Montana Technologies reports strong second quarter results and progress with AirJoule® technology.

From GlobeNewswire: 2024-08-23 08:30:00

Montana Technologies Corporation (NASDAQ: AIRJ) announced its second quarter results, including ongoing global partnerships to deploy AirJoule® technology for water security and sustainability projects in UAE and Australia. The company secured $12 million in private placement financing and ended the quarter with $35 million in cash. Plans for commercialization in 2026 are underway.

AirJoule® technology transforms humid air into dehumidified air and pure distilled water, offering advanced dehumidification and atmospheric water generation capabilities. Montana Technologies is collaborating with Carrier Corporation on energy-efficient air conditioning systems and exploring water production applications in water-scarce regions of the world. Expansion of business development and operations teams is underway to support commercialization efforts.

The joint venture with GE Vernova has commenced work on a new 30,000 square foot facility in Newark, DE for product engineering and the initial manufacturing line. The Company received a grant for up to $1.0 million from the State of Delaware to support this development. A recent private placement financing raised $12 million and will be used to further support the commercialization of AirJoule® technology.

Montana Technologies Corporation (NASDAQ: AIRJ) is developing AirJoule®, an atmospheric thermal energy and water harvesting technology that provides efficient air dehumidification and pure water from the air. With strategic partnerships and ongoing agreements, the company is advancing towards commercialization of these innovative solutions for improved water security and sustainability. Earnings call webcast and financial updates are available on the company’s website for investors.



Read more at GlobeNewswire:: Montana Technologies Announces Second Quarter 2024 Results