Power & Digital Infrastructure Acquisition II Corp. (NASDAQ: XPDB) witnessed a staggering surge in its stock price, soaring by 181.44% to reach $29.27 as the previous session concluded. This remarkable spike in XPDB’s stock value was propelled by a significant joint venture (JV) announcement made by its merger sub.
Montana Technologies LLC unveiled the finalization of a 50/50 JV with GE Vernova, a renowned global leader in electrification, decarbonization, and energy solutions. The newly formed JV, named AirJoule, LLC, marks one of the pioneering business collaborations emerging from GE Vernova’s freshly established Ventures and Incubation group. This strategic initiative aims to integrate GE Vernova’s proprietary sorbent materials with Montana’s innovative AirJoule technology, which encompasses dehumidification, air conditioning, and atmospheric water harvesting systems.
Using innovative sorbents and a self-regenerating pressure swing adsorption system, AirJoule extracts thermal energy and pure water from atmospheric gases. Spearheaded by Dr. David Moore, GE Vernova’s Advanced Research team has developed cutting-edge atmospheric water harvesting technologies alongside disruptive carbon capture solutions, geared towards realizing a zero-carbon emissions future. By incorporating GE Vernova’s sorbent innovations, AirJoule technology is poised to elevate the performance of energy-efficient HVAC components and atmospheric water harvesting products.
In alignment with its commitment to electrify and decarbonize the global landscape, GE Vernova is actively supporting and scaling breakthrough technologies to facilitate the energy transition. Through collaboration with Montana, AirJoule represents a significant stride towards reducing energy consumption and carbon emissions in the air conditioning sector, while also addressing water scarcity through innovative air-to-water generation.
In a show of support for the JV, GE Vernova has made an investment in Montana Technologies, joining Carrier and the Rice Investment Group as key backers. Additionally, Dr. Bryan Barton from GE Vernova will assume the role of CEO at the JV, providing valuable leadership. As part of its broader strategy, GE Vernova aims to identify and incubate advanced technologies to drive similar impactful outcomes.
Montana Technologies had previously announced its merger with Power & Digital Infrastructure Acquisition II on June 5, 2023. Following the completion of this business combination, expected in March, Montana will trade on the NASDAQ under the ticker symbol “AIRJ”. Furthermore, GE Vernova is set to spin-off from General Electric Company on April 2, 2024.
