Power & Digital Infrastructure Acquisition II in an 8-K announced that merger partner Montana Technologies entered into a joint venture agreement with GE Ventures and GE Vernova. The parties intend to form AirJoule, in which Montana Technologies and GE Vernova will each hold a 50% interest. The purpose is to incorporate GE Vernova’s proprietary sorbent materials into systems that utilize Montana Technologies’ AirJoule® water capture technology and to manufacture and bring products incorporating the combined technologies to market in the Americas, Africa, and Australia.
AirJoule is a renewable energy and cooling technology.
The SPAC also said Montana Technologies entered into subscription agreements with TEP Montana, XMS MT Holdings and Stuart Porter, who have agreed to purchase $5 million in Montana Class B units as will convert into an aggregate of 588,236 shares of the company’s Class A stock upon the closing of the merger with Power & Digital Infrastrructure II.
Announced last June, the deal is expected to provide approximately $421.9 million. The deal also includes up to $200 million in earn-out shares based on certain performance metrics post-merger.
The SPAC raised $250 million in a December 2021 IPO. Read more.
