Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 1030

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 6
Chunk 1030
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 AirJoule system, once commercialized, will provide cost-effective
water to businesses and consumers around the world and help address growing concerns around water scarcity. Our system is especially valuable
for industrial users, which generate significant amounts of waste heat that can be utilized to produce pure distilled water and dehumidified
air – two key inputs for a variety of industrial activities, including data centers and advanced manufacturing. In HVAC applications,
our AirJoule technology is designed to reduce energy consumption, minimize or even eliminate the use of environmentally-harmful refrigerants,
and generate material cost efficiencies for air conditioning systems. We are focused on commercialization and scaling manufacturing of
our AirJoule systems through our global partnerships, including with GE Vernova and Carrier Global Corporation (“Carrier”),
and we believe that deploying AirJoule units worldwide can help to improve water security and reduce global emissions.

Power & Digital Infrastructure Acquisition II Corp (“XPDB”)
entered into an Agreement and Plan of Merger (the “Merger Agreement”), dated June 5, 2023, as amended on February 5, 2024,
with XPDB Merger Sub, LLC, a direct wholly-owned subsidiary of XPDB (“Merger Sub”), and AirJoule Technologies LLC, formerly
known as Montana Technologies LLC (“Legacy Montana”). On March 14, 2024, pursuant to the Merger Agreement, Merger Sub was
merged with and into Legacy Montana, with Legacy Montana surviving the merger as a wholly-owned subsidiary of XPDB (the “Merger”
and, together with the other transactions contemplated by the Merger Agreement, the “Business Combination”). In connection
with closing the Business Combination (the “Closing”), XPDB changed its name from “Power & Digital Infrastructure
Acquisition II Corp.” to “Montana Technologies Corporation.”

In November 2024, to better align the Company’s name with its
business operations and AirJoule units, the Company changed its name from Montana Technologies Corporation to AirJoule Technologies Corporation,
and its wholly-owned subsidiary changed its name from Montana Technologies LLC to AirJoule Technologies LLC.

Prior to the Business Combination, all of the outstanding preferred
units of Legacy Montana were converted into Class B common units. As a result of the Business Combination, (i) each issued and outstanding
Class B common unit and Class C common unit of Legacy Montana was converted into the right to receive approximately 23.8 shares of newly
issued shares of Class A common stock of