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RONAN, Mont. - AirJoule Technologies Corporation (NASDAQ: AIRJ), a company specializing in atmospheric water harvesting technology with a market capitalization of $279 million, has announced securing approximately $15 million in a private placement of common stock. According to InvestingPro data, the company maintains a strong financial position with more cash than debt on its balance sheet and a healthy current ratio of 7.83. The investment, led by GE Vernova and joined by other investors, aims to accelerate the commercialization of the company’s AirJoule® system, which can produce pure water from air using less than 160 watt-hours per liter.
The private investment in public equity (PIPE) deal is scheduled to close on April 25, 2025, pending customary closing conditions. This financial move follows GE Vernova’s initial investment of $5 million in March 2024, associated with a 50/50 joint venture formed with AirJoule Technologies. With the company trading at a P/E ratio of 1.21, InvestingPro analysis suggests the stock may be undervalued relative to its fundamentals, with comprehensive insights available in the Pro Research Report.
The AirJoule® A1000™ units, which are expected to deliver between 1,000 and 3,000 liters of pure water daily, are slated for pilot deployments to select customers in 2025. The net proceeds from the PIPE will be directed toward meeting the strong customer demand for these units.
GE Vernova’s continued financial backing and technical collaboration with the joint venture at the GE Vernova Advanced Research Center are seen as a testament to the commitment to bring the AirJoule® system to market. The partnership focuses on refining sorbents, improving components, and optimizing system performance.
The two companies have also initiated a strategic project to explore integrating the AirJoule® technology into GE Vernova’s product offerings. The goal is to harness low-grade waste heat from industrial activities, such as data centers and power generation, to produce on-site distilled water, potentially enhancing energy efficiency and addressing water scarcity issues.
AirJoule Technologies CEO Matt Jore expressed excitement about GE Vernova’s ongoing support and investment, noting the shared vision to innovate and commercialize the AirJoule® system. Bryan Barton, Chief Commercialization Officer at AirJoule Technologies, highlighted the system’s efficiency in water harvesting and its potential to mitigate global water scarcity.
Limor Spector, President of Ventures at GE Vernova, underscored the collaborative effort to tackle global challenges at the intersection of energy and water.
The shares of common stock issued in the PIPE have not been registered under the Securities Act of 1933, as amended, and will be subject to a registration statement for resale. The press release contains forward-looking statements and acknowledges that actual results may differ materially due to various risks and uncertainties.
AirJoule Technologies, listed on NASDAQ as AIRJ, is working to commercialize its proprietary water-from-air system through partnerships with companies like Carrier Global Corporation and BASF. This announcement is based on a press release statement from AirJoule Technologies Corporation.
In other recent news, AirJoule Technologies has partnered with Arizona State University to test its AirJoule® A250TM unit, designed to produce 250 liters of distilled water per day from ambient air. This collaboration aims to evaluate the technology’s performance under real-world conditions in the arid climate of the Phoenix area. Additionally, H.C. Wainwright has maintained a Buy rating on AirJoule Technologies with a price target of $12, following the company’s release of its fourth-quarter financial results for 2024. During this period, AirJoule reported a net loss of $14.3 million, up from a $3.0 million loss in the previous year, despite reducing its research and development expenses. The company ended the quarter with a cash balance of approximately $28 million. AirJoule has raised $62 million in equity capital in 2024 and is focusing on advancing its water generation technology for data centers and water-scarce regions. The company is also targeting the deployment of proof-of-concept units capable of producing 4,000 liters of water per day by the second half of 2025.
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