Power & Digital Infrastructure Acquisition II Corp., with the support of equity partners, has entered into an agreement with Montana Technologies to commercialise AirJoule, an innovative dehumidification technology.
Montana Technologies is the developer of AirJoule, a transformational renewable energy and cooling technology that can reduce emissions,and solve water issues.
The new company will operate under the name of Montana Technologies to meet the demand for energy-efficient HVAC and a solution to water stress.
AirJoule enables the atmosphere to be an accessible renewable energy and water resource around the clock, providing clean drinking water for as low as half a cent per litre.
It efficiently harvests water vapour from the air, providing pure water and air conditioning at a fraction of the current cost, while consuming as much as 75 per cent less electricity than any other HVAC or water generating system.
Montana Technologies is poised to begin commercializing its proven AirJoule prototypes through its strategic partnerships with BASF, the largest chemical producer in the world, and CATL, the world's largest lithium-ion electric vehicle battery manufacturer.
These and other pipeline partnerships will enable Montana Technologies to scale rapidly to mass production, using a capital-efficient business model.
XPDB CEO, Pat Eilers, said Montana is entering the public markets as a leading developer of breakthrough dehumidification and cooling technology.
“We believe Montana’s technology, combined with its world-class partnerships, is well positioned to efficiently commercialize and quickly scale the business on a global basis, while also capitalizing on a total addressable market opportunity of over $455 billion for long-term value creation,” he said.
Montana Technologies CEO, Matt Jore, said AirJoule sits at the nexus between energy and water, two essential resources for human well-being, economic growth and environmental sustainability.
“This solutiontaps into the earth's atmosphere to harness its vast amounts of thermal energy and water, providing cost-effective and energy-reducing solutions to address global water scarcity and air conditioning demand at significantly lower cost,” he said.
Once the transaction has closed Jore is expected to stay in the role of CEO.