Carrier Signs Agreement with Montana Technologies to Commercialize Carbon-Reducing Cooling Technology for HVAC Solutions

Carrier Global Corporation, global supplier of intelligent climate and energy solutions, announced entry into a binding term sheet with Montana Technologies LLC to develop and commercialize Montana's transformational AirJoule dehumidification and carbon-reducing cooling technology. In addition, Carrier has conditionally committed $10 million in growth equity into Montana to foster commercialization of AirJoule.

AirJoule's dehumidification technology substantially improves air conditioning efficiency by harvesting water and thermal energy from air. The proprietary method and design can reduce electricity consumption as compared to conventional air conditioning cooling systems, resulting in a corresponding reduction in carbon emissions as well as a reduction, or in some cases elimination, of refrigerants.

Carrier will also receive the right to nominate a member to the board of directors of the post-combination entity following the merger between Montana and Power & Digital Infrastructure Acquisition II Corp. ("XPDB"). Montana announced on June 5, 2023, that it will combine with XPDB and list on the NASDAQ under the ticker AIRJ following the merger. The transaction is expected to close in the first quarter of 2024.