XPDB, Montana Technologies seal transformative deal in renewable energy sector
In a landmark move for the renewable energy sector, Power & Digital Infrastructure Acquisition II Corp. (NASDAQ: XPDB, XPDBW, XPDBU), a special purpose acquisition company focused on renewable and transition energy sectors, announced the successful closure of its business combination with Montana Technologies LLC. The fusion births a new entity set to revolutionize the industry with Montana’s AirJoule technology, an innovative renewable energy and cooling solution. The announcement, made on March 14, 2024, marks a significant milestone, with the deal exceeding the $50 million target minimum cash condition through investments from notable entities including Carrier Corporation, the Rice Investment Group, and GE Vernova, among others.
At the forefront of this business combination is the achievement of exceeding the $50 million target minimum cash condition. This financial milestone was reached with private investments from prominent companies like Carrier Corporation, the Rice Investment Group, and GE Vernova, coupled with joint venture funding commitments and existing cash in XPDB’s trust. This pool of capital ensures the total funding required to commercialize the groundbreaking AirJoule® technology.
Post-closure, the merged entity will be known as Montana Technologies Corporation, with its common stock and warrants set to commence trading on the Nasdaq Capital Market under the ticker symbols “AIRJ” and “AIRJW”, respectively. This strategic move aims at commercializing the AirJoule® technology globally, leveraging partnerships with industry giants such as BASF, GE Vernova, CATL, and Carrier.
Pat Eilers, CEO of XPDB, expressed confidence in the newly formed Montana Technologies Corporation’s ability to commercialize its transformative technology. Matt Jore, CEO of the newly named Montana Technologies Corporation, highlighted the company’s focus on scaling and deploying pre-production AirJoule units through strategic partnerships, anticipating lucrative contracts in the near future.
The formal results of the XPDB shareholder vote and the specifics regarding the redemption rights exercised by Class A Common Stock holders will be disclosed in a forthcoming SEC filing. Further details about the business combination have been outlined in the definitive proxy statement/prospectus filed with the SEC on January 17, 2024.
Power & Digital Infrastructure Acquisition II Corp. (XPDB) serves as a conduit for mergers and acquisitions within the renewable energy sector, while Montana Technologies stands at the forefront of atmospheric thermal energy and water harvesting technologies, offering sustainable solutions through its AirJoule technology.
This strategic alliance between XPDB and Montana Technologies LLC is more than just a merger; it’s a leap towards sustainable and efficient energy solutions. The successful closure of this deal not only underscores the potential of renewable energy technologies like AirJoule but also highlights the increasing interest and investment in the sector from major corporations and investors. As the newly formed Montana Technologies Corporation moves forward, the focus will be on scaling, commercialization, and the pursuit of lucrative contracts, which are expected to significantly impact the renewable energy landscape.