Airjoule Technologies Corp (AIRJ) 2024 Q1 法說會逐字稿

Greetings and welcome to the Montana Technologies' first-quarter 2024 investor update. (Operator Instructions)

歡迎閱讀 Montana Technologies 2024 年第一季投資者更新。 （操作員說明）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Tom Divine, Vice President, Investor Relations and Finance. Thank you, you may begin.

提醒一下，本次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係和財務副總裁湯姆·迪萬。謝謝，你可以開始了。

Thanks Diego, and thank you all for joining us on the company's first quarter earnings call. On the call today are Matt Jore, our Chief Executive Officer; Pat Eilers, our Executive Chairman; and Stephen Pang, our Chief Financial Officer.

謝謝迭戈，也謝謝大家參加我們公司第一季的財報電話會議。今天參加電話會議的是我們的執行長 Matt Jore；艾勒斯 (Pat Eilers)，我們的執行主席；以及我們的財務長史蒂芬·彭（Stephen Pang）。

I would like to note that many of the comments during this earnings call are forwardlooking statements that involve risk and uncertainties that could affect our actual results and plans. Many of these risks are beyond our control and are discussed in more detail in the risk factors and the forward-looking statements sections of our filings with the SEC, including our most recent registration statement on Form S-1. Although we believe the expectations expressed are based on reasonable assumptions, they are not guarantees of future performance, and actual results or developments may differ materially.

我想指出的是，本次財報電話會議上的許多評論都是前瞻性陳述，涉及可能影響我們實際結果和計劃的風險和不確定性。其中許多風險超出了我們的控制範圍，並在我們向 SEC 提交的文件的風險因素和前瞻性聲明部分（包括我們在 S-1 表格上的最新註冊聲明）中進行了更詳細的討論。儘管我們相信所表達的期望是基於合理的假設，但它們並不是對未來績效的保證，實際結果或發展可能存在重大差異。

And now, I'll turn it over to Matt Jore, our Chief Executive Officer.

現在，我將把它交給我們的執行長馬特喬爾。

Thanks, Tom. First I'd like to welcome everyone for joining our first ever quarterly earnings call. It's a really exciting time for Montana Technologies, and I'm eager to provide everyone with a recap of a very busy first quarter. Montana Technologies is a unique and compelling recent entrant into the equity markets for a number of reasons.

謝謝，湯姆。首先，我謹歡迎大家參加我們第一次的季度財報電話會議。對於 Montana Technologies 來說，這是一個非常令人興奮的時刻，我渴望為大家回顧非常繁忙的第一季。出於多種原因，蒙大拿科技公司是一家獨特且引人注目的新近進入股票市場的公司。

First and foremost, we believe that our proprietary AirJoule technology, which I'll explain in more detail in a few minutes, is transformational with respect to air conditioning and atmospheric water harvesting. We believe that these two markets, air conditioning and water harvesting, have a total addressable market of around $450 billion dollars.

首先也是最重要的是，我們相信我們專有的 AirJoule 技術（我將在幾分鐘內更詳細地解釋）對於空調和大氣水收集具有變革性。我們認為，空調和集水這兩個市場的潛在市場總額約為 4,500 億美元。

We also have established several strategic partnerships with industry leaders to help us scale efficiently and commercialize our AirJoule technology. These partners include BASF on the supply side; GE Vernova and CATL, our joint venture partners; and Carrier Global Corporation on the demand side in the HVAC markets. We believe we will be able to leverage these partnerships to scale the manufacturing and productization of the AirJoule technology in a capital efficient manner under our key components business plan. We call it AirJoule Inside.

我們還與產業領導者建立了多個策略合作夥伴關係，以幫助我們有效擴展規模並將 AirJoule 技術商業化。這些合作夥伴包括供應方的巴斯夫；我們的合資夥伴GE Vernova和CATL；和開利全球公司在暖通空調市場的需求方面。我們相信，根據我們的關鍵零件業務計劃，我們將能夠利用這些合作夥伴關係，以資本高效的方式擴大 AirJoule 技術的製造和產品化規模。我們稱之為 AirJoule Inside。

In order for us to be successful as we grow and move Montana Technologies forward, we've assembled a strong management team that has experience in public companies across all sectors of the energy industry.

為了讓我們在發展過程中取得成功並推動 Montana Technologies 向前發展，我們組建了一支強大的管理團隊，他們在能源行業各個領域的上市公司中擁有豐富的經驗。

Stephen Pang joined us recently as Chief Financial Officer, and Stephen brings a tremendous amount of Wall Street experience, which we believe will be invaluable as we start our journey as a public company. We also brought on a new Chief Legal Officer in Chad MacDonald, whose past experience has been focused on transactional and securities law, both in-house at public companies and at top law firms. And Tom Divine, who you heard from at the front of this call, is an experienced public company investor relations executive who will lead our investor communications at every step of our journey.

Stephen Pang 最近加入我們，擔任財務長，Stephen 帶來了豐富的華爾街經驗，我們相信這些經驗在我們開啟上市公司之旅時將非常寶貴。我們還聘請了查德·麥克唐納 (Chad MacDonald) 擔任新的首席法務官，他過去的經驗主要集中在交易法和證券法方面，曾在上市公司和頂級律師事務所工作過。您在本次電話會議上聽到的湯姆·迪萬是一位經驗豐富的上市公司投資者關係主管，他將在我們旅程的每一步中領導我們的投資者溝通。

We also have the benefit of having an incredibly qualified Board of Directors. Two of our Directors have been involved with Montana for many years as investors, and I'm thrilled that they're continuing to serve on our Board after the completion of our recent business combination.

我們也擁有一個非常合格​​的董事會的優勢。我們的兩位董事多年來一直作為投資者參與蒙大拿州的事務，我很高興他們在我們最近的業務合併完成後繼續在我們的董事會任職。

Stu Porter is the founder and Managing Partner of Denham Capital, a large private equity firm focused on sustainable infrastructure and the energy transition; and Max Baucus, former US Ambassador to China and former six-term US Senator from the State of Montana.

Stu Porter 是 Denham Capital 的創辦人兼管理合夥人，Denham Capital 是一家專注於永續基礎設施和能源轉型的大型私募股權公司；以及前美國駐華大使、蒙大拿州前六屆美國參議員馬克斯‧博卡斯(Max Baucus)。

We've also added the expertise of Paul Dabbar and Dr. Marwa Zaatari. Paul is a former Under Secretary for Science at the Department of Energy, where he was the principal advisor on fundamental energy research, energy technologies, and science. Dr. Zaatari is a renowned expert in the areas of building science and indoor air quality, and she is an influential leader of the American Society of Heating, Refrigerating, and Air Conditioning Engineers.

我們還增加了 Paul Dabbar 和 Marwa Zaatari 博士的專業知識。保羅曾任能源部科學副部長，擔任基礎能源研究、能源技術和科學的首席顧問。 Zaatari博士是建築科學和室內空氣品質領域的著名專家，也是美國供暖、製冷和空調工程師學會頗具影響力的領導人。

As part of our recent business combination and the associated capital raise, we were really fortunate to attract Carrier not only as our commercialization partner for HVAC deployment, but also as a strategic investor.

作為我們最近的業務合併和相關融資的一部分，我們非常幸運地吸引了開利，不僅作為我們 HVAC 部署的商業化合作夥伴，而且作為策略投資者。

Ajay Agrawal, who is the Senior Vice President of Global Services, Business Development, and Chief Strategy Officer at Carrier, joined the Board of Montana Technologies; as did Kyle Derham, who is a partner at the Rice Investment Group. The Rice Investment Group, which also participated in our private capital raise, has a long and successful track record of investing across the energy technology space. And we are thrilled to have Ajay and Kyle on our Board.

Carrier 全球服務、業務開發資深副總裁兼首席策略長 Ajay Agrawal 加入 Montana Technologies 董事會；萊斯投資集團 (Rice Investment Group) 合夥人凱爾‧德漢姆 (Kyle Derham) 也是如此。 Rice Investment Group 也參與了我們的私人融資，在能源技術領域的投資方面擁有悠久而成功的記錄。我們很高興 Ajay 和 Kyle 加入我們的董事會。

Last but certainly not least, is Pat Eilers, our Executive Chairman. Pat is the founder and Managing Partner of Transition Equity Partners, with a focus on energy transition and with expertise in energy efficiency. Transition Equity Partners has been a long-term key investor in Montana Technologies. Pat was also the CEO of Power and Digital Infrastructure Acquisition II Corp., the SPAC predecessor to Montana Technologies Corporation.

最後但同樣重要的是我們的執行主席 Pat Eilers。 Pat 是 Transition Equity Partners 的創辦人兼管理合夥人，專注於能源轉型並擁有能源效率的專業知識。 Transition Equity Partners 一直是 Montana Technologies 的長期主要投資者。帕特也是 Power and Digital Infrastructure Acquisition II Corp. 的首席執行官，該公司是 Montana Technologies Corporation 的 SPAC 前身。

Pat was instrumental in that business combination, as well as in the associated capital raise. We simply wouldn't be here if it wasn't for Pat's leadership, so I'm thrilled that he has stepped into the role of Executive Chairman.

帕特在這次業務合併以及相關的融資中發揮了重要作用。如果沒有帕特的領導，我們根本不會在這裡，所以我很高興他擔任執行主席。

I'd also like to take a minute to mention a couple members of our technology team. Pete McGrail, our Chief Technology Officer, and JJ Jenks, our VP of Technology, developed the initial concept for the AirJoule system when they worked together at the Pacific Northwest National Lab. They joined the team at Montana Technologies to help us as we took that concept and made it a reality.

我還想花一點時間提及我們技術團隊的幾位成員。我們的技術長 Pete McGrail 和技術副總裁 JJ Jenks 在太平洋西北國家實驗室合作時開發了 AirJoule 系統的初始概念。他們加入了 Montana Technologies 的團隊，為我們提供幫助，幫助我們實現這個概念並將其變為現實。

Finally, I want to mention Bryan Barton. Bryan came over from GE Vernova, where he was on the ventures team, and is now leading the joint venture that we recently closed with GE Vernova. And Dave Moore, leader of the GE research team for the atmospheric water project. Dave is Acting CFO -- CTO, sorry, for our joint venture with GE.

最後，我想提一下布萊恩巴頓。布萊恩來自 GE Vernova，他曾在 GE Vernova 的創投團隊任職，現在負責領導我們最近與 GE Vernova 關閉的合資企業。還有戴夫·摩爾（Dave Moore），GE 大氣水計畫研究團隊的負責人。戴夫（Dave）是我們與通用電氣合資企業的代理財務長——抱歉，是首席技術長。

The Montana Technologies story really begins in 2020 when I was introduced to Pete McGrail, who was then leading the research at the Pacific Northwest National Lab, and the concept that he and JJ developed to use metal-organic frameworks, or MOF, which act as a super-porous sponge to extract water from air and enable self-regenerating air conditioning at the lowest possible energy consumption.

Montana Technologies 的故事真正開始於 2020 年，當時我被介紹給 Pete McGrail，他當時在太平洋西北國家實驗室領導這項研究，以及他和 JJ 開發的使用金屬有機框架 (MOF) 的概念，該框架充當超多孔海綿可從空氣中提取水分，並以盡可能低的能耗實現自我再生空調。

Now dubbed AirJoule, a reference to energy and water from air, the system makes use of the thermal energy associated with water vapor to harvest liquid water and dehumidify air. AirJoule takes advantage of this natural thermal energy to assist a low energy pressure swing under vacuum. We at Montana realized that this unique concept could have the potential to transform the current technology used for air conditioning and could enable cost-effective atmospheric water harvesting.

該系統現在被稱為“AirJoule”，指的是空氣中的能量和水，它利用與水蒸氣相關的熱能來收集液態水並對空氣進行除濕。 AirJoule 利用這種自然熱能來輔助真空下的低能量壓力擺動。我們蒙大拿州意識到，這種獨特的概念有可能改變目前用於空調的技術，並且可以實現具有成本效益的大氣水收集。

Over the last four years, we've taken this concept and innovated around it to improve the energetics and efficiency. We've added additional proprietary components, methods, and controls necessary to optimize this internal thermal energy and enable reliable operation under vacuum pressures. We've developed significant additional IP for these components, methods, and controls.

在過去的四年裡，我們採用了這個理念並圍繞它進行創新，以提高能源和效率。我們添加了額外的專有組件、方法和控制裝置，以優化內部熱能並實現真空壓力下的可靠運作。我們為這些元件、方法和控制開發了重要的附加 IP。

Now let me explain the basic process and importance of our proprietary AirJoule technology. The atmosphere surrounding the earth is filled with water molecules in vapor form. In fact, the atmosphere is the world's largest freshwater aquifer, and AirJoule taps into that aquifer at an unprecedented low cost of energy. We believe that in addition to reducing the cost and energy of air conditioning, AirJoule has the potential to facilitate a solution to water scarcity around the world.

現在讓我解釋一下我們專有的 AirJoule 技術的基本流程和重要性。地球周圍的大氣充滿了蒸氣形式的水分子。事實上，大氣層是世界上最大的淡水含水層，而 AirJoule 以前所未有的低成本能源利用該含水層。我們相信，除了降低空調成本和能源之外，AirJoule 還具有促進解決全球水資源短缺問題的潛力。

How AirJoule does this is quite elegantly simple. AirJoule has two chambers that alternate between an open state and a closed state. As humid air flows into an AirJoule chamber that is in an open state, it passes through contactors coated with this special material, MOF.

AirJoule 的實作方式非常簡單。 AirJoule 有兩個在開啟狀態和關閉狀態之間交替的房間。當潮濕空氣流入處於開啟狀態的 AirJoule 室時，它會穿過塗有這種特殊材料 MOF 的接觸器。

The chemical properties of the MOF coating allow it to act as a giant sponge, and it adsorbs the water vapor molecules out of the air. This process is known as adsorption. As the chemical bonding between the water vapor molecules and the MOF occurs, thermal energy is naturally created.

MOF塗層的化學特性使其能夠像一塊巨大的海綿一樣，吸收空氣中的水蒸氣分子。這個過程稱為吸附。當水蒸氣分子和 MOF 之間發生化學鍵結時，自然會產生熱能。

This free thermal energy is transferred to MOF-coated contactors in a second identical chamber that is in a closed state. The closed chamber is drawn under vacuum and water vapor molecules flow through our vacuum swing compressor to harvest water vapor molecules from the MOF coating, assisted by the thermal energy transferred from the open chamber.

此自由熱能被轉移到處於關閉狀態的第二個相同室中的 MOF 塗層接觸器。封閉室處於真空狀態，水蒸氣分子流經我們的真空變壓壓縮機，在開放室傳遞的熱能的幫助下，從 MOF 塗層中收集水蒸氣分子。

This process of water vapor harvesting is known as desorption. As the water vapor molecules pass through our proprietary vacuum swing compressor, they are partially compressed so that they change phase to pure liquid water inside our proprietary vacuum condenser. The end result is de-humidified air and pure, PFAS-free distilled water. The two chambers then alternate open and closed states to maintain a continuous process.

這種收集水蒸氣的過程稱為解吸。當水蒸氣分子通過我們專有的真空變壓器時，它們被部分壓縮，從而在我們專有的真空冷凝器內轉變為純液態水。最終結果是除濕空氣和不含 PFAS 的純淨蒸餾水。然後兩個室交替打開和關閉狀態以維持連續的過程。

When you think about it, AirJoule technology allows us to take in the ambient, humid air all around us and output conditioned air and pure, PFAS-free water for a fraction of the cost of any existing technology. And when you start to think of the impact that this can have around the world, the numbers get really big.

想一想，AirJoule 技術使我們能夠吸入周圍潮濕的空氣，並輸出經過調節的空氣和不含 PFAS 的純淨水，而成本只是任何現有技術的一小部分。當你開始思考這可能對世界各地產生的影響時，這個數字變得非常大。

We estimate the global total addressable HVAC market to be around $350 billion and estimate that the total addressable market for atmospheric water harvesting will grow to over $100 billion. We think the atmospheric water harvesting market has the potential to be even larger than that of HVAC, eventually. So that's a total addressable market of $450 billion that's ripe for transformation by AirJoule.

我們估計全球 HVAC 潛在市場總額約為 3,500 億美元，大氣水收集的潛在市場總額將成長至超過 1,000 億美元。我們認為，大氣水收集市場最終有可能比暖通空調市場更大。因此，這個總規模達 4,500 億美元的潛在市場已經成熟，可供 AirJoule 轉型。

We've also been paying attention to the data center industry, which has been rapidly expanding to accommodate the immense computing power needed by artificial intelligence and high-performance computing. A recent report from Goldman Sachs estimates that power demand for data centers will grow by 160% between now and 2030.

我們也一直關注資料中心產業，該產業一直在快速擴張，以適應人工智慧和高效能運算所需的巨大運算能力。高盛最近的一份報告估計，從現在到 2030 年，資料中心的電力需求將增加 160%。

The amount of water needed to cool these data centers is also growing significantly, and that is hampering the development of new data centers as municipalities balk at their water requirements. We believe that our proprietary AirJoule technology can be deployed at these data centers to help reduce municipal water consumption and allow for greater reuse of water for evaporative cooling.

冷卻這些資料中心所需的水量也在大幅增長，由於市政當局對用水需求猶豫不決，這阻礙了新資料中心的發展。我們相信，我們專有的 AirJoule 技術可以在這些資料中心部署，以幫助減少市政用水量，並允許更多地重複利用水進行蒸發冷卻。

So as you can tell, we're very excited about the next few years as we begin to scale our manufacturing processes in conjunction with our joint venture partners and customers. As early as this summer, we expect to provide pre-production AirJoule units to key customers, and we look forward to providing a technological update on our latest AirJoule units, including new frontiers achieved from a [1 watt hour] per liter of water production and energetics perspective.

如您所知，我們對未來幾年感到非常興奮，因為我們開始與合資夥伴和客戶一起擴大我們的製造流程。最早在今年夏天，我們預計將向主要客戶提供預生產的 AirJoule 裝置，我們期待為最新的 AirJoule 裝置提供技術更新，包括從每公升產水 [1 瓦時] 實現的新領域和能量學的觀點。

We also invite any interested parties to reach out to us if you are interested in visiting our, or our joint venture's, facilities in Montana, New York, or Delaware to see the AirJoule technology for themselves.

如果您有興趣參觀我們或我們的合資企業位於蒙大拿州、紐約州或特拉華州的工廠，親眼目睹 AirJoule 技術，我們也邀請任何有興趣的各方與我們聯繫。

I've talked for too long now, so let me pass it over to Pat Eilers, our Executive Chairman, to give some comments about the recent business combination and even discuss our partnerships in a little bit greater detail. Pat?

我已經談了太久了，所以讓我把它交給我們的執行主席帕特·艾勒斯 (Pat Eilers)，對最近的業務合併發表一些評論，甚至更詳細地討論我們的合作夥伴關係。拍？

Thanks Matt. And thanks for that great overview of the company and the AirJoule technology. As Matt mentioned, I'm the Founder and Managing Partner of Transition Equity Partners, which is a private equity firm focused on energy transition. I was also the CEO of Power & Digital Infrastructure Acquisition II Corporation, which successfully IPO'd in December of 2021 with a focus on energy transition and energy efficiency.

謝謝馬特。感謝您對公司和 AirJoule 技術的精彩概述。正如馬特所提到的，我是 Transition Equity Partners 的創辦人兼管理合夥人，這是一家專注於能源轉型的私募股權公司。我還曾擔任 Power & Digital Infrastructure Acquisition II Corporation 的首席執行官，該公司於 2021 年 12 月成功首次公開募股，重點是能源轉型和能源效率。

Shortly after, in January 2022, we met Matt and the Montana Technologies team, which culminated in our initial private investment into the company that year. We continued to monitor their progress and just over a year later, in March 2023, we were in Ronan, Montana, along with four PhD's from GE Vernova's technical team, and we saw the AirJoule technology work for the first time with our very own eyes.

不久之後，在 2022 年 1 月，我們見到了 Matt 和 Montana Technologies 團隊，最後我們在當年對該公司進行了首次私人投資。我們繼續監控他們的進展，一年多後，即 2023 年 3 月，我們與 GE Vernova 技術團隊的四位博士一起來到蒙大拿州羅南，我們第一次親眼目睹了 AirJoule 技術的工作原理。

The reason why I was drawn to Montana Technologies from an investor perspective, and why we ultimately decided to pursue this merger, is because I believe this is one of the most attractive energy efficiency opportunities that I've seen in my 25 years of investing over $2 billion in energy transition opportunities.

我之所以從投資者的角度被 Montana Technologies 吸引，以及我們最終決定進行這次合併，是因為我相信這是我在 25 年的投資中看到的最具吸引力的能源效率機會之一。億美元的能源轉型機會。

From an investor perspective, you always consider technology risk, scaling of manufacturing risk, and finally, market penetration risk. Well, as of March 2023, Montana Technologies put technology risk in its rear-view mirror, demonstrating that the AirJoule technology was now proven and works.

從投資者的角度來看，您始終會考慮技術風險、製造風險規模以及最後的市場滲透風險。好吧，截至 2023 年 3 月，Montana Technologies 將技術風險置於後視鏡中，證明 AirJoule 技術現在已經驗證並且有效。

The risk that comes with scaling and the capital-intensity, generally in the billions of dollars, required for scaling manufacturing is mitigated by the partnerships that Montana Technologies has established with global industry leaders, including BASF, GE Vernova, CATL, and Carrier.

Montana Technologies 與巴斯夫、GE Vernova、CATL 和 Carrier 等全球產業領導者建立的合作夥伴關係緩解了規模擴大和規模化製造所需的資本密集度（通常為數十億美元）所帶來的風險。

Finally, as Matt mentioned earlier, we estimate a $450 billion total addressable market between HVAC and water harvesting. The transformational technological leap that AirJoule provides is materially less expensive from both a CapEx and ongoing OpEx perspective, lowering costs by as much as 50% than current market technologies.

最後，正如馬特之前提到的，我們估計暖通空調和集水之間的潛在市場總額為 4500 億美元。從資本支出和持續營運支出的角度來看，AirJoule 提供的變革性技術飛躍的成本大大降低，比當前市場技術降低了 50% 的成本。

These factors strongly incentivize market adoption. All of these factors, in my opinion, make Montana Technologies a compelling investment opportunity with a highly attractive Sharpe ratio.

這些因素強烈刺激了市場採用。在我看來，所有這些因素使 Montana Technologies 成為一個極具吸引力的投資機會，其夏普比率極具吸引力。

We've mentioned the importance of the partnerships we have, so please allow me to delve into these in more detail. BASF, the largest chemical producer in the world, is our global supplier of the metal-organic frameworks, otherwise known as MOF, that we use to coat the contactors in the AirJoule unit.

我們已經提到了我們所擁有的合作關係的重要性，所以請容許我更詳細地探討這些內容。巴斯夫是世界上最大的化學品生產商，是我們金屬有機框架（也稱為 MOF）的全球供應商，我們用它來塗覆 AirJoule 裝置中的接觸器。

As Matt described, these act like sponges, soaking up only water molecules from the air. We've formed joint ventures with GE Vernova and CATL that will advance the manufacturing and distribution of the AirJoule components and technology in each of their designated geographies around the world.

正如馬特所描述的，它們就像海綿一樣，只吸收空氣中的水分子。我們與 GE Vernova 和 CATL 成立了合資企業，將在全球各個指定地區推進 AirJoule 組件和技術的製造和分銷。

Our joint venture with GE Vernova is led by Dr. Bryan Barton, with a headquarters and manufacturing facility currently being built out in Wilmington, Delaware. Bryan came from GE Vernova's ventures team, and has extensive experience developing and commercializing technologies.

我們與 GE Vernova 的合資企業由 Bryan Barton 博士領導，總部和製造工廠目前正在特拉華州威爾明頓建造。 Bryan 來自 GE Vernova 的創投團隊，在技術開發和商業化方面擁有豐富的經驗。

Over the next few months, his focus is on testing and refining our latest AirJoule unit, as well as coordinating initial pilot projects with a long list of interested customers. He and his team are instrumental in addressing and meeting the demand-pull dynamic from our customers who have seen the technology and realize the positive impact it can have on their energy costs, water usage, and Scope 2 emissions.

在接下來的幾個月裡，他的重點是測試和改進我們最新的 AirJoule 裝置，並與一長串感興趣的客戶協調初始試點專案。他和他的團隊在解決和滿足客戶的需求拉動方面發揮了重要作用，這些客戶已經看到了該技術並意識到該技術對其能源成本、用水量和範圍 2 排放的積極影響。

Finally, we have a binding term sheet to enter into a commercialization and collaboration agreement with Carrier, which is one of the leading HVAC companies in the world and whose founder and namesake, Willis Carrier, is actually credited with inventing modern air conditioning over 100 years ago.

最後，我們有一份具有約束力的條款清單，用於與Carrier 簽訂商業化和合作協議，Carrier 是世界領先的HVAC 公司之一，其創始人兼同名者Willis Carrier 實際上被譽為100 多年來發明現代空調的人前。

Under our agreement, Carrier will be our exclusive commercialization partner for deploying AirJoule in the HVAC market across the Americas. Their expertise will be invaluable as we look to integrate AirJoule technology directly into commercial HVAC systems.

根據我們的協議，Carrier 將成為我們在美洲 HVAC 市場部署 AirJoule 的獨家商業化合作夥伴。當我們希望將 AirJoule 技術直接整合到商業 HVAC 系統中時，他們的專業知識將非常寶貴。

Now, it's my pleasure turn it over to Stephen Pang, who I've known for over a decade and who recently joined us as Montana Technologies' Chief Financial Officer.

現在，我很高興將其交給 Stephen Pang，我已經認識他十多年了，最近他加入我們，擔任 Montana Technologies 的財務長。

Thanks Pat. During the quarter and prior to the business combination that was completed in March, Montana Technologies raised in excess of $50 million of equity capital through a common private capital raise, along with cash remaining in trust following redemptions. This included commitments from strategic investors like GE Vernova and Carrier, as well as the Rice Investment Group, which is a well-respected and successful investor in the energy space.

謝謝帕特。在本季以及 3 月完成業務合併之前，Montana Technologies 透過普通私人融資籌集了超過 5,000 萬美元的股本，以及贖回後仍保留在信託中的現金。其中包括 GE Vernova 和 Carrier 等策略投資者以及能源領域備受尊敬且成功的投資者 Rice Investment Group 的承諾。

We ended the quarter with $37 million dollars on the balance sheet. This cash balance reflects the transaction costs and advisory fees paid in connection with the closing of the business combination.

本季結束時，我們的資產負債表上有 3700 萬美元。此現金餘額反映了與完成業務合併有關的交易成本和諮詢費用。

Additionally, it also includes a $10 million capital contribution to our joint venture with GE Vernova, which is consolidated into our financials given our 50% ownership of the joint venture. We report our financials on a consolidated basis as Montana Technologies is deemed to be a primary beneficiary of the JV today. I would also point out that our March 31 cash balance of $37 million does not include a $6 million subscription receivable that has since been funded following the quarter end.

此外，還包括向我們與 GE Vernova 的合資企業注資 1000 萬美元，鑑於我們擁有該合資企業 50% 的所有權，這筆資金已合併到我們的財務報表中。我們在合併的基礎上報告我們的財務狀況，因為蒙大拿科技公司被認為是今天合資企業的主要受益者。我還想指出的是，我們 3 月 31 日的現金餘額為 3700 萬美元，不包括季度末後資助的 600 萬美元認購應收款。

The cash on Montana Technologies' balance sheet, along with the $10 million of cash which sits at the joint venture entity as I previously mentioned, fully supports the development budget that the joint venture has planned in order to advance the AirJoule commercialization efforts.

Montana Technologies 資產負債表上的現金，加上我之前提到的合資實體的 1000 萬美元現金，完全支持合資企業為推進 AirJoule 商業化工作而計劃的開發預算。

I would also note that going forward, Montana Technologies is expected to contribute additional capital to the joint venture based on a business plan and future annual operating budget to be agreed upon with GE Vernova.

我還要指出的是，展望未來，蒙大拿科技公司預計將根據與 GE Vernova 商定的業務計劃和未來年度營運預算向合資企業提供額外資本。

With that, I'll pass it back to Matt.

這樣，我會將其傳回給馬特。

Thank you, Stephen, and we're sure glad to have you aboard. I'd like to thank everyone for tuning in today, and I hope you now understand why our team is so excited to be in the position we're in.

謝謝你，史蒂芬，我們很高興你的加入。我要感謝大家今天的收看，我希望你們現在明白為什麼我們的團隊對我們所處的位置如此興奮。

We believe our proprietary AirJoule technology is positioned to transform the HVAC and water harvesting markets, which we estimate collectively have a $450 billion total addressable market. Not to mention the increasing need for water and cooling in the data center industry as it grapples with the explosive growth of artificial intelligence and high-performance computing.

我們相信，我們專有的 AirJoule 技術能夠改變 HVAC 和集水市場，我們估計這些市場的潛在市場總額為 4,500 億美元。更不用說資料中心產業對水和冷卻的需求不斷增加，因為它正在努力應對人工智慧和高效能運算的爆炸性成長。

Our pathway to scaling and commercialization is supported by the partnerships we've established with some of the world's most respected and leading players, including BASF, GE Vernova, CATL, and Carrier. We believe these partnerships will allow us to scale and bring AirJoule to market in a capital efficient manner. And we thank you very much.

我們的規模化和商業化之路得到了我們與一些世界上最受尊敬和領先的參與者建立的合作夥伴關係的支持，包括巴斯夫、GE Vernova、寧德時代和開利。我們相信這些合作夥伴關係將使我們能夠以資本高效的方式擴大規模並將 AirJoule 推向市場。我們非常感謝你。

This concludes the first quarter earnings call for Montana Technologies. You may disconnect your lines at this time. Thank you for your participation.

Montana Technologies 第一季財報電話會議到此結束。此時您可以斷開線路。感謝您的參與。