Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 98

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1
Chunk 98
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 responsible for more than 1% of all global greenhouse gas emissions.

When integrated into an air conditioning system, AirJoule produces
dehumidified air without the heat of condensation, which lowers overall energy requirements for the system and reduces operating expenses
for customers. Additionally, AirJoule integration into the system reduces the need for environmentally harmful refrigerants.

Through our partnership with Carrier, they have an exclusive right
to commercialize AirJoule for HVAC applications in the Americas for three years after the date of commercialization. We are working closely
with them to design an AirJoule system that can be integrated into their products, and we are positioned to be a tier-1 supplier of coated
contactors to Carrier as part of this HVAC integration.

Manufacturing

In the fourth quarter of 2024, we achieved breakthrough levels of efficiency
by integrating low-grade waste heat into our fifth generation AirJoule prototype, reducing the energy requirement down to 155 Wh/L. We
are now developing our 1,000 liter per day preproduction unit, which we expect to be ready for customer demonstrations in 2025. These
units are being manufactured by our AirJoule JV in Newark, Delaware.

We expect to commence sales of our first commercial AirJoule units
in 2026, and we anticipate that our international partnerships, including our joint venture with GE Vernova, will enable us to transition
to mass production quickly and efficiently. We also believe these partnerships will help in the validation and commercialization of our
products.

Research and Development

Our management team knows the ability to grow and maintain a leading
position in our industries depends on our continuing investment in research and development activities. The goals of our research and
development efforts include continuing to optimize our AirJoule systems and corresponding technology and protecting and developing our
intellectual property rights in our product and technology. Through a statement of work with GE Vernova, the AirJoule JV is supported
by a number of full time employee equivalent engineers and scientists at the GE Vernova Advanced Research Center who are focused on technology
advancement and product support, with specific expertise in sorbent and coating development, systems and process engineering, advanced
component and system modeling, and component development.

Intellectual Property

As of December 31, 2024 our technology is supported by two master patent
PCT applications in the U.S., and we have applications pending in all foreign countries that we believe to be