GE Vernova And Montana Technologies Close 50/50 Joint Venture To Manufacture Transformational Air Conditioning And Atmospheric Water Harvesting Products

The 50/50 Joint Venture, Named AirJoule, LLC, Will Exclusively Manufacture and Supply Air Conditioning and Atmospheric Water Harvesting Products in the Americas, Africa, and Australia

AirJoule Will Combine GE Vernova's Proprietary Sorbent Materials and Coating Process with Montana's Patented Process and System into Various Air Conditioning Components and Water Harvesting Products, Building on Strategic Partnerships with BASF, CATL, Carrier, US Department of Energy, and the Rice Investment Group 

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.

The AirJoule® technology utilizes advanced sorbents and a self-regenerating pressure swing adsorption system to harvest thermal energy and pure water from air. 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. Dr. Moore also leads technology development for GE Vernova Advanced Research's disruptive carbon capture portfolio, which seeks to deploy novel sorbent-based solutions that can enable a zero-carbon emissions future. 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.

"As we work to electrify and decarbonize the world, supporting and scaling breakthrough technologies will be critical to the energy transition," said GE Vernova CEO Scott Strazik. "By leveraging the work of our Advanced Research team with Montana's technology, AirJoule® represents a strong step forward in reducing energy use and carbon emissions in the air conditioning industry and the future of air-to-water generation."

"We are elated to have this fantastic joint venture collaboration with GE Vernova," said Matt Jore, CEO of Montana Technologies. "The sorbent and coating innovations developed by the GE Vernova Advanced Research team combined with the system developed at Montana places us in a leading position to scale this technology to reduce energy consumption and address water scarcity."

In support of the JV, GE Vernova has made an investment in Montana Technologies, following on recently announced investments from Carrier and the Rice Investment Group. Furthermore, GE Vernova's Advanced Research team will provide support to the JV's R&D function, and GE Vernova's Dr. Bryan Barton will leave GE Vernova to lead the JV as its CEO. GE Vernova continues to work to identify and incubate other advanced technologies to drive similar outcomes.

"AirJoule® technology has the potential to revolutionize air conditioning efficiency and access to clean water globally," said Dr. Bryan Barton. "This breakthrough leverages advancements across various scientific disciplines, allowing us, through collaborations, to deliver products that harvest pure water directly from the air while reducing energy consumption in cooling systems."

Dr. Pete McGrail, Montana Technologies Chief Technology Officer and former PNNL Laboratory Fellow, said, "AirJoule is a transformational technology that combines advanced desiccant materials with novel engineered components to allow extraction of water from the atmosphere in a highly energy efficient manner. Once deployed, AirJoule systems should make an immediate impact in reducing energy consumption across a range of global applications, including dehumidification, air conditioning, water harvesting, and water heating, to name a few. It is a great scientific achievement that will aid in creating a better way of life for millions around the world."

Montana Technologies announced on June 5, 2023 that it will combine with Power & Digital Infrastructure Acquisition II Corp (NASDAQ: XPDB, XPDBU, XPDBW). Following the closing of the business combination, which is expected to occur in March, Montana will trade on the NASDAQ under the ticker symbol "AIRJ". GE Vernova expects to spin-off from General Electric Company on April 2, 2024.

Pat Eilers, CEO of XPDB, said, "Having exceeded the $50 million target minimum cash condition of pre de-SPAC financing for Montana Technologies is a testament to its transformational technology and its global supplier, manufacturing, and commercialization partners in BASF, GE Vernova, CATL, and Carrier. Montana Technologies' AirJoule® product is ideally situated to capitalize on the $455 billion TAM for HVAC and air-to-water applications."