Total Capital Commitments Exceeded
$50 Million Target Minimum Cash
Condition, Led by Carrier, GE Vernova and Rice
Investment Group, Providing All Funding Required to
Commercialize AirJoule®
Combination to Fuel Launch of Recently
Announced Joint Venture Between GE
Vernova and Montana Technologies to
Commercialize AirJoule® Technology for
Atmospheric Water Generation and Carrier Air Conditioning
Products
Montana Technologies Corporation Will Commence
Trading on NASDAQ Under the Symbols "AIRJ" and "AIRJW",
Respectively
CHICAGO and RONAN, Mont.,
March 14, 2024 /PRNewswire/ -- Power
& Digital Infrastructure Acquisition II Corp. ("XPDB") (NASDAQ:
XPDB, XPDBW, XPDBU), a special purpose acquisition company focused
on the renewable and transition energy sectors, today announced
closing of its business combination with Montana Technologies LLC
("Montana"), the inventor of
AirJoule® -- a transformational renewable energy and cooling
technology.
XPDB and Montana Technologies LLC exceeded the $50 million target minimum cash condition by
securing private investments from Carrier Corporation, the Rice
Investment Group, and GE Vernova, among other third parties. The
minimum cash condition was also satisfied by joint venture funding
commitments and cash that currently remains in XPDB's trust. These
capital commitments provide the total funding required to
commercialize Montana's AirJoule®
technology.
The business combination closed on March
14, 2024. The common stock and warrants of the combined
company, which will be renamed "Montana Technologies Corporation,"
are set to commence trading on the Nasdaq Capital Market
("NASDAQ"), under new ticker symbols, "AIRJ" and "AIRJW",
respectively.
Pat Eilers, CEO of XPDB, said,
"Montana Technologies Corporation is now fully funded to
commercialize its transformational technology through its global
supplier, manufacturing, and commercialization partners, including
BASF, GE Vernova, CATL, and Carrier."
Matt Jore, CEO of Montana
Technologies Corporation, said, "We are in the process of scaling
and deploying pre-production AirJoule® units with our world-class
partners to the largest, highest probability end customers around
the world, which we are confident will generate highly lucrative
contracts for the Company in the near-term."
The formal results of the XPDB shareholder vote, as well as the
number of holders of shares of Class A Common Stock who exercised
their right to redeem their shares for cash, will be included in a
Current Report on Form 8-K to be filed by XPDB with the Securities
and Exchange Commission ("SEC"). Additional details on the proposed
business combination can be found in the definitive proxy
statement/prospectus of XPDB, which was filed with the SEC on
January 17, 2024.
About Power & Digital Infrastructure Acquisition II
Corp
Power & Digital Infrastructure Acquisition II Corp
(XPDB) is a blank check company incorporated
in Delaware for the purpose of effecting a merger,
capital stock exchange, asset acquisition, share purchase,
reorganization or similar business combination with one or more
businesses.
About Montana Technologies
Montana Technologies is an
atmospheric thermal energy and water harvesting technology company
that provides efficient and sustainable air conditioning and pure
water from air through its transformational
AirJoule® technology. For more information,
visit www.mt.energy.
Forward Looking Statements
This press release contains forward-looking
statements within the meaning of the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may include, but are not limited to, statements about
the anticipated benefits of the business combination, including the
financial and business performance of Montana Technologies
Corporation, and Montana Technologies Corporation's anticipated
results from operations in future periods; the products and
services offered by Montana Technologies Corporation and the
markets in which it operates. In addition, any statements that
refer to projections, forecasts or other characterizations of
future events or circumstances, including any underlying
assumptions, are forward-looking statements. Forward-looking
statements are typically identified by words such as "plan,"
"believe," "expect," "anticipate," "intend," "outlook," "estimate,"
"forecast," "project," "continue," "could," "may," "might,"
"possible," "potential," "predict," "should," "would" and other
similar words and expressions, but the absence of these words does
not mean that a statement is not forward-looking.
The forward-looking statements are based on the
current expectations of the management of Montana Technologies
Corporation and are inherently subject to uncertainties and changes
in circumstances and their potential effects and speak only as of
the date of such statement. There can be no assurance that future
developments will be those that have been anticipated.
Forward-looking expectations and assumptions are inherently subject
to uncertainties and contingencies regarding future events and, as
such, are subject to change. Forward-looking statements involve a
number of risks, uncertainties or other factors that may cause
actual results or performance to be materially different from those
expressed or implied by these forward-looking statements. These
risks and uncertainties include, but are not limited to, those
discussed and identified in public filings made by Montana
Technologies Corporation with the Securities and Exchange
Commission (the "SEC"); the risk that the announcement and
consummation of the Transaction disrupts Montana Technologies
Corporation's current plans; the ability to recognize the
anticipated benefits of the business combination; Montana
Technologies Corporation's limited operating history; Montana
Technologies Corporation's ability to attract and retain qualified
management; Montana Technologies Corporation's ability to adapt to
rapid and significant technological change and respond to
introductions of new products in order to remain competitive; the
fact that Montana Technologies Corporation receives a significant
portion of its revenues from a small number of customers and the
loss of, or nonperformance by, one or more significant customers
could adversely affect Montana Technologies Corporation's business;
Montana Technologies Corporation relies heavily on manufacturing
operations to produce the products and the business could be
adversely affected by disruptions of the manufacturing operation;
Montana Technologies Corporation's future growth depends on a
single product; changes in governmental regulations may reduce
demand for Montana Technologies Corporation's products or increase
Montana Technologies Corporation's expenses; changes or disruptions
in the securities markets; legislative, political or economic
developments; the need to obtain permits and comply with laws and
regulations and other regulatory requirements; risks of accidents,
equipment breakdowns and labor disputes or other unanticipated
difficulties or interruptions; the possibility of cost overruns or
unanticipated expenses in development programs; and potential
future litigation.
Should one or more of these risks or
uncertainties materialize or should any of the assumptions made by
the management of Montana Technologies Corporation prove incorrect,
actual results may vary in material respects from those projected
in these forward-looking statements.
These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on by investors as, a guarantee, an assurance, a
prediction or a definitive statement of fact or probability. You
should carefully consider the foregoing factors and the other risks
and uncertainties described in the "Risk Factors" section of the
definitive proxy statement/prospectus filed by XPDB on January 18, 2024 and the other documents filed by
XPDB and Montana Technologies Corporation from time to time with
the SEC. These filings identify and address other important risks
and uncertainties that could cause actual events and results to
differ materially from those contained in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. All subsequent written and oral forward-looking
statements concerning the business combination or other matters
addressed herein and attributable to Montana Technologies
Corporation, XPDB, Montana Technologies or any person acting on
their behalf are expressly qualified in their entirety by the
cautionary statements contained or referred to herein. Except to
the extent required by applicable law or regulation, Montana
Technologies Corporation undertakes no obligation to update these
forward-looking statements to reflect events or circumstances after
the date hereof to reflect the occurrence of unanticipated
events.
Media Contact
Andy Maas; Daniel Yunger
Kekst CNC
MTMediaInquiries@kekstcnc.com
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SOURCE Montana Technologies; Power & Digital Infrastructure
Acquisition II Corp. (XPDB)