Montana Technologies and the Department of Energy announced that they have successfully overcome the commercialization barriers that once hindered the widespread adoption of metal organic frameworks to harvest the atmosphere as an around-the-clock renewable thermal energy and drinkable water source. The company’s system is known as AirJoule.
Montana Technologies has a meger agreement with Power & Digital Infrastructure Acquisition II.
The company’s breakthrough had been researched by DOE’s Pacific Northwest National Laboratory for more than 20 years. Montana Technologies licensed the invention, engineered and built the system to make it all work, and will now commercialize and scale the AirJoule product, so it can be applied in commercial heating, ventilation, and air conditioning systems, as well as in applications where drinkable water is needed via a low-cost, energy efficient method.
Power & Digital Infrastructure Acquisition II announced the deal with Montana Technologies in June at a pro forma enterprise value of $500 million.
The transaction is expected to close in the fourth quarter.
The deal is expected to provide approximately $421.9 million, according to an 8-K filing. The SPAC raised $250 million in a December 2021 IPO. Closing conditions include the satisfaction of the minimum aggregate transaction proceeds, according to the filing, although the minimum amount was not disclosed.
The deal also includes up to $200 million in earn-out shares based on certain performance metrics post-merger. Read more.
