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1. Tesla Energy for grid-scale compressed air energy storage.

2. A non-battery alternative to Fluence for large-scale grid energy storage.

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AirJoule Technologies Major Products

• Smart HVAC Optimization Systems: These advanced systems leverage AI and IoT sensors to minimize energy consumption in large-scale heating, ventilation, and air conditioning units for commercial and industrial facilities.
• Atmospheric Energy Harvesting Units: Compact, modular devices designed to efficiently capture and convert ambient atmospheric energy into usable electricity, suitable for sustainable power generation in remote or off-grid environments.
• Industrial Air Compression Energy Recovery Solutions: Specialized technologies that reclaim and transform waste heat and pressure generated by industrial air compressors into valuable thermal or electrical energy, significantly enhancing operational efficiency.

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Upon reviewing publicly available information, it appears that AirJoule Technologies (symbol: AIRJ) is not a real public company. There is no company with this name or stock symbol listed on major stock exchanges or in financial databases.

As a result, I am unable to identify its major customers or categories of customers, as the company does not exist in the real world.

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Matt Jore, Chief Executive Officer

Mr. Jore is the founder of AirJoule Technologies LLC and served as its Chairman and CEO until its merger in March 2024. Prior to that, he founded Core Innovation, which was a predecessor to AirJoule Technologies, and Jore Corporation, a power tool and accessories manufacturer that achieved over $50 million in annual revenue, which he led through a successful initial public offering.

Stephen Pang, Chief Financial Officer

Mr. Pang brings over 20 years of capital markets experience, encompassing buy-side, sell-side, and public company leadership roles. He previously served as a Managing Director and Portfolio Manager at TortoiseEcofin Investments and has held CFO positions for multiple successful special purpose acquisition companies (SPACs). Mr. Pang also worked as an investment banker at Credit Suisse and Citigroup.

Pat Eilers, Executive Chairman

Mr. Eilers possesses over 25 years of financial and investing experience in the energy transition sector. He is the founder and Managing Partner of Transition Equity Partners, a private equity firm focused on the energy and power transition. Prior to this, Mr. Eilers served as CEO of Power & Digital Infrastructure Acquisition II Corp. He also held roles as Managing Director at Blackrock and Madison Dearborn Partners, overseeing energy, power, and chemicals practices.

Chad MacDonald, Chief Legal Officer

Mr. MacDonald previously served as Senior Vice President and Deputy General Counsel at Permian Resources (NYSE: PR) and as Vice President and Associate General Counsel at Centennial Resource Development. He has extensive experience advising public and private clients on mergers and acquisitions (M&A), private equity, and capital markets transactions from his time at Latham & Watkins and Paul Hastings LLP.

Bryan Barton, Chief Commercialization Officer

Mr. Barton is a technology and innovation executive with expertise in scaling and commercializing new technologies. His prior roles include Senior Director of Marketing at GE Vernova, where he worked on the ventures team and launched startups, and Global Marketing Director at DuPont. He also served as a Research Scientist at Dow Chemical Company.

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• Early-Stage Company with Limited Operating History and History of Losses: AirJoule Technologies is identified as a pre-revenue and early-stage company with a limited operating history, which makes it challenging to predict its future success or viability. The company has a history of losses, which could strain resources and impact profitability.
• Dependence on the Commercialization of AirJoule Technology: The company's business is centered around the successful development and commercialization of its proprietary AirJoule technology. There are significant risks associated with this, including potential project delays, cost overruns, changes in scope, unanticipated site conditions, design and engineering issues, and increases in material and labor costs. If demand for their products does not grow as anticipated, or grows at a slower rate, it could negatively impact the business.
• Reliance on Strategic Partnerships and Barriers to Technology Deployment: AirJoule Technologies' commercialization strategy heavily depends on relationships with third parties, such as GE Vernova, Carrier, and BASF. The failure of these third parties to fulfill contractual obligations, or significant barriers in deploying their technology, could lead to substantial delays, cost overruns, and liabilities, hindering the company's growth.

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The emergence and rapid commercialization of non-lithium, long-duration energy storage technologies, such as iron-air batteries (e.g., Form Energy) and various flow battery systems (e.g., ESS Tech). These technologies are specifically designed to provide grid-scale energy storage for durations of 100 hours or more, often at a significantly lower projected cost point compared to optimizing traditional lithium-ion batteries for such extended durations. If AirJoule Technologies primarily offers lithium-ion solutions, especially for longer-duration applications, the successful scaling and widespread adoption of these alternative chemistries represent a clear emerging threat by offering a potentially superior cost-performance ratio for a crucial segment of the energy storage market.

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AirJoule Technologies (AIRJ) operates in the atmospheric renewable energy and water harvesting technology sector, offering solutions for energy and dehumidification, evaporative cooling, and atmospheric water generation (water from air) through its AirJoule technology. The company also provides solutions for water recovery, cooling systems, and moisture control.

The addressable markets for AirJoule Technologies' main products and services are significant:

• Near-term Addressable Market (estimated at approximately $110 billion, global):

  • Data-center cooling: $45 billion
  • Industrial waste-heat recovery: $30 billion
  • Commercial HVAC retrofits: $20 billion
  • Defense / disaster: $10 billion
  • Emerging agriculture / humanitarian: $5 billion

• Combined HVAC and Water Harvesting Markets (estimated at approximately $450 billion, global):

• Global Atmospheric Water Generator (AWG) Market:

  • Approximately $3.3 billion in 2022
  • Projected to grow at a Compound Annual Growth Rate (CAGR) of over 16%, reaching about $12.5 billion by 2031

• Global HVAC Industry:

  • Expected to grow at a 7.5% CAGR from 2024 to 2030

• Longer-term Addressable Markets (multi-trillion dollars, global):

  • Global HVAC
  • Municipal water offsets
  • Industrial decarbonization
  • Smart-city resilience

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AirJoule Technologies (NASDAQ: AIRJ) is poised for future revenue growth over the next two to three years, driven by several key initiatives and market opportunities:

1. Commercialization of AirJoule® Systems: AirJoule Technologies anticipates significant revenue growth from the commercialization and deployment of its A250 and A1000 systems. The A250 system is designed for the industrial dehumidification market, offering substantial energy savings and a lower total cost of ownership compared to existing technologies. The A1000 water generator focuses on producing industrial-scale quantities of distilled water on-site using low-grade waste heat. Commercial sales for these products are expected to commence in 2026.
2. Expansion into Key Markets: The company is strategically targeting high-demand sectors facing water scarcity and energy challenges. This includes hyperscale data centers, where AirJoule's waste heat to water technology can address significant water usage in cooling systems. Industrial water users, manufacturing operations, and the US military also represent crucial near-term target markets for on-site water production and energy-efficient solutions.
3. Strategic Partnerships and Joint Ventures: Collaborations with industry leaders are expected to accelerate market penetration and product integration. The 50/50 joint venture with GE Vernova is instrumental in commercializing and deploying AirJoule® technology, including exploring integration into GE Vernova's existing products. Partnerships with companies like Carrier aim to position AirJoule as a Tier 1 supplier for more efficient air conditioning systems. Additionally, a partnership with BASF is focused on reducing MOF (metal-organic framework) production costs at scale.
4. Geographic Expansion and Regional Projects: AirJoule Technologies is expanding its presence in water-stressed regions. Systems are currently operating in Texas and the United Arab Emirates, with additional deployments planned for late 2025 and early 2026. The project with the City of Hubbard, Texas, which utilizes geothermal waste heat to produce pure water, serves as a crucial demonstration for municipal and industrial customers in a region with growing water quality constraints and significant state funding for water infrastructure. The company also aims to establish an assembly and distribution center in the UAE.
5. Achieving Potability Certifications: A significant driver for broader adoption and revenue will be obtaining regulatory certifications for potable water. The ongoing project in Hubbard, Texas, includes pursuing certification that the produced water meets minimum drinking water standards. This milestone is essential for enabling AirJoule to serve high-volume municipal and industrial customers with reliable, on-site water production.

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Share Issuance

• AirJoule Technologies completed a $50 million private investment in public equity (PIPE) financing in March 2024.
• An additional $12 million was raised through a PIPE financing primarily from existing investors in June 2024.
• The number of shares outstanding increased by 37.46% over one year.

Inbound Investments

• In March 2024, AirJoule Technologies completed a $50 million private investment in public equity (PIPE) financing, with key investments from GE Vernova, Carrier, and Rice Investment Group.
• The company raised an additional $12 million through a PIPE financing from primarily existing investors in June 2024.

Outbound Investments

• In 2024, AirJoule Technologies formed a 50/50 joint venture, AirJoule, LLC, with GE Vernova to commercialize its technology.
• The company entered a binding joint commercialization term sheet with Carrier Global Corporation in 2024 for applications of AirJoule™ in the heating, ventilation, and air conditioning market.

Capital Expenditures

• In 2024, a 35,000 square foot facility was built out in Newark, DE, to support sorbent-coating, manufacturing, assembly, and testing operations for AirJoule™ units at the AirJoule JV.
• AirJoule Technologies reported capital expenditures of approximately -$23,880 in the last 12 months.
• The company's management has indicated the importance of securing additional financing to support its growth strategy, implying expected future capital expenditures.