HVAC company Montana Technologies today announced that Rice Investment Group has committed to invest $10 million in the company as part of a private capital consortium led by Carrier Ventures.
Following the closing of its business combination with Power & Digital Infrastructure Acquisition II, expected in March, Montana will trade on the Nasdaq under the ticker symbol AIRJ.
The merger parties earlier this month agreed to reduce the aggregate transaction proceeds condition from $85 million to $50 million. They also added a $5 million PIPE to the financing package.
The investment from Rice will accelerate the commercialization of Montana’s patented AirJoule® system. It follows the execution of an agreement between Montana and Carrier Corp. to commercialize the AirJoule® technology in Carrier’s Heating, Ventilation, and Air Conditioning (HVAC) markets throughout the Americas, Europe, India, and the Middle East. Montana also most recently announced the formation of a joint venture with GE Vernova to combine GE Vernova’s proprietary sorbent materials and coating processes with the AirJoule® system.
Announced last June, the merger deal is expected to provide approximately $421.9 million, which assumes no redemptions. The deal also includes up to $200 million in earn-out shares based on certain performance metrics post-merger. Read more.
