Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 111

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1
Chunk 111
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 in the joint ventures. 

We are currently conducting the majority of our development, operations
and commercialization activities through our joint venture with GE Vernova, of which we and GE Vernova each own a 50% interest. This AirJoule
JV was formed in March 2024 to incorporate GE Vernova’s proprietary sorbent materials into systems that utilize our water capture
technology and to manufacture and bring products incorporating the combined technologies to market in the Americas, Africa and Australia.
Additionally, we have entered into a joint venture agreement with an affiliate of CATL to manufacture and commercialize our AirJoule technology
in Asia and Europe, but this joint venture has not yet been funded by either party and has not yet commenced any operation’s. Our
heavy reliance on joint ventures could adversely affect our business and financial condition if any of our joint venture partners chooses
to terminate their relationship with us or make material changes to their businesses, products or services in a manner that is adverse to
us.

Under the A&R Joint Venture Agreement for the AirJoule JV, for
the first six years, GE Vernova has the right, but not the obligation, to make capital contributions to the AirJoule JV, and we are solely
responsible for funding the AirJoule JV if and until GE Vernova elects to participate in funding the AirJoule JV with its pro-rata share.
We can provide no assurance that GE Vernova will elect to participate in capital contributions to the AirJoule JV, and our ability to
continue fully funding the joint venture will likely depend on our ability to raise additional capital via external financing.

We may incur impairment charges related to the carrying
value of our equity method investment in the AirJoule JV, which could have a significant negative effect on our financial condition,
results of operations and the price of our securities.

We regularly evaluate the carrying value of our equity method investment
in the AirJoule JV, and we may incur an impairment charge if we determine that the carrying value of such investment exceeds the fair
value. For example, if the AirJoule JV recognizes a goodwill impairment charge in its separate financial statements, we would be required
to impair the value of our investment in the AirJoule JV.

14

The AirJoule JV tests its goodwill for impairment annually
on October 1 and more frequently if events or changes in circumstances indicate that a potential