Pat Eilers

Power & Digital Infrastructure Acquisition II Corp. (XPDB) Announces Closing of Business Combination with Montana Technologies LLC

Retrieved on: 
Thursday, March 14, 2024
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CHICAGO and RONAN, Mont., March 14, 2024 /PRNewswire/ -- Power & Digital Infrastructure Acquisition II Corp. ("XPDB") (NASDAQ: XPDB, XPDBW, XPDBU), a special purpose acquisition company focused on the renewable and transition energy sectors, today announced closing of its business combination with Montana Technologies LLC ("Montana"), the inventor of AirJoule® -- a transformational renewable energy and cooling technology.

Key Points: 
  • XPDB and Montana Technologies LLC exceeded the $50 million target minimum cash condition by securing private investments from Carrier Corporation , the Rice Investment Group , and GE Vernova , among other third parties.
  • The minimum cash condition was also satisfied by joint venture funding commitments and cash that currently remains in XPDB's trust.
  • These capital commitments provide the total funding required to commercialize Montana's AirJoule® technology.
  • Additional details on the proposed business combination can be found in the definitive proxy statement/prospectus of XPDB, which was filed with the SEC on January 17, 2024.

GE Vernova and Montana Technologies Close Joint Venture to Manufacture Transformational Air Conditioning and Atmospheric Water Harvesting Products

Retrieved on: 
Monday, March 11, 2024
Pat Eilers, JV, General Electric Company, Component, Air conditioning, Life, Carbon, HVAC, Education minister, Investment, Water, Atmosphere, CATL, Venture, General Electric, Atmosphere of Earth, Incubation, Renewable energy

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.

Key Points: 
  • 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.
  • 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.
  • 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.
  • "We are elated to have this fantastic joint venture collaboration with GE Vernova," said Matt Jore, CEO of Montana Technologies.

Montana Technologies and GE Vernova Agree to Form a Joint Venture to Manufacture Transformational Air Conditioning and Atmospheric Water Harvesting Products

Retrieved on: 
Monday, January 29, 2024
Carbon, JV, Pat Eilers, General Electric, Electricity, Air conditioning, Partnership, Atmosphere of Earth, Education minister, Business analyst, Water, Business development, Environment, HVAC, Incubation, General Electric Company, BASF, Patent, Atmosphere, Renewable energy

RONAN, Mont., Jan. 29, 2024 /PRNewswire/ -- Montana Technologies LLC ("Montana") today announced an agreement to form a joint venture with GE Vernova, a global leader in electrification, decarbonization, and energy solutions, to incorporate GE Vernova's proprietary sorbent materials into systems that utilize Montana's patented AirJoule® dehumidification, air conditioning, and atmospheric water harvesting technology. Pending customary closing conditions, the transaction is anticipated to close in the first quarter of this year. 

Key Points: 
  • The joint venture will exclusively manufacture and supply products incorporating the combined technologies to leading original equipment manufacturers and customers in the Americas, Africa, and Australia.
  • The joint venture will also leverage Montana's global supply agreement with BASF, which is expected to supply the new sorbent materials at production scale.
  • "Our joint venture with Montana is an opportunity to make an important impact on our world, our environment, and our future."
  • Combining GE Vernova's proprietary sorbents and coating processes with Montana's AirJoule® technology is expected to improve the atmospheric water harvesting efficiency of the AirJoule® system.

Montana Technologies to Combine with Power & Digital Infrastructure Acquisition II Corp. to Commercialize its Transformational AirJoule™ Technology to Revolutionize and Accelerate Decarbonization of HVAC Systems and Water Supply

Retrieved on: 
Monday, June 5, 2023
Main Street, LLP, Pat Eilers, Drinking water, CATL, Kirkland & Ellis, Atmosphere, Vinson & Elkins, Electricity, Water, Tax, Trust, Interest on Lawyer Trust Accounts, Montana Technological University, Extension, Latham & Watkins, Central Time, Water supply, Ventilation, Accounting, HVAC, Suite, Pacific Northwest National Laboratory, Acquisition, Atmosphere of Earth, Transaction, Air conditioning, XMS Capital Partners, BASF, Special, Heat, Proxy, Heating, ventilation, and air conditioning, Renewable energy, Barclays

These and other pipeline partnerships will enable Montana Technologies to scale rapidly to mass production, using a capital-efficient business model.

Key Points: 
  • These and other pipeline partnerships will enable Montana Technologies to scale rapidly to mass production, using a capital-efficient business model.
  • Pat Eilers, CEO of XPDB, said: "We are extremely excited that Montana Technologies is entering the public markets as a leading developer of breakthrough dehumidification and cooling technology.
  • Matt Jore, CEO of Montana Technologies, said: "Today's announcement is a huge milestone in bringing our transformative technology, AirJoule™, to market with this transaction.
  • - Montana Technologies' breakthrough technology, AirJoule™, helps solve two of the world's most problematic issues: demand for air conditioning, and water scarcity.