Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 824

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 4
Chunk 824
---
, net 
    $8,680,477  
    $— 
  
    Contribution to AirJoule, LLC of license to technology 
    $333,500,000  
    $— 

    Supplemental cash flow information: 

    Taxes paid 
    $—  
    $— 

The accompanying notes are an integral part
of these consolidated financial statements.

F-6

AIRJOULE TECHNOLOGIES CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 1 — ORGANIZATION AND BUSINESS
OPERATIONS

We are a water harvesting technology company that produces pure distilled
water by harvesting the water vapor in the atmosphere. Our proprietary 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.”