Montana Technologies Enters Joint Commercialization Agreement Term Sheet With Carrier Global To Provide Carbon-Reducing Cooling Technology For Key Global Markets; Includes $10M Growth Equity Investment Conditional Commitment From Carrier
Portfolio Pulse from Benzinga Newsdesk
Montana Technologies has entered into a joint commercialization agreement with Carrier Global Corporation (CARR) to develop and commercialize Montana's AirJoule cooling technology. Carrier has conditionally committed to a $10 million growth equity investment in Montana, contingent on certain milestones. The agreement grants Carrier exclusive rights to commercialize AirJoule in the Americas for three years. Carrier will also nominate a board member to the post-merger entity of Montana and Power & Digital Infrastructure Acquisition II Corp. (XPDB). The merger and NASDAQ listing under ticker AIRJ are expected to close in Q1 2024.
January 08, 2024 | 2:23 pm
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POSITIVE IMPACT
Carrier Global Corporation has partnered with Montana Technologies to commercialize the AirJoule technology and conditionally committed to a $10 million investment in Montana.
Carrier's investment and commercial rights to the AirJoule technology indicate a strong commitment to the partnership and potential revenue growth from new markets. The news is likely to be viewed positively by investors, potentially increasing CARR's stock price in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Power & Digital Infrastructure Acquisition II Corp. is set to merge with Montana Technologies, with the combined entity to be listed on NASDAQ under the ticker AIRJ in Q1 2024.
The merger with Montana Technologies and the subsequent NASDAQ listing under the ticker AIRJ could lead to increased investor interest and a potential rise in XPDB's stock price in the short term, as the market anticipates the completion of the merger.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 70