Montana Technologies said it entered into a binding term sheet for three-year collaboration with Carrier Global, an HVAC company focused on intelligent climate and energy solutions, to develop and commercialize Montana’s AirJoule dehumidification and cooling technology. Subject to reaching certain milestones, Montana granted Carrier the exclusive right to commercialize the AirJoule technology into HVAC equipment for the duration of the collaboration.
Montana has a merger agreement in place with Power & Digital Infrastructure Acquisition II. The deal was announced in July at a pro forma enterprise value of $500 million. The transaction is expected to close in the fourth quarter.
In addition, Carrier has conditionally committed $10 million in growth equity into Montana to foster commercialization of AirJoule. This investment follows strategic partnerships that Montana has entered into with BASF, the largest chemical producer in the world, and CATL, the world’s largest lithium-ion electric battery manufacturer. Read more.
