\nThe AirJoule® system utilizes a unique, patented (self-regenerating pressure swing adsorption) method to harvest thermal energy and water from air. Incorporating GE Vernova's sorbent innovations into this proprietary system has the potential to reduce electricity consumption as compared to conventional air conditioning cooling systems and result in a corr...