RONAN, Mont., Oct. 10, 2024 (GLOBE NEWSWIRE) — Montana Technologies Corporation (NASDAQ: AIRJ) (“Montana Technologies” or the “Company”), the developer of the transformational AirJoule® technology for atmospheric water generation, today announced that it has signed the Abu Dhabi Sustainable Finance Declaration, further establishing the Company’s commitment to sustainable development in line with the United Arab Emirates’ (“UAE”) Green Economy for Sustainable Development Initiative.
The Abu Dhabi Sustainable Finance Declaration is a membership-based initiative that was established by Abu Dhabi Global Market (“ADGM”) in 2019 under the sponsorship of the UAE Ministry of Climate Change and Environment, the Central Bank of the UAE, and the Securities and Commodities Authority, with more than 135 members collaborating to foster and integrate sustainable investments within the UAE and the wider region.
“Montana Technologies is proud to sign the Abu Dhabi Sustainable Finance Declaration, furthering our commitment to working with our partners in the UAE to address regional water security needs and strengthen energy efficiency through our cutting-edge technology. In this context, we look forward to deploying our AirJoule® technology with its best-in-class energetics in the UAE and around the world by leveraging ADGM’s sustainable finance resources as needed,” said Ramdas Rao, President, International of Montana Technologies and head of the company’s international office in the UAE.
Additionally, Montana Technologies attended the Water, Energy, Technology, and Environment Exhibition (“WETEX”) on October 1 – 3, 2024 in Dubai. The Company’s exhibition booth featured a prototype AirJoule® unit that demonstrated its capability of producing pure distilled water from air during the conference.
The exhibition enabled the Company to fast-track its engagement with several key players in the Gulf Cooperation Council and neighboring countries, including local regulators, government entities and leading global organizations. These potential partners expressed interest in the deployment of AirJoule® units to address off-grid water generation and other water security challenges across agriculture, rapidly urbanizing cities, humanitarian emergencies, pure water for green hydrogen electrolysis, Net-Zero water usage in manufacturing, and other end uses.
With its transformational water harvesting and dehumidification technology, AirJoule® can harvest water directly from the air to mitigate water scarcity. When paired with vapor-compression refrigeration systems for air conditioning, AirJoule® can also reduce power consumption for moisture removal by up to 50 percent.
Montana Technologies previously announced the signing of a Memorandum of Understanding with TenX Investment in Energy Enterprises & Management Co. LLC to address water security and energy efficiency opportunities in the UAE, as well as the establishment of its first international office in the UAE.
About Montana Technologies Corporation
Montana Technologies Corporation (NASDAQ: AIRJ) is the developer of AirJoule®, an atmospheric thermal energy and water harvesting technology that provides efficient and sustainable air dehumidification and pure water from air. Designed to reduce energy consumption and generate material cost efficiencies, AirJoule® is being commercialized through a joint venture with GE Vernova and through partnerships with Carrier Global Corporation and BASF. For more information, visit http://www.mt.energy.
Forward-Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release are forward-looking statements. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts
Montana Technologies Corporation
Tom Divine – Vice President, Investor Relations and Finance
investors@mt.energy
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2ba9c39e-112e-44d2-acda-32f0502fa9a8
