Montana Technologies Announces Memorandum of Understanding with Clairity Technology to Deploy AirJoule® in Support of Direct Air Capture Carbon Dioxide Removal Projects

Rhea-AI Summary

Montana Technologies (NASDAQ: AIRJ) has signed a Memorandum of Understanding with Clairity Technology to deploy AirJoule® units in support of Clairity's direct air capture (DAC) carbon dioxide removal operations. AirJoule®'s advanced dehumidification technology will be used to regulate humidity and optimize DAC reactor performance. Clairity's innovative DAC process uses an alkali carbonate sorbent to capture CO2 molecules from the air, producing a mixed stream of CO2 and air.

Clairity recently raised a $6.75 million seed round and plans to deploy its first reactor capable of removing 100 metric tons of CO2 per year by the end of 2024, with additional modules increasing capacity to 2,500 metric tons per year in 2025. This collaboration aims to advance cost-effective carbon dioxide removal and contribute to mitigating climate change.

Positive

• Signed MOU with Clairity Technology for AirJoule® deployment in DAC operations
• Potential new revenue stream from carbon dioxide removal market
• Demonstrates versatility of AirJoule® technology beyond water harvesting

Negative

• None.

News Market Reaction

+8.17%

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+8.17% News Effect

On the day this news was published, AIRJ gained 8.17%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

RONAN, Mont., Sept. 04, 2024 (GLOBE NEWSWIRE) -- Montana Technologies Corporation (NASDAQ: AIRJ) (“Montana Technologies” or the “Company”), the developer of the transformational AirJoule^® technology for atmospheric water generation, is pleased to announce the signing of a Memorandum of Understanding (“MOU”) with Clairity Technology (“Clairity”) to deploy AirJoule^® units in support of Clairity’s direct air capture (“DAC”) carbon dioxide removal operations.

Montana Technologies and Clairity agreed to explore ways that AirJoule^® can enhance the performance of Clairity’s DAC reactor. The proprietary process developed by Clairity captures carbon dioxide (“CO2”) molecules in the air, while AirJoule^®’s advanced dehumidification technology can be used to regulate humidity and ensure optimal operations of the DAC reactors across a wide range of operating conditions.

“I am delighted to embark on this project with the Clairity team,” said Matt Jore, CEO of Montana Technologies. “The deployment of AirJoule^® to manage humidity in a carbon dioxide removal process demonstrates yet another innovative application of our transformational technology for water harvesting.”

Bryan Barton, Chief Commercialization Officer of Montana Technologies, added, “Clairity’s vision of advancing cost-effective carbon dioxide removal through direct air capture aligns with our strategy of deploying AirJoule^® in support of projects that can have a meaningful impact on mitigating climate change.”

Clairity’s innovative DAC process, which utilizes an alkali carbonate sorbent coated on a ceramic honeycomb substrate to captures CO2 molecules in the air, produces a mixed stream of CO2 and air. Clairity expects this process to require far less upfront capital than conventional DAC systems while still removing significant amounts of CO2 from the atmosphere. The CO2 stream can be sequestered into concrete, injected underground, turned into rocks, or utilized in products such as sustainable aviation fuel.

In February 2024, Clairity announced a $6.75 million seed round led by Lowercarbon Capital and Initialized Capital, which it has used to develop its first commercial pilot project. Clairity expects to deploy its first reactor capable of removing 100 metric tons of CO2 per year by the end of 2024 in the southwestern United States, with additional reactor modules deployed in 2025 to increase the CO2 removal capacity to 2,500 metric tons per year.

Glen Meyerowitz, Founder and CEO of Clairity, said, “Our groundbreaking approach to direct air capture of CO2 has the potential to advance this critical tool for addressing climate change by making it more cost effective to deploy at scale. With Montana Technologies’ participation in this endeavor through the deployment of AirJoule^® alongside our reactors, we are leading the charge towards a more sustainable future.”

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 www.mt.energy.

About Clairity Technology

Clairity Technology is a leading developer of novel technology for carbon dioxide removal of atmospheric CO2. Clairity’s process leverages readily available sorbents and simple process design to create systems that are low-cost and inherently scalable. This technology has been validated at the pilot scale and will be commercialized and scaled to enable the removal and durable storage of millions of tons of CO2 from the atmosphere. For more information, visit www.clairitytech.com.

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

Clairity Technology
Glen Meyerowitz – Founder and CEO
media@clairitytech.com

FAQ

What is the purpose of the MOU between Montana Technologies (AIRJ) and Clairity Technology?

The MOU aims to deploy Montana Technologies' AirJoule® units to support Clairity's direct air capture (DAC) carbon dioxide removal operations by regulating humidity and optimizing DAC reactor performance.

How much CO2 does Clairity Technology plan to remove annually by 2025?

Clairity Technology plans to increase its CO2 removal capacity to 2,500 metric tons per year by 2025.

What funding has Clairity Technology recently secured for its DAC technology?

In February 2024, Clairity Technology announced a $6.75 million seed round led by Lowercarbon Capital and Initialized Capital.

How does Montana Technologies' AirJoule® technology contribute to Clairity's DAC process?

AirJoule®'s advanced dehumidification technology will be used to regulate humidity and ensure optimal operations of Clairity's DAC reactors across a wide range of operating conditions.