Montana Technologies Announces Memorandum of Understanding with TenX Investment to Deploy AirJoule® for Water Security and Sustainability in the United Arab Emirates
RONAN, Mont., Aug. 15, 2024 (GLOBE NEWSWIRE) -- Montana Technologies Corporation (NASDAQ:AIRJ) ("Montana Technologies" or the "Company"), the developer of the transformational AirJoule® technology for atmospheric water generation, is pleased to announce the signing of a Memorandum of Understanding ("MOU") with TenX Investment in Energy Enterprises & Management Co. LLC ("TenX") to address water security and energy efficiency opportunities in the United Arab Emirates ("UAE").
The collaboration between Montana Technologies and TenX aims to leverage AirJoule®'s cutting-edge technology to generate pure distilled water from air and reduce energy consumption for air conditioning, significantly enhancing water security and energy sustainability in the UAE. The Company and TenX will explore options to deploy AirJoule® units with initial installations focusing on critical infrastructure and community water needs.
"We are excited to work with TenX for this international deployment of AirJoule® units," said Ramdas Rao, President, International of Montana Technologies. "The UAE has been at the forefront of adopting transformative technologies that enable sustainable development and responsible decarbonization. Along with our strategic investors including Transition Equity Partners ("TEP"), GE Vernova, and Carrier Corporation, among others, we look forward to optimizing our initial international rollout and operations in the UAE and working to enable water security and energy efficient comfort cooling in high growth markets around the world."
Pat Eilers, Executive Chairman of Montana Technologies and founder of TEP, said, "TenX's expertise and mission alignment in water security and sustainability projects makes them an ideal partner for deploying AirJoule in the UAE with a pathway towards further collaboration on local manufacturing and distribution in the future."
Montana Technologies, through its 50/50 joint venture with GE Vernova, is commercializing AirJoule® atmospheric water generators that harvest water from both humid and arid atmospheres, producing pure distilled water and dehumidified air. AirJoule® units utilize metal organic framework coated contactors to extract water from air in a highly efficient and scalable process.
Matt Jore, CEO of Montana Technologies, said, "Since demonstrating the AirJoule® unit at COP 28 in Dubai in late 2023, there has been strong interest in the technology from customers across the world. AirJoule®'s ground-breaking advances in water harvesting and dehumidification will help to improve potable water access and security to millions of people in the region and beyond."
TenX Investment, with its mission to bring the best international energy solutions to the UAE and MENA region, is currently focused on projects that enhance water security, energy efficiency, and sustainability. This MOU aligns with TenX's strategy of investing in innovative technologies that provide substantial environmental and economic benefits. By integrating AirJoule® into their portfolio, TenX aims to offer sustainable water and energy solutions that reinforce their commitment to driving efficiency and sustainability.
Abdulrahman Al-Suwaidi, Managing Director at TenX Investment, commented: "We are proud to partner with Montana Technologies and look forward to investing in and deploying their innovative AirJoule® technology both in the UAE and internationally. This collaboration aligns perfectly with the UAE government's initiative to drive the private sector towards green and sustainable solutions, ensuring water security for future generations. Our joint efforts will significantly contribute to transforming the region's approach to water management and energy efficiency."
Husain Al Awadhi, Managing Director at TenX Investment, added: "The UAE government has allocated over AED 20 billion1 towards water security and sustainable energy projects as part of its Vision 2030 strategy. By integrating Montana Technologies' AirJoule® systems, we aim to enhance the region's water generation capabilities and reduce energy consumption. This collaboration will not only help meet the growing demand for water and energy but also support the UAE's ambitious targets for sustainability and environmental stewardship. Together, we are committed to delivering impactful solutions that address the critical challenges of water scarcity and energy efficiency."
- 1 USD = 3.67 AED
About Montana Technologies Corporation
Montana Technologies Corporation (NASDAQ:AIRJ) is the developer of AirJoule®, an atmospheric thermal energy and water harvesting technology that provides efficient and sustainable air dehumidification and pure water from air. Designed to reduce energy consumption and generate material cost efficiencies, AirJoule® is being commercialized through a joint venture with GE Vernova and through partnerships with Carrier Global Corporation and BASF. For more information, visit www.mt.energy.
About TenX
TenX Investment in Energy Enterprises & Management Co. LLC specializes in investing and bringing the best international energy solutions to the UAE and the broader MENA region. As a Dubai-based SME investment company, we leverage our extensive connections and strategic partnerships to provide unparalleled access to innovative energy technologies and services, ensuring our clients stay ahead in a rapidly evolving industry. Additionally, we invest in cutting-edge technologies to further support sustainable energy advancements, reinforcing our commitment to driving efficiency and sustainability in the energy sector. For more information, visit www.10xinvestment.ae.
Contacts
Montana Technologies
Tom Divine – Vice President, Investor Relations and Finance
[email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cb0cb774-a23c-4b25-befd-4a606372f3d4
