AirJoule signs joint venture deal
12th March 2024
USA: A new joint venture has been formed to manufacture and supply air conditioning and atmospheric water harvesting products in the Americas, Africa, and Australia.
The 50/50 joint venture, named AirJoule, will combine the proprietary sorbent materials of Massachusetts-based GE Vernova into systems that utilise the patented AirJoule dehumidification, air conditioning, and atmospheric water harvesting technology developed by Montana Technologies.
AirJoule utilises advanced sorbents and a self-regenerating pressure swing adsorption system to harvest thermal energy and pure water from air. Once deployed, AirJoule systems could make an impact in reducing energy consumption across a range of global applications, including dehumidification, air conditioning, water harvesting, and water heating.
The new JV is one of the first business transactions from GE Vernova’s new ventures and Incubation group, which is bringing leading energy transition innovations to customers by collaborating with startups.
In support of the JV, GE Vernova has made an investment in Montana Technologies, following on recently announced investments from
Carrier and the Rice Investment Group. GE Vernova’s advanced Research team will provide support to the JV’s R&D function, and GE Vernova’s Dr Bryan Barton will leave GE Vernova to lead the JV as its CEO.
“AirJoule technology has the potential to revolutionise air conditioning efficiency and access to clean water globally,” Barton said. “This breakthrough leverages advancements across various scientific disciplines, allowing us, through collaborations, to deliver products that harvest pure water directly from the air while reducing energy consumption in cooling systems.”
In June last year, Montana Technologies announced that it would combine with Power & Digital Infrastructure Acquisition II Corp. Following the closing of the business combination, Montana will trade on the NASDAQ under the ticker symbol AIRJ. GE Vernova expects to spin-off from General Electric Company on April 2.
Related stories:
Carrier signs energy-saving cooling deal – 8 January 2024
USA: Carrier has signed an agreement with Montana Technologies to develop and commercialise Montana’s transformational AirJoule dehumidification and cooling technology. Read more…
