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Montana Technologies Announces Second Quarter 2024 Results
RONAN, Mont., Aug. 23, 2024 (GLOBE NEWSWIRE) -- Montana Technologies Corporation (NASDAQ: AIRJ) (“Montana Technologies” or the “Company”), the developer of
About this update from Airjoule Technologies Corporation
[{"type":"text","content":"RONAN, Mont., Aug. 23, 2024 (GLOBE NEWSWIRE) -- Montana Technologies Corporation (NASDAQ: AIRJ) (“Montana Technologies” or the “Company”), the developer of the transformational AirJoule® technology for water generation, today announced its second quarter results. 2nd Quarter and Recent Highlights Global MOU Announcements: United Arab Emirates: Announced agreement with TenX Investment (“TenX”) to explore a deployment of AirJoule® units in support of water security and sustainability projects in the United Arab EmiratesAustralia: Announced agreement with Climate Impact Corporation (“CIC”) to collaborate on solar-powered hydrogen production using AirJoule® technology in Australia Continued advancement towards commercialization of AirJoule® applications in dehumidification and atmospheric water generationCommenced the build-out of a new operations facility in Newark, Delaware to house product engineering and an initial manufacturing line, along with office and meeting space for the expanded business development, engineering, and operations teamsCompleted $12 million private placement financing from new and existing investorsEnded the quarter with $35 million of cash on the balance sheet and sufficient liquidity to support the Company’s operations through expected commercialization in 2026 Executive Commentary “Montana Technologies is making excellent progress towards commercialization of the AirJoule® technology,” said Matt Jore, Chief Executive Officer of Montana Technologies. “We are excited about our recently announced agreements with TenX and CIC to deploy AirJoule® for water production. These novel applications illustrate the value that AirJoule® can bring to improve water security and efficiency in a variety of use cases.” Pat Eilers, Executive Chairman of Montana Technologies, added, “With our newly expanded business development and operations teams, we are keenly focused on engaging with prospective customers from myriad industries who recognize the immense value from the industry-leading dehumidification and water production capabilities of AirJoule®.” Parallel Commercialization Priorities AirJoule® transforms humid air into dehumidified air and pure distilled water. Through the same technology and process, AirJoule® provides both advanced dehumidification and atmospheric water generation capabilities for use in a variety o...