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GE Vernova builds on investment in firm.
AirJoule Technologies, which is developing technology to extract pure water from waste heat produced in industrial settings such as data centers, has raised $15 million.
The company has issued shares worth $15m, which have been snapped up by a group of new and existing investors led by power technology firm GE Vernova.
Proceeds from the fundraising will be used to commercialize AirJoule’s system, which the company claims can separate water from air at less than 160 watt-hours per liter when utilizing low-grade waste heat available from industrial facilities such as data centers.
Using this method, AirJoule’s A1000 can apparently produce 1,000-3,000 liters of pure water per day, which can then be reused.
As part of the investment, AirJoule Technologies and GE Vernova will work together to explore the use of the former’s technology in the latter’s products. This will build on an existing joint venture between the companies set up to accelerate the commercialization of the system.
Matt Jore, CEO of AirJoule, said: “We are thrilled by GE Vernova’s continued investment into AirJoule Technologies and their ongoing support to commercialize the AirJoule technology through our joint venture.
“GE Vernova’s investment and commitment to the strategic waste heat to water project underscores their confidence in our shared vision and positions us to drive innovation while advancing commercialization of this transformational technology.”
US-based AirJoule Technologies, which was formerly known as Montana Technologies, expects to deliver its system to selected customers later this year as part of pilot deployments.
Limor Spector, president of ventures at GE Vernova, said: “Our investment in AirJoule Technologies builds on a history of collaboration to advance cutting-edge projects. Together, the joint venture leverages our expertise in advanced sorbents and AirJoule Technologies’ proprietary system to solve fundamental global challenges at the nexus of energy and water.”
