Montana Technologies Corporation (NASDAQ: AIRJ) (“Montana Technologies” or “the Company”), a pioneer in atmospheric thermal energy and water harvesting technology, has announced its financial results for the second quarter of 2024, highlighting significant developments and progress.
**Second Quarter Highlights:**
– **Global Agreements:**
– **United Arab Emirates:** Montana Technologies has signed a Memorandum of Understanding (MOU) with TenX Investment to explore deploying AirJoule® units to bolster water security and sustainability projects in the UAE.
– **Australia:** The Company has partnered with Climate Impact Corporation (CIC) to use AirJoule® technology for solar-powered hydrogen production in Australia, marking a step towards renewable energy solutions.
– **Advancements and Expansion:**
– The Company has commenced construction of a new 30,000-square-foot operations facility in Newark, Delaware. This facility will house product engineering, an initial manufacturing line, and administrative spaces for the expanded business development, engineering, and operations teams.
– Montana Technologies completed a $12 million private placement financing round, bolstering its financial position with $35 million in cash on hand, ensuring liquidity through the expected commercialization in 2026.
**Executive Commentary:**
Matt Jore, Chief Executive Officer of Montana Technologies, remarked, “We are thrilled with our progress towards bringing the AirJoule® technology to market. The recent agreements with TenX and CIC showcase the technology’s potential to enhance water security and efficiency across various global projects.”
Pat Eilers, Executive Chairman, added, “With our expanded teams, we are focused on engaging with industries that can benefit from AirJoule®’s advanced dehumidification and water production capabilities.”
**Commercialization and Technology:**
AirJoule® is designed to convert humid air into dehumidified air and distilled water. The technology offers advanced dehumidification and atmospheric water generation for diverse applications. Collaborations with HVAC leader Carrier Corporation are underway to integrate AirJoule® into systems that reduce power consumption and operational costs.
**Facility and Financing Updates:**
– The new Newark, DE facility, developed in collaboration with GE Vernova, will support the manufacturing of MOF-coated contactors and pre-production AirJoule® units. The State of Delaware has approved a $1 million grant to support this expansion.
– The private placement financing, completed in June, involved issuing approximately 1.2 million shares for gross proceeds of $12 million, aimed at advancing AirJoule® commercialization.
**Financial Reporting:**
Montana Technologies’ financial statements for the quarter ended June 30, 2024, are available in the Quarterly Report on Form 10-Q filed with the SEC. The report includes a change in accounting treatment for the GE Vernova joint venture investment and restated financials for the quarter ended March 31, 2024.
**Earnings Call Webcast:**
The Company has made available an earnings call webcast for investors. The webcast can be accessed through the investor section of Montana Technologies’ website at [www.mt.energy](http://www.mt.energy).
**About Montana Technologies Corporation:**
Montana Technologies Corporation (NASDAQ: AIRJ) is known for its AirJoule® technology, which delivers efficient and sustainable air dehumidification and water generation. The Company is advancing its commercialization through partnerships with GE Vernova, Carrier Global Corporation, and BASF. For more information, visit [www.mt.energy](http://www.mt.energy).