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Total Capital Commitments Exceeded $50 Million Target Minimum Cash Condition, Led by Carrier, GE Vernova and Rice Investment Group, Providing All Funding Required to Commercialize AirJoule®
Combination to Fuel Launch of Recently Announced Joint Venture Between GE Vernova and Montana Technologies to Commercialize AirJoule® Technology for Atmospheric Water Generation and Carrier Air Conditioning Products
Montana Technologies Corporation Will Commence Trading on NASDAQ Under the Symbols "AIRJ" and "AIRJW", Respectively
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.
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.
The business combination closed on March 14, 2024. The common stock and warrants of the combined company, which will be renamed "Montana Technologies Corporation," are set to commence trading on the Nasdaq Capital Market ("NASDAQ"), under new ticker symbols, "AIRJ" and "AIRJW", respectively.
Pat Eilers, CEO of XPDB, said, "Montana Technologies Corporation is now fully funded to commercialize its transformational technology through its global supplier, manufacturing, and commercialization partners, including BASF, GE Vernova, CATL, and Carrier."
Matt Jore, CEO of Montana Technologies Corporation, said, "We are in the process of scaling and deploying pre-production AirJoule® units with our world-class partners to the largest, highest probability end customers around the world, which we are confident will generate highly lucrative contracts for the Company in the near-term."
The formal results of the XPDB shareholder vote, as well as the number of holders of shares of Class A Common Stock who exercised their right to redeem their shares for cash, will be included in a Current Report on Form 8-K to be filed by XPDB with the Securities and Exchange Commission ("SEC"). 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.
Posted In: XPDB
