A desalination company, but for air instead of seawater.

Tesla, but focused on harvesting energy and water from the atmosphere.

• Energy and Dehumidification: Technology designed to extract energy from the atmosphere while simultaneously reducing humidity levels.
• Evaporative Cooling: Systems that utilize the natural process of water evaporation to cool air efficiently.
• Atmospheric Water Generation: Devices and processes that harvest potable water directly from the ambient air.

AirJoule Technologies (AIRJ) is an atmospheric renewable energy and water harvesting technology company that focuses on developing and commercializing its AirJoule technology. Given the nature of its advanced technology, the company primarily engages in strategic partnerships, collaborations, and joint ventures for the commercialization and deployment of its solutions, rather than selling finished products directly to individuals or a broad base of traditional customers. Therefore, its major "customers" are best understood as its key commercialization partners and licensees.

• GE Vernova (GEV): GE Vernova is a public company that has entered into a significant collaboration with Montana Technologies. This partnership focuses on the development and potential commercialization of AirJoule's air conditioning and atmospheric water harvesting technology, aiming to integrate and deploy these solutions within various industrial and commercial applications.
• PowerBlox: PowerBlox is a private company that has formed a joint venture with Montana Technologies, known as the AirJoule-PowerBlox Joint Venture. This collaboration is dedicated to developing and commercializing atmospheric water generation and cooling solutions on a global scale.

Matt Jore, Chief Executive Officer

Mr. Jore founded Montana Technologies LLC and served as its Chairman and Chief Executive Officer until its merger in March 2024. Prior to that, he founded Core Innovation and Jore Corporation, a power tool and accessories manufacturer that generated over $50 million in annual revenue, which he successfully led through an initial public offering. He has over thirty years of experience founding and leading innovative product-based companies.

Stephen Pang, Chief Financial Officer

Mr. Pang was appointed Chief Financial Officer on May 7, 2024. He previously served as Managing Director and Portfolio Manager at TortoiseEcofin Investments, overseeing public and private direct investments in energy transition and infrastructure. He was Chief Financial Officer for Tortoise Acquisition Corp., which merged with Hyliion Inc. in October 2020. He also served as Chief Financial Officer and a Director of Tortoise Acquisition Corp. II until its business combination with Volta Industries, Inc. in August 2021; Volta was later acquired by Shell USA in March 2023. Additionally, he was President and Chief Financial Officer of TortoiseEcofin Acquisition Corp. III, which announced a business combination in August 2023. Earlier in his career, he worked in investment banking at Credit Suisse and Citigroup Global Markets, focusing on equity underwriting and corporate finance in the energy sector.

Jeff Gutke, Chief Administrative Officer

Mr. Gutke transitioned to Chief Administrative Officer on May 7, 2024, having served as Chief Financial Officer of Montana Technologies LLC since 2021. In 2021, he founded Doxey Capital LLC, a private investment and advisory services firm. Previously, he was a Managing Director at Talara Capital Management and a member of its investment committee from February 2017 to January 2021. He also served as a Director of Denham Capital Management, a private equity firm, and a Manager at J.M. Huber Corporation and Aquila Energy Capital Corporation. His background includes over twenty-five years of experience in private equity, structured finance, and investment banking, with a focus on energy.

Pat Eilers, Executive Chairman

Mr. Eilers was named Executive Chairman on May 7, 2024. He is the founder and Managing Partner of Transition Equity Partners ("TEP"), a private equity firm focused on the energy and power transition. He brings over two decades of investment experience, including leadership roles in mergers and acquisitions. He also served as CEO and director of Power and Digital Infrastructure Acquisition Corp and Power & Digital Infrastructure Acquisition II Corp, which recently merged with Montana Technologies LLC.

Chad MacDonald, Chief Legal Officer

Mr. MacDonald was appointed Chief Legal Officer on May 7, 2024. Before joining Montana Technologies, he served as Senior Vice President & Deputy General Counsel at Permian Resources, an independent upstream oil and gas company. Prior to 2022, he was Vice President and Associate General Counsel at Centennial Resource Development.

The key risks to AirJoule Technologies (NASDAQ: AIRJ) include challenges associated with its pre-revenue stage and commercialization, its reliance on strategic partnerships, and potential shareholder dilution and stock price volatility.

1. Commercialization and Execution Risk as a Pre-Revenue Company: AirJoule Technologies is an early-stage company with limited operating history and a history of losses, making it difficult to evaluate future viability. The company is pre-revenue and depends on the successful execution and deployment of its AirJoule technology for atmospheric water generation and energy efficiency. Technical failures during field deployments or delays in commercialization could significantly impair valuation and market sentiment.
2. Dependence on Strategic Partnerships: The company's commercialization strategy is heavily dependent on its relationships with key third-party partners such as BASF, Carrier, and GE Vernova. Any issues or changes in these crucial relationships could significantly impact the company's ability to deploy its technology and achieve its business objectives.
3. Shareholder Dilution and Stock Price Volatility: As a pre-revenue technology company requiring ongoing capital, AirJoule Technologies has experienced shareholder dilution in the past year through equity offerings. The stock has also exhibited significant price volatility, with its value declining over the past year. This volatility and the need for future capital raises present risks to investors.

The emergence of highly efficient, low-cost atmospheric water generation systems utilizing novel sorbent materials such as metal-organic frameworks (MOFs) or advanced polymers, which promise significantly lower energy consumption and higher yields across diverse humidity conditions compared to current atmospheric water harvesting technologies.

The addressable markets for AirJoule Technologies' (symbol: AIRJ) main products and services are substantial on a global scale.

Energy and Dehumidification

The global dehumidifier market, which encompasses energy and dehumidification solutions, was estimated at USD 4.44 billion in 2025 and is projected to grow to approximately USD 8.31 billion by 2035, demonstrating a compound annual growth rate (CAGR) of 6.47% from 2026 to 2035. Another estimate placed the market at USD 6.76 billion in 2024, with a projected increase to USD 11.04 billion by 2032, at a CAGR of 6.45%. North America held the largest share of this market in 2025, accounting for 48.92% of the revenue.

Evaporative Cooling

The global evaporative cooling market, a key area for AirJoule Technologies, was valued at USD 3.8 billion in 2025 and is anticipated to reach approximately USD 8.5 billion by 2036, growing at a CAGR of 8.4% from 2026 to 2036. Other reports indicate the global evaporative cooling market was valued at USD 7.1 billion in 2025 and is expected to reach USD 10.9 billion by 2034, with a CAGR of 4.71% from 2026 to 2034. Another source reported the market value at USD 7.65 billion in 2025, forecast to reach USD 11.55 billion by 2031 with a 7.10% CAGR. Asia-Pacific is a dominant region in this market, holding the largest share in 2026.

Atmospheric Water Generation

The global atmospheric water generator market was valued at USD 2.7 billion in 2023 and is projected to reach USD 10.8 billion by 2033, expanding at a significant CAGR of 14.8% from 2024 to 2033. Other estimations include a market size of USD 3.51 billion in 2025, with an expected rise to USD 6.59 billion by 2035 at a CAGR of 6.5% from 2026 to 2035. Another report shows the market at USD 2,889.4 million in 2025, projected to grow to USD 5,769.0 million by 2033, at a CAGR of 9.1% from 2026 to 2033. Asia-Pacific held the highest market share in 2023 and is expected to maintain its leading position.

Share Issuance

• Montana Technologies announced a private placement financing on June 11, 2024, to sell approximately 1.2 million shares of common stock, expected to generate gross proceeds of approximately $12 million.
• The company completed a business combination on March 14, 2024, leading to its common stock and warrants beginning to trade on the Nasdaq Capital Market.
• On January 14, 2026, AirJoule Technologies announced the pricing of a $20 million public offering of Class A Common Stock.

Inbound Investments

• Montana Technologies secured private investments exceeding a $50 million minimum cash condition through a capital raise led by Carrier Global Corporation, Rice Investment Group, and GE Vernova, among other third parties, concurrent with its business combination in March 2024.
• Rice Investment Group committed to investing $10 million in Montana Technologies as part of a private capital consortium, announced in February 2024.
• GE Vernova made an equity investment in Montana Technologies as part of the capital raise in March 2024.

Outbound Investments

• Montana Technologies formed a joint venture with GE Vernova, which closed on March 4, 2024, to advance and commercialize AirJoule® technology for air conditioning and atmospheric water harvesting products.
• The company entered into joint commercialization agreement term sheets with Carrier Global Corporation to develop and commercialize AirJoule® dehumidifying and cooling technology for HVAC solutions across the Americas, Europe, India, and the Middle East.
• Agreements were announced with TenX Investment in the United Arab Emirates and Climate Impact Corporation in Australia to explore the deployment of AirJoule™ units for water security and solar-powered hydrogen production.

Capital Expenditures

• Montana Technologies commenced the build-out of a new operations facility in Newark, Delaware, intended for product engineering, an initial manufacturing line, and office space for expanded teams.
• Proceeds from the $12 million private placement financing in June 2024 are specifically allocated to expedite the commercialization of the AirJoule® system.