Airjoule Technologies Corp (AIRJ) 2024 Q4 法說會逐字稿

Greetings. Welcome to the Airjoule Technologies fourth-quarter and full year 2024 earnings conference call. (Operator instructions) Please note, this conference is being recorded.

問候。歡迎參加 Airjoule Technologies 2024 年第四季和全年財報電話會議。（操作員指示）請注意，本次會議正在錄音。

It is now my pleasure to turn the conference over to Tom Divine, Vice President Investor Relations and Finance. Thank you. You may begin.

現在我很高興將會議交給投資者關係和財務副總裁湯姆·迪瓦恩 (Tom Divine)。謝謝。你可以開始了。

Thank you, and thanks to everyone for joining us this morning on the company's full year 2024 earnings call. With me today are Matt Jore, Chief Executive Officer; Bryan Barton, Chief Commercialization Officer; Stephen Pang, Chief Financial Officer; and Pat Eilers, Executive Chairman. During this call, we'll be referring to a presentation, which is available on the webcast platform and on the Investors section of our website.

謝謝大家，也謝謝大家今天早上參加公司 2024 年全年收益電話會議。今天與我在一起的是執行長 Matt Jore；布萊恩巴頓 (Bryan Barton)，首席商業化長； Stephen Pang，財務長；以及執行主席 Pat Eilers。在本次電話會議中，我們將參考一份演示文稿，該簡報可在網路廣播平台和我們網站的投資者部分上找到。

I would like to note that many of the comments made during the prepared remarks and during the Q&A section are forward-looking statements that involve risks 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 in the forward-looking statements section of our filings with the SEC. 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，在準備好的發言和問答環節中提出的許多評論都是前瞻性陳述，涉及可能影響我們的實際結果和計劃的風險和不確定性。其中許多風險是我們無法控制的，在我們向美國證券交易委員會提交的文件中前瞻性聲明部分的風險因素中有更詳細的討論。儘管我們相信所表達的期望是基於合理的假設，但它們並不能保證未來的表現，實際結果或發展可能會有重大差異。

And now I'll turn it over to Matt Jore.

現在我將把話題交給馬特喬爾 (Matt Jore)。

Thanks, Tom. Good afternoon, everyone, and thanks for joining us for our year-end earnings call. We're excited to be with you today to discuss all that we have accomplished last year as well as articulate our vision for the future.

謝謝，湯姆。大家下午好，感謝大家參加我們的年終收益電話會議。我們很高興今天能與大家相聚，討論我們去年所取得的成就並闡述我們對未來的願景。

At Airjoule Technologies, we're driven by a mission that's never been more critical, deploying innovative technologies at the nexus of energy and water. It's right there in the tag line on our logo, energy and water from air.

在 Airjoule Technologies，我們肩負著一項前所未有的重要使命，即在能源和水的連接點上部署創新技術。我們的標誌上的標語就體現了這一點：來自空氣的能源和水。

The atmosphere surrounding us is an untapped resource of pure water. It's constantly being replenished through the natural water cycle of evaporation and precipitation. We believe that the atmosphere presents a massive opportunity to provide high-quality and contaminant-free water alleviating problems related to water scarcity and water contamination.

我們周圍的大氣是尚未開發的純淨水資源。透過蒸發和降水的自然水循環，水不斷被補充。我們相信，大氣層為提供高品質、無污染的水以緩解與水資源短缺和水污染有關的問題提供了巨大的機會。

The challenge is that we never have the technology to economically access that water in the atmosphere until now. Airjoule enables the lowest cost separation of water from air, greatly increasing water sustainability and improving energy efficiency for air conditioning in many industrial sectors.

挑戰在於，我們至今仍未擁有以經濟的方式獲取大氣中水的技術。Airjoule 能夠以最低的成本將水從空氣中分離出來，大大提高水的可持續性，並提高許多工業部門空調的能源效率。

We're able to do this by combining advanced sorbents with our proprietary thermal energy recovery system to produce low-cost pure distilled water and dehumidified air. In our last earnings call, we talked about the strong attention we've received from customers interested in Airjoule's ability to produce pure distilled water.

我們透過將先進的吸附劑與我們專有的熱能回收系統相結合來生產低成本的純蒸餾水和除濕空氣來實現這一點。在我們上次的財報電話會議上，我們談到了對 Airjoule 生產純淨蒸餾水的能力感興趣的客戶所表現出的強烈關注。

Those customer conversations were leading us toward a near-term focus on using Airjoule as a water solution. As we thought about AirJoule as a distributed source of water for businesses and industrial activities, we look for ways to drive down the cost of water and offer a cost competitive alternative. We've known for years that if we add a small amount of low-grade heat to our system, it can reduce the power consumption down to less than 160 watt-hours per liter.

這些客戶對話使我們近期將重點放在使用 Airjoule 作為水解決方案。當我們考慮將 AirJoule 作為企業和工業活動的分散式水源時，我們會尋找降低水成本的方法並提供具有成本競爭力的替代方案。多年來我們已經知道，如果我們在系統中添加少量的低品位熱量，就可以將功耗降低到每公升 160 瓦時以下。

Many industrial operations that produce large amounts of waste heat also have a significant water requirement. At data centers, for example, all of the megawatts of electricity that flow into the servers is converted into heat. The servers need to be kept cool, which is done through a cooling system that rejects the heat into the atmosphere or consider a power plant, which burns fuel to turn water into steam to generate electricity.

許多產生大量廢熱的工業操作也對水有巨大的需求。例如，在資料中心，流入伺服器的所有兆瓦電力都會轉化為熱。伺服器需要保持涼爽，這可以透過將熱量排放到大氣中的冷卻系統來實現，或者考慮發電廠，它燃燒燃料將水變成蒸汽來發電。

A massive amount of this energy, nearly 70%, is lost to waste heat. One of the reasons we originally formed our 50, 50 joint venture with GE Venova to commercialize Airjoule is that 25% of electricity generated around the world uses GE Venova equipment, and Airjoule can make use of the waste heat from the power plant to produce water from air.

其中大量的能量，接近70%，都以廢熱的形式損失掉了。我們最初與 GE Venova 成立 50, 50 合資企業來商業化 Airjoule 的原因之一是，全球 25% 的電力都使用 GE Venova 設備，而 Airjoule 可以利用發電廠的廢熱從空氣中生產水。

Waste heat is a vastly underutilized energy resource. While there are technologies in the market that can harness very high-temperature waste heat for reuse or electricity generation, they're not efficient or cost-effective to take advantage of low-grade waste heat below 100 degrees C. With Airjoule, we're unlocking a tremendous amount of value by utilizing that low-grade waste heat to improve energy efficiency and produce pure distilled water.

廢熱是一種尚未充分利用的能源資源。雖然市面上有一些技術可以利用高溫廢熱進行再利用或發電，但利用低於攝氏 100 度的低品位廢熱效率不高，成本效益也不高。借助 Airjoule，我們可以透過利用低品位廢熱來提高能源效率和生產純淨的蒸餾水，從而釋放巨大的價值。

We talked before about the huge growth in data centers to support artificial intelligence and high-performance computing, the largest data centers being developed today have several hundred megawatts of power demand. Using Airjoule, we can tap into the low-grade waste heat coming out of the data center and use it to produce 100% pure distilled water from air.

我們之前談到了為支援人工智慧和高效能運算而出現的資料中心的巨大成長，當今正在開發的最大資料中心有數百兆瓦的電力需求。利用 Airjoule，我們可以利用資料中心產生的低品位廢熱，並利用它從空氣中生產 100% 純淨的蒸餾水。

Not only does Airjoule act as a pre-chiller and reduce cooling cost. but the distilled water produced can then be used within the data center for evaporative cooling, which is the most cost-effective method of cooling. By integrating Airjoule into a data center cooling loop and using that low-grade waste heat, Airjoule can reduce the data center's cooling costs, improve its power and water usage effectiveness and mitigate its significant water demands through distributed water generation.

Airjoule 不僅可以充當預冷器，還可以降低冷卻成本。但產生的蒸餾水可用於資料中心內蒸發冷卻，這是最具成本效益的冷卻方法。透過將 Airjoule 整合到資料中心冷卻迴路中並利用低品位廢熱，Airjoule 可以降低資料中心的冷卻成本，提高其電力和水的使用效率，並透過分散式水生產緩解其大量的用水需求。

I'm incredibly excited about this opportunity and we've been getting tremendously positive feedback from data center operators who want to deploy proof-of-concept units to demonstrate the effectiveness of the Airjoule Technology. Distributed water generation is the other near-term priority we're very focused on. One exciting development on this front is that we have our first Airjoule operating in Dubai as part of a showcase deployment to highlight the technology and operating principles.

我對這個機會感到非常興奮，我們也得到了資料中心營運商的非常積極的回饋，他們希望部署概念驗證單元來證明 Airjoule 技術的有效性。分散式水生產是我們近期重點關注的另一個重點。這方面的一個令人興奮的進展是，我們的第一台 Airjoule 在杜拜投入運營，作為展示部署的一部分，以突出其技術和操作原理。

This is being done in conjunction with TenX Investments, our local Emirati-owned partner in the UAE. We shipped the unit to Dubai in February and has been operating near continuously since then in an outdoor garden at a UAE government research institution, generating pure distilled water and providing us with tremendous amounts of data that help us continue to optimize Airjoule's performance.

這項工作是與阿聯酋當地的阿聯酋合作夥伴 TenX Investments 合作完成的。我們於二月將裝置運送到杜拜，從那時起，該裝置一直在阿聯酋政府研究機構的戶外花園中連續運行，產生純淨的蒸餾水，並為我們提供大量數據，幫助我們不斷優化 Airjoule 的性能。

During the morning, the temperature of Dubai has been in the low to mid-70s Fahrenheit with relative humidity ranging from 50% to 75% and in the afternoon, the temperature is a few degrees warmer with low relative humidity of 25% to 40%. We're very excited to have an operational unit there that is showcasing Airjoule's capability over a broad range of climate conditions for our customers in the UAE and the broader Middle East region.

早上，杜拜的氣溫在華氏 70 度左右，相對濕度在 50% 到 75% 之間；下午，氣溫會高出幾度，相對濕度較低，為 25% 到 40%。我們非常高興在那裡設立營運部門，向阿聯酋和中東地區的客戶展示 Airjoule 在各種氣候條件下的能力。

As we discussed last quarter, we see these regions as huge markets for us with their strong focus on water security. We've also been engaged with the Southwest Sustainability Innovation Engine, which is a collaboration between the National Science Foundation in Arizona State University. Through this project, we've identified opportunities where Airjoule can help mitigate water scarcity in the Southwest United States.

正如我們上個季度所討論的那樣，我們認為這些地區對我們來說是巨大的市場，因為它們高度重視水安全。我們也參與了西南永續發展創新引擎項目，該項目是美國國家科學基金會和亞利桑那州立大學共同發起的合作。透過這個項目，我們發現了 Airjoule 可以幫助緩解美國西南部水資源短缺的機會。

As we look toward the rest of 2025, we expect to complete the engineering and design of our preproduction units, which will be capable of producing between 1,000 and 3,000 liters of water per day. These are slated for the second half of this year.

展望 2025 年剩餘時間，我們預計將完成預生產裝置的工程和設計，該裝置每天將能夠生產 1,000 至 3,000 公升水。這些預計將於今年下半年推出。

We also expect to begin proof-of-concept pilot deployments with up to three data center operators to further validate the feasibility of our waste heat to water from air application. We expect these engagements to lead to meaningful customer commitments.

我們還希望與最多三家資料中心營運商開始概念驗證試點部署，以進一步驗證將空氣廢熱轉化為水的可行性。我們期望這些合作能帶來有意義的客戶承諾。

Now let me turn it over to Bryan Barton, our Chief Commercialization Officer, who also leads our joint venture with GE Venova, Brian will do a deeper dive on the waste heat to water application, our customer engagements and how we intend to achieve our 2025 milestones.

現在，讓我將主題交給我們的首席商業化官 Bryan Barton，他同時也領導我們與 GE Venova 的合資企業，Brian 將深入探討廢熱轉化為水的應用、我們的客戶參與以及我們打算如何實現 2025 年的里程碑。

Thank you, Matt. Turning to slide 6. As a quick reminder, Airjoule works by using an advanced assortment to bond with water paper molecules in the air. Once the sorbent has taken up the water vapor, we apply a vacuum to pull the water vapor away from the sorbent. When we have waste heat available, we can direct this heat into our process to help drive the removal of water from the sorbent, greatly reducing our energy requirements in the process.

謝謝你，馬特。翻到幻燈片 6。簡單提醒一下，Airjoule 的工作原理是使用一種先進的組合與空氣中的水紙分子結合。一旦吸附劑吸收了水蒸氣，我們就施加真空將水蒸氣從吸附劑中抽走。當我們有廢熱可用時，我們可以將這種熱量引導到我們的製程過程中，以幫助推動從吸附劑中去除水分，從而大大減少我們在此過程中的能源需求。

On slide 7, we illustrate the energetics we've been able to achieve today of just under 160 watt-hours per liter. This is an unprecedentedly low energy requirement for separating water from air for either water harvesting or [dedification] applications and represents a huge step change in performance compared to incumbent methods and speaks to the transformational nature of Airjoule.

在投影片 7 上，我們展示了我們今天所能夠實現的每公升略低於 160 瓦時的能量。無論是用於水收集還是[淨化]應用，從空氣中分離水所需的能量都達到了前所未有的低水平，與現有技術相比，性能上有了巨大的進步，體現了 Airjoule 的變革性質。

To elaborate, a typical household dehumidifier, which you might have in the basement could require around 400 to 700 watt-hours per liter of water removed depending on the humidity in the air. And industrial demedification systems such as Desiccant wheels require over 1,300 watt-hours per liter. Or in other terms, Airjoule is more than 4 times more efficient then your typical households to meter and more than 8 times more efficient than Desiccant wheels when it comes to separating water from air.

具體來說，您可能在地下室安裝的典型家用除濕機每除去一公升水大約需要 400 到 700 瓦時的電力，具體取決於空氣中的濕度。而諸如乾燥劑轉輪之類的工業除藥系統每公升則需要超過 1,300 瓦時。或者換句話說，在從空氣中分離水方面，Airjoule 的效率比普通家用計量器高 4 倍以上，比乾燥劑輪高 8 倍以上。

Airjoule's superior performance almost array of market applications where Airjoule can cost effectively produce periods distilled water and dehumidified air. The application we're most focused on in the near term is using waste heat from data centers and other industries to produce pure distilled water for evaporative cooling and active chiller to reduce cooling loads.

Airjoule 的卓越性能幾乎適用於各種市場應用，在這些應用中，Airjoule 可以經濟高效地生產間歇性蒸餾水和除濕空氣。我們近期最關注的應用是利用資料中心和其他產業的廢熱生產純蒸餾水，用於蒸發冷卻和主動冷卻器，以減少冷卻負荷。

Slide 8 shows a simplified schematic of how Airjoule can be integrated into a data center cooling system. In most data centers, heat is removed through a cooling unit. The hotline takes heat from the server hall to a chiller. The chiller cools the line. And just like the air conditioning unit on their house, the heat is directed to a water or air cooled radiator and rejected to the atmosphere.

幻燈片 8 顯示了 Airjoule 如何整合到資料中心冷卻系統的簡化示意圖。在大多數資料中心，熱量是透過冷卻裝置去除的。熱線將熱量從伺服器大廳傳送到冷卻器。冷卻器使管線冷卻。就像家裡的空調一樣，熱量被引導至水冷或風冷散熱器，並排入大氣。

In either case, the heat is treated as a waste by-product and produces no value. When we integrate Airjoule into the system, we're able to tap into that waste heat coming from the chiller. We run the waste through our Airjoule system, which is producing pure distilled water. Not only does this reduce the thermal load that must be cooled, but the data center can then utilize this distilled water produced for highly efficient evaporative cooling or other purposes. The data center operator benefits from this Airjoule integration in a few ways.

無論哪種情況，熱量都被視為廢棄副產品，不會產生任何價值。當我們將 Airjoule 整合到系統中時，我們就能夠利用冷卻器產生的廢熱。我們將廢物透過 Airjoule 系統處理，從而生產出純淨的蒸餾水。這不僅減少了必須冷卻的熱負荷，而且資料中心還可以利用產生的蒸餾水進行高效蒸發冷卻或其他用途。資料中心營運商可以透過多種方式從這種 Airjoule 整合中受益。

For one, by using some of their waste heat, we're reducing the amount of heat that has to be rejected by their existing cooling system. Second, by using that water for evaporating cooling at specific times, they get an efficiency boost to their cool air. Both of these result in lower cooling costs and improved power usage effectiveness, or PUE, with payback periods on their investment as low as four years.

首先，透過利用部分廢熱，我們減少了現有冷卻系統所排放的熱量。其次，透過在特定時間使用水進行蒸發冷卻，可以提高冷空氣的效率。兩者都可降低冷卻成本並提高電源使用效率 (PUE)，其投資回收期僅為四年。

Additionally, data centers would now have to source of distributed water generation that is a viable alternative to building a pipeline to the nearest municipality or trucking and water. In the specific example we've shown here, the cost of the water produced can be less than $1.50 per cubic meter, which is achieved by Airjoule acting as a chiller.

此外，資料中心現在必須擁有分散式水源，這是建造通往最近市政當局的管道或卡車運輸和供水的可行替代方案。在我們在此展示的具體例子中，生產水的成本可以低於每立方米 1.50 美元，這是透過 Airjoule 作為冷卻器實現的。

This OpEx cost of water compared to a typical price of around $2 per cubic meter for municipal water. We've received positive feedback from several data center operators with a diverse need for our Airjoule technology. These include utilizing Airjoule as a distributed source of water needed to humidify the air in a data center in Southern Europe, lowering operational costs and enabling more operative cooling had data center sites in the United States and collaborating on proof-of-concept deployments.

這一水的營運成本與市政供水的典型價格（約 2 美元/立方米）相比有所降低。我們收到了多家資料中心營運商的正面回饋，他們對我們的 Airjoule 技術有著不同的需求。這些措施包括利用 Airjoule 作為南歐資料中心空氣加濕所需的分散式水源、降低營運成本、使美國資料中心站點的冷卻效果更佳，並合作進行概念驗證部署。

We look forward to keeping investors updated on those. In addition to these proof of concept deployments, another key milestone for 2025 is launching our pre-production unit that can produce between 1,000 and 3,000 liters of water per day. We're targeting the second half of 2025 for this unit to be ready for customer demonstrations.

我們期待向投資者通報最新情況。除了這些概念驗證部署之外，2025 年的另一個重要里程碑是啟動我們的預生產裝置，每天可生產 1,000 至 3,000 公升水。我們的目標是到 2025 年下半年，該部門能夠為客戶演示做好準備。

We're currently doing the engineering and design of that unit, and we expect to start assembling our core product module in the second quarter with testing and optimization to occur over the summer. Then we'll start doing customer demonstrations both in the New York facility and through on-site pilot projects. We're confident that once our customers see our scaled up unit operating customer commitments will follow.

我們目前正在進行該部門的工程和設計，預計將在第二季度開始組裝我們的核心產品模組，並在夏季進行測試和優化。然後，我們將開始在紐約工廠和透過現場試點計畫進行客戶演示。我們相信，一旦我們的客戶看到我們擴大了單位營運規模，客戶承諾就會隨之而來。

Now let me provide some quick updates on the commercial development activities we've talked about in the last quarterly call, which is covered on slide 9. We've restructured this slide a bit and put our near-term priorities at the top of the table and our longer-term projects at the bottom. Some of these won't have material updates each quarter, but we want to make sure we're being transparent in keeping the market updated as appropriate.

現在，讓我簡要介紹一下我們在上次季度電話會議上討論過的商業開發活動，第 9 頁介紹了這些活動。我們對這張投影片進行了一些調整，將我們的近期優先事項放在表格頂部，將我們的長期項目放在底部。其中一些不會每季都有重大更新，但我們希望確保透明地及時向市場提供最新資訊。

At the top of this slide are the data center engagement and our Dubai proof of concept deployment, which we've already covered. Next is Carrier, who is our commercialization partner in the Americas for HVAC applications.

這張投影片的頂部是資料中心參與和杜拜概念驗證部署，我們已經介紹過了。接下來是開利，它是我們在美洲的 HVAC 應用商業化合作夥伴。

They've been a great resource for our waste heat to water application for data centers, and they are leaning heavily into the data center cooling space. Moving on to the Department of Defense. Our successful field testing and validation trials with (inaudible) in the fall of 2024 opened up several opportunities for us with procurement agency and test groups within the different branches of the net for distributed water generation pilot projects.

它們是我們資料中心廢熱轉化為水應用的重要資源，並且它們在資料中心冷卻領域具有很大的應用潛力。轉到國防部。我們於 2024 年秋季與 (聽不清楚) 成功進行了現場測試和驗證試驗，這為我們與網路不同分支內的採購機構和測試小組合作開展分散式水生產試點計畫開闢了若干機會。

On the food and beverage side, these customers are engaged and excited about the value that Airjoule can bring to their operations. Yet these are a bit longer time lines, and we're working toward potential pilot programs in early 2026. The last two on this list are Climate Impact Corporation and Clarity Technology.

在食品和飲料方面，這些顧客對 Airjoule 能為營運帶來的價值感到非常興奮。然而，這些時間表還要更長一些，我們正在努力在 2026 年初推出潛在的試點計畫。這份名單上的最後兩家公司是 Climate Impact Corporation 和 Clarity Technology。

We signed an MOU with CIC to explore using Airjoule as a source of water for solar-powered hydegen production in Australia. With Clarity, we signed an MOU to explore collaboration opportunities where we provide the dimentified air, which is expected to improve the efficiency of their CO2 direct air taxer operations.

我們與 CIC 簽署了一份諒解備忘錄，探討在澳洲使用 Airjoule 作為太陽能氫氣的水源。我們與 Clarity 簽署了一份諒解備忘錄，以探索合作機會，為 Clarity 提供淨化空氣，這有望提高其二氧化碳直接空氣稅的營運效率。

We look forward to providing more updates on these opportunities as they develop. Now I'll let Stephen take over and talk about the financial results for last year.

我們期待隨著這些機會的發展提供更多更新資訊。現在我讓史蒂芬接手並談談去年的財務表現。

Thanks, Bryan. Slide 10 of the presentation has our financial results on a quarterly basis for 2024 and for the full year. As a reminder, Airjoule Technologies accounts for its 50% ownership in the joint venture, GE Vernova using the equity method. These numbers in the table are only for Airjoule Technologies and the results of the joint venture are reflected in the loss from investment in Airjoule JV line, which was $2.4 million for the fourth quarter and $5.3 million for the full year.

謝謝，布萊恩。簡報的第 10 張投影片展示了我們 2024 年季度和全年的財務業績。提醒一下，Airjoule Technologies 採用權益法核算其在合資​​企業 GE Vernova 中的 50% 所有權。表中這些數字僅適用於Airjoule Technologies，合資企業的業績反映在Airjoule JV生產線的投資損失中，第四季為240萬美元，全年為530萬美元。

Net income at the joint venture level was negative because it's still in the development stage and there were no revenue reported in 2024. During the fourth quarter, Airjoule's net expenses for the quarter was $2.8 million, which was slightly higher than the prior quarter. This is net of approximately $800,000 of administrative and engineering expenses reimbursed to Airjoule Technologies by the joint venture under our Statement of Work.

合資企業層面的淨收入為負，因為其仍處於發展階段，且 2024 年沒有報告收入。第四季度，Airjoule 當季淨支出 280 萬美元，略高於上一季。這是根據我們的工作說明，合資企業向 Airjoule Technologies 償還的約 80 萬美元行政和工程費用的淨額。

As we've stated in the past, most of our below the line income and loss is made up of certain non-cash items including the non-cash gains or losses on the fair value of our earnout liabilities and subject vesting shares that relate to specific provisions from our business combination agreement in March 2024.

正如我們過去所說，我們的大部分線下收入和損失由某些非現金項目組成，包括與 2024 年 3 月業務合併協議中的具體條款相關的盈利負債和主題歸屬股份的公允價值的非現金收益或損失。

Measurement of these liabilities occurs on a quarterly basis and the increase in the value of the potential earnout liability and subject vested shares liability in the fourth quarter is primarily due to the increase in our stock price for the quarter.

這些負債的計量按季度進行，第四季度潛在獲利負債和標的既得股份負債價值的增加主要是由於本季度我們股價的上漲。

Our net loss for the quarter was $14.3 million. For the full year, we did raise $62 million equity capital with approximately $50 million coming from the pipe that we did in conjunction with our Go Public transaction. The other approximately $12 million was raised opportunistically back in June from primarily existing investors. We ended the year with $28 million of cash on the Airjoule Technologies balance sheet and another $1.9 million of cash at the joint venture level, which is not consolidated. Looking ahead to the rest of 2025, we have sufficient cash on hand to support both our operations and those of the joint venture.

本季我們的淨虧損為 1,430 萬美元。就全年而言，我們確實籌集了 6,200 萬美元的股本，其中約 5,000 萬美元來自我們與上市交易相結合的管道。其餘約 1,200 萬美元是 6 月從主要現有投資者手中機會性地籌集的。截至年底，Airjoule Technologies 資產負債表上有 2,800 萬美元現金，合資企業層級還有 190 萬美元現金，但尚未合併。展望 2025 年剩餘時間，我們有足夠的現金來支持我們的營運和合資企業的營運。

For this year, we're expecting to spend approximately $13 million to $15 million at the joint venture level to support all of the ongoing commercial activities as you've heard on the call. At Airjoule Technologies, our fourth quarter operating expense run rate is a good estimate to use for our 2025 quarterly spend. I will further add that the joint venture, our partner, GE Vernova, also has the right to match our capital contributions on a pro rata basis. As they elect to contribute capital to a joint venture that could reduce the total cash needs from the AirJoule Technologies level. This week, we entered into a committed equity facility of Brit for up to $30 million.

正如您在電話會議中聽到的那樣，今年我們預計在合資層面投入約 1300 萬至 1500 萬美元來支持所有正在進行的商業活動。在 Airjoule Technologies，我們第四季的營運費用運作率可以很好地估計我們 2025 年的季度支出。我還要補充一點，合資公司，我們的合作夥伴 GE Vernova，也有權利按比例來匹配我們的資本貢獻。因為他們選擇向合資企業注資，這可以減少 AirJoule Technologies 層面的總現金需求。本週，我們與 Brit 簽訂了價值高達 3,000 萬美元的承諾股權融資協議。

The facility function similar to an aftermarket equity program for non-shelf eligible issuers. With our current balance sheet position, our business plan in 2025 remains fully funded and the committed equity facility provides us with additional financial flexibility to raise incremental capital on an opportunistic basis and support future growth.

該工具的功能類似於針對非貨架合格發行人的售後股權計劃。憑藉我們目前的資產負債表狀況，我們 2025 年的業務計劃仍然資金充足，而承諾的股權融資為我們提供了額外的財務靈活性，使我們能夠適時籌集增量資本並支持未來增長。

Now I'll pass it back for the Q&A portion of the call.

現在我將把它交回給電話會議的問答部分。

Thank you. We'll now be conducting the question and answer session.(Operator instructions)

謝謝。我們現在將進行問答環節。 （操作員指示）

Samir Joshi, HC Wainwright.

薩米爾喬希、HC溫賴特。

Hey, good morning. Thanks for taking my call. Just a couple of technical questions to start with on slide 8. The annual energy savings from Airjoule, what are they compared to like what is the comparison for this savings.

嘿，早安。感謝您接聽我的電話。我先從第 8 張投影片開始問幾個技術問題。Airjoule 每年節省的能源與什麼相比？這些節省的比較結果如何？

Yes, thanks for the question. Yes, sorry. In a specific example on slide 8, we're looking at a data center that is operating with an air cooled chilling operation and looking at its cooling expenses with the typical PUE in a Phoenix type of area and then enabling a more efficient cooling operation through the use of Airjoule generating water and then using that water for evaporative cooling. So the cost basis and assumptions are primarily on the improved efficiencies when using Airjoule as a chiller with a higher efficiency chiller and then the water that's used for adoperative cooling.

是的，謝謝你的提問。是的，抱歉。在第 8 張幻燈片上的具體範例中，我們正在研究一個採用風冷冷卻操作的資料中心，並研究其在鳳凰城地區典型 PUE 下的冷卻費用，然後透過使用 Airjoule 產生水來實現更高效的冷卻操作，然後將該水用於蒸發冷卻。因此，成本基礎和假設主要在於使用 Airjoule 作為冷卻器時與更高效的冷卻器一起使用時效率的提高，然後是用於輔助冷卻的水。

Unfortunately, it does look like we lost Samir. I'm going to move on to the next person.

不幸的是，我們似乎失去了薩米爾。我要去找下一個人了。

Jeff Grant, Alliance Global Partners.

聯盟全球合作夥伴 (Alliance Global Partners) 的 Jeff Grant。

Good morning, guys. I wanted to dive into the data center opportunity a bit more. I think you noted in the slides, you have three kind of potential proof of concept projects you're looking at. What stage of maturity would you say these conversations are in considering this is kind of a newer opportunity you guys have kind of put out into the market? And is there kind of a rough time line or estimation of when you think those could potentially be executed? Thanks.

大家早安。我想更深入地了解資料中心的機會。我想您在幻燈片中提到了，您正在研究三種潛在的概念驗證項目。考慮到這是你們向市場推出的一個較新的機會，你們認為這些對話處於什麼成熟階段？您認為這些計劃何時可能實施，是否有一個大致的時間表或估計？謝謝。

Yes. Thanks. I would say that the point of the technology as mentioned earlier in the transcript, right, we are at the stage of engineering the product and we will be deploying the units in second half of the year and into 2026 for proof of performance and value at data centers. And so we're going to be collecting data and really looking at the productivity and the return on the investment at the customer sites. And then that will turn into follow-on commitments with the promising performance we're expecting.

是的。謝謝。我想說的是，正如前面在記錄中提到的那樣，我們正處於產品工程階段，我們將在今年下半年和 2026 年部署這些設備，以證明其在資料中心的性能和價值。因此，我們將收集數據並真正專注於客戶現場的生產力和投資回報。然後，這將轉化為後續承諾，並帶來我們期待的良好表現。

Jeff, this is Matt. I'll add to what Bryan said about that to answer that question. We, one of the things that I've learned for sure is out there talking to the customers. And Bryan and his team are leading the commercialization charge. But going out there and listening to the customers and listening to the, what the real demands are.

傑夫，這是馬特。我將補充 Bryan 對此的說法來回答這個問題。我確信我們學到的一件事就是與客戶交談。布萊恩和他的團隊正在領導這項商業化工作。而是要走出去，傾聽顧客的聲音，了解真正的需求是什麼。

Most people know how much power these data centers are consuming. There's a lot of education about how much water they consume. So I was pretty shocked to read a stat recently 76 billion gallons of water was consumed by data centers in 2023, a remarkable stat. And so I'm excited not just about the opportunity that Brian is presenting, but the opportunity to actually bring water back to these municipalities where data centers can't even get permitting.

大多數人都知道這些資料中心消耗了多少電力。關於他們消耗了多少水，我們已經進行了許多教育。因此，當我最近看到一份統計數據時我感到非常震驚：2023 年資料中心消耗了 760 億加侖的水，這是一個了不起的數據。因此，我不僅為布萊恩提出的機會感到興奮，也為將水源帶回這些資料中心甚至無法獲得許可的城市的機會感到興奮。

Yes, that's great. I appreciate that, Matt. I also wanted to get a better understanding of, on the new slide deck you guys have put out, you have kind of a comparison of your efficiency relative to competitors across a spectrum of humidities and it's pretty interesting that your efficiency stays quite strong even in lower humidity environments.

是的，太棒了。我很感激，馬特。我還想更了解一下，在你們推出的新幻燈片上，你們對各種濕度條件下你們產品的效率與競爭對手進行了比較，有趣的是，即使在較低濕度環境下，你們產品的效率仍然保持相當強。

I'm curious if you could educate me a bit more on how that's achieved? And is it fair to conclude that potentially higher demand places for you guys could be lower humidity given that the relative performance is quite a bit better.

我很好奇您是否可以進一步告訴我這是如何實現的？並且可以公平地得出這樣的結論：考慮到相對性能要好得多，對你們來說潛在需求更高的地方可能是濕度較低的地方。

There's a couple of things. This is Matt again. I'm sure Bryan can add to this, too, because he's doing a lot of work in our test facility and production facility in Newark, Delaware. But, for me, it's, there are two ways that these kinds of efficiencies can be garnered. The first one is uses our vacuum swing compressor where we take the vacuum we take the air out and under vacuum, we pull the water vapor off of this special sorbent material and then slightly compress it and elevate its temperature, so it can condense.

有幾件事。我又是馬特。我相信布萊恩也能做出貢獻，因為他在我們位於特拉華州紐瓦克的測試設施和生產設施裡做了很多工作。但對我來說，有兩種方法可以獲得這種效率。第一種方法是使用我們的真空擺動壓縮機，我們採用真空抽出空氣，在真空條件下，我們將水蒸氣從這種特殊的吸附材料中抽出，然後稍微壓縮它併升高其溫度，這樣它就可以凝結。

That's a beautiful scheme. In this case here that you're seeing on that slide. When you apply a small amount, and we're just talking about a 30-degree delta T temperature small amount of low-grade waste heat, you enhance that even further and importantly, eliminate the need for a compressor.

這是一個美麗的計劃。在這種情況下，您可以在那張投影片上看到。當你使用少量時，我們只是在談論 30 度的溫差溫度，少量的低品位廢熱，你可以進一步增強它，而且重要的是，消除了對壓縮機的需求。

So that compressor is the spending part that allows us to get to those energetics without waste heat, but with waste, we eliminate it. So it really improves reliability in addition to what you're seeing on screen on that side in terms of efficiency.

因此，壓縮機是消耗部件，它使我們能夠在不產生廢熱的情況下獲得這些能量，而對於廢物，我們則將其消除。因此，除了您在螢幕上看到的效率之外，它確實還提高了可靠性。

Bryan, anything to add?

布萊恩，還有什麼要補充嗎？

No thanks.

不，謝謝。

Thank you.

謝謝。

Perfect. If I can sneak one more in. Stephen, I want to make sure I heard this right in the prepared remarks, you said that the budget for the JV in '25 is $13 million to $15 million. And if I did hear that right, that looks like maybe a little bit of a step back from the run rate in the back half of the year. So I just wanted to, I guess, understand some of those moving parts with respect to the outlook of JV spend. Thanks.

完美的。如果我能再偷偷溜進去一個。史蒂芬，我想確保我在準備好的發言中聽得正確，您說 25 年合資企業的預算為 1300 萬至 1500 萬美元。如果我沒聽錯的話，這看起來可能比今年下半年的運行率略有下降。所以我只是想了解有關合資支出前景的一些變動因素。謝謝。

Yes. $13 million to $15 million is a good approximation of the budget at the joint venture level for the full year. If you compare this to some of the monthly periods in the back half of 2024, there was just some higher expenses incurred for the build-out of the facility in Delaware, which is onetime in nature. And this year, we think $13 million to $15 million is a good indicator of what the ongoing spend would be. R&D efforts continue as planned. But like I said, there was just some onetime expenses incurred in the back half.

是的。 1300萬到1500萬美元是合資企業全年預算的合理近似值。如果將其與 2024 年下半年的某些月度期間進行比較，就會發現特拉華州設施建設產生的一些費用更高，而且是一次性的。今年，我們認為 1,300 萬至 1,500 萬美元可以很好地表明持續支出的金額。研發工作繼續按計畫進行。但就像我說的，後半部只是產生了一些一次性費用。

Got it. Perfect. That makes sense. Alright, thank you guys for your time.

知道了。完美的。這很有道理。好的，謝謝大家的時間。

Samir Joshi, HC Wainwright.

薩米爾喬希、HC溫賴特。

Yeah, good morning once again. I think I got disconnected. And maybe some of the questions I asked were already addressed. So the proof of concept deployment that is being planned in Dubai, is it also at the 160 watt-hours per liter efficiency level? Or is it going to be slightly different than, just wanted to understand that.

是的，早安。我感覺我已經斷線了。也許我提出的一些問題已經得到解答了。那麼，杜拜正在規劃的概念驗證部署是否也是達到每公升 160 瓦時的效率水準？或者會稍有不同，只是想了解這一點。

Yes, I can take that question. The proof of concept unit that's in Dubai is higher than 160 watt-hours per liter, primarily its main purpose is proving the operational process in Dubai that it can operate under a wide range of humidity conditions as well as temperature conditions.

是的，我可以回答這個問題。位於杜拜的概念驗證裝置的能耗高於每公升 160 瓦時，其主要目的是證明其在杜拜的運作過程可以在各種濕度條件以及溫度條件下運作。

And we are seeing good productivity out of that unit and good demonstration of the operating principles. That unit has some of the, I would say, Gen 1 or Gen 0 technology elements that give it higher energetics on a per meter basis. We will be upgrading the unit in the near future to achieve really attractive anagenic.

我們看到該部門的生產效率很高，營運原則也得到很好的體現。我想說，該裝置擁有一些 Gen 1 或 Gen 0 技術元素，使其每米具有更高的能量。我們將在不久的將來對該裝置進行升級，以實現真正有吸引力的再生。

Understood. And then correct me if I'm wrong, but is the, are you still targeting that sub-100 level, sub-100 watt-hours per liter level of efficiency. I think you were trying to be at 60 to 90, just wanted to see, and more importantly, at 160 watt-hour per liter. Is it commercially ready to go? Are there customers at this level?

明白了。如果我錯了，請糾正我，但是，您是否仍以低於 100 的水平、低於每公升 100 瓦時的效率為目標？我認為你試圖將其控制在 60 到 90 之間，只是想看看，更重要的是，達到每公升 160 瓦時。它已經做好商業化的準備了嗎？有這個等級的客戶嗎？

I can take that. This is Matt. Sorry, Bryan.

我可以接受。這是馬特。對不起，布萊恩。

Yes. Let me take it, Matt. Thank you. I think I'll take those in reverse. So the 160 watt-hours per liter that we're at today that we've demonstrated today using the incorporation of this 60-degree type of waste heat has now proven embedded for months in our Newark operations, and we are focusing our product development efforts around commercializing that technology. So that will be ready in the second half of the year.

是的。讓我來接受它，馬特。謝謝。我想我會反過來做這些。因此，我們今天展示的利用這種 60 度廢熱實現每公升 160 瓦時發電量的技術，已經在我們的紐瓦克工廠運行了數月，得到了證實，我們正致力於將產品開發工作集中在將該技術商業化上。因此它將在今年下半年準備好。

Launching with that we see to water product with demonstrated performance below 160 watt-hours per liter. As a kind of the first part of the question, as a technology company that's really focused on improving, we will continue to drive the performance better and better as we evolve.

從此我們可以看到水產品的功效已證實低於每公升 160 瓦時。作為問題的第一部分，作為一家真正專注於改進的科技公司，我們將在不斷發展的同時不斷提高業績。

We're already seeing the capability to continue to progress this 160 down even lower, and we'll provide more material updates when they become ready to announce. But we are still targeting, right, the sub-100 watt hours per liter. We have entitlement to achieve that based on kind of the fundamentals of how our systems operate. And as we evolve and advance our technology, we will continue to march down on the energy capabilities.

我們已經看到了繼續將這個 160 進一步降低的能力，並且我們將在準備好宣佈時提供更多重要更新。但我們的目標仍然是每公升低於 100 瓦時。根據我們系統運作的基本原理，我們有權實現這一目標。隨著技術的發展和進步，我們將繼續提高能源能力。

And I'll add two things, Sameer. This is Matt again. Sameer, yes, I just wanted to add a couple of things too. As Brian said, the, we will target those lower energetics, and it really will help to scale as we get larger and larger systems in place we'll be able to put redundancies in place for the system components where these modules get hooked up together. But the another thing that I've learned is that here there's quite inelasticity in pricing for distilled water around the world.

我還要補充兩點，薩米爾。我又是馬特。Sameer，是的，我也想補充幾點。正如布萊恩所說，我們將針對那些較低的能量，這確實將有助於擴大規模，隨著我們建立越來越大的系統，我們將能夠為這些模組連接在一起的系統組件設置冗餘。但我了解到的另一件事是，世界各地的蒸餾水定價相當缺乏彈性。

In water scarce regions, the energetics is always important, but I'm surprised at the actual inelasticity of the cost of water. It's a remarkable thing when you look out at what desalination does to Gulf waters and coastline. So there's a big, big effort, especially in the Middle East to mitigate that situation. And cost is almost sometimes not their first issue. Thank you.

在缺水地區，能源始終很重要，但我對水成本的實際缺乏彈性感到驚訝。當你觀察海水淡化對墨西哥灣水域和海岸線造成的影響時，你會發現這是一件了不起的事。因此，我們做出了巨大的努力，特別是在中東地區，以緩和這種局勢。而且成本有時幾乎不是他們的首要問題。謝謝。

Understood. Thanks for that. And just one last sort of clarification question. The three proof of concept projects that you're evaluating for your data center operators, are those going to be at this 1,000 liter? Is that going to be one Airjoule unit or multiple units?

明白了。謝謝。最後一個需要澄清的問題。您正在為資料中心營運商評估的三個概念驗證項目，它們的水量是否達到 1,000 公升？那是 Airjoule 單位還是多個單位？

Yes. That will depend a little bit on exactly how we deploy the units and with them and where they are as well as a bit on the time line. So we will have a mix of units and different sizes that are being deployed with those customers. And really, just to kind of echo again some of the engagements with the data center community.

是的。這在一定程度上取決於我們具體如何部署部隊、部署部隊的位置以及時間表。因此，我們將為這些客戶部署多種不同規模的設備。事實上，這只是為了再次呼應與資料中心社群的一些合作。

We're seeing both traction from the desire to take waste heat into water and allow data centers to be built in regions that have lower cost energy, but may not have the availability or be concerned about the ability to secure water and that may have a different type of unit deployed versus another data center type of customer that really wants to improve their operational efficiencies and improve their PUE and [OWUE], but really around operational cost improvement and for that, we would focus on maybe a different size or timing of that unit.

我們看到了將廢熱轉化為水的願望，並允許在能源成本較低但可能沒有可用性或擔心確保水源的能力的地區建立數據中心，並且可能部署不同類型的設備，而另一個數據中心類型的客戶真正想要提高他們的運營效率和改善他們的 PUE 和 [OWUE]，但真正圍繞運營成本的改善，為此，我們可能會關注該設備的不同規模或時間。

Understood. Thanks for that. Congrats on all the progress and good luck.

明白了。謝謝。恭喜您所取得的所有進步並祝您好運。

Jeffrey Campbell, Seaport Research Partners.

傑弗瑞‧坎貝爾（Jeffrey Campbell），海港研究夥伴。

Good morning and congratulations on all the progress to date. I'll ask two questions. One, I was curious to know to what extent Carrier is involved in any of the current data center efforts or when you think that they will become more involved in the data center efforts.

早上好，恭喜您迄今為止的所有進展。我要問兩個問題。首先，我很好奇，想知道 Carrier 在多大程度上參與了目前的資料中心工作，或者您認為何時會更多地參與資料中心工作。

Before, Bryan leading our commercialization efforts can answer that question with respect to the data centers. But I will say this from the standpoint of a partnership you couldn't ask for a better partner. Carrier has been exemplary. They've educated us about what it takes to succeed in the long-term play, which is the air conditioning systems. And so we, these water initiatives and the data center initiatives really give us that stepping stone into that long-term air conditioning dehumidification market. So a shout out to Carrier for sure.

之前，領導我們商業化工作的 Bryan 可以回答有關資料中心的這個問題。但從合作夥伴的角度來看，我找不到比我們更好的合作夥伴了。開利公司一直堪稱典範。他們告訴我們，要想在長期的競爭中取得成功，就必須有空調系統。因此，這些水計劃和資料中心計劃確實為我們進入長期空調除濕市場提供了墊腳石。因此，一定要向 Carrier 致敬。

Bryan, you can address the specific data center projects we're undertaking.

布萊恩，您可以談談我們正在進行的具體資料中心專案。

Yes. I would say that, in general, we're working very closely on a weekly basis with the Carrier team on how to integrate and deploy the Airjoule Technology at data centers. Carrier is obviously very strategically focused on data centers and has a wealth of technologies to improve the cooling costs at data centers and Airjoule is being made it nicely with those Carrier Technologies.

是的。我想說，總的來說，我們每週都會與 Carrier 團隊密切合作，研究如何在資料中心整合和部署 Airjoule 技術。開利顯然非常注重資料中心的策略，並擁有豐富的技術來改善資料中心的冷卻成本，而 Airjoule 正是透過這些開利技術完美地實現了這一點。

Okay. And I guess what I'm trying to understand at this point, is there an entry point for you and the data centers prior to being fully integrated with Carrier and then the time line for being more integrated with Carrier and what sort of improvements or what, how would that affect your approach to the data center market?

好的。我現在想了解的是，在與 Carrier 完全整合之前，您和資料中心是否有一個切入點，然後是與 Carrier 進一步整合的時間表，以及會有什麼樣的改進，或者說，這會如何影響您對資料中心市場的態度？

Yes Jeff, this is Matt. I just would say preceding Bryan here. As I said, the data center play and the water play gives us that stepping stone to that fully integrated system across the board for the commercial HVAC markets that we've been pursuing with Carrier. Specifically for the data center, Bryan, you can maybe further elaborate on that project.

是的，傑夫，這是馬特。我只想說，這裡先於布萊恩。正如我所說的，資料中心和水上應用為我們提供了一個全面整合系統的墊腳石，該系統適用於我們一直與開利合作開發的商業暖通空調市場。具體來說，對於資料中心，布萊恩，你也許可以進一步詳細說明這個專案。

Well, just to say that the first stepping stone in our commercialization strategy with data centers is to get units on the ground globally where they're needed to be generating water from waste heat as proof of concept in that scenario, the waste heat could come from a variety of sources.

好吧，我們資料中心商業化策略的第一步就是在全球範圍內將設備部署到需要它們的地方，利用廢熱來生產水作為概念驗證，在這種情況下，廢熱可能來自各種各樣的來源。

And the next step is kind of directly connecting into the hot side of the pillar, right, the heat rejection side and then doing that integration. That integration is relatively low risk being that those chillers today have already done a fair bit of waste heat utilization. For example, district heating that's been done in parts of Europe with taking data center heat to (inaudible). And we can, so the integration part is lower risk, but we, that's the second step. Thanks.

下一步就是直接連接到柱子的熱側，對吧，散熱側，然後進行整合。這種整合的風險相對較低，因為今天的冷卻器已經完成了相當多的廢熱利用。例如，歐洲部分地區已經實施了區域供熱，將資料中心的熱量轉移到（聽不清楚）。我們可以，因此整合部分的風險較低，但這是第二步。謝謝。

I think, sorry, Jeff, I think Pat Eilers, our Executive Chairman had a comment here, you would.

我認為，抱歉，傑夫，我們的執行主席帕特·艾勒斯在這裡發表了評論，你會的。

Yes, I'll just add just a quick comment for everybody just with regards to Carrier's commitment. We had our fourth quarter Board meeting at their global headquarters over in Miami, Florida or Palm Beach to be specific in early February and Dave Gitlin, the CEO of Carrier made time to get together with us as well.

是的，我只想就 Carrier 的承諾為大家做一點簡短的評論。我們於 2 月初在位於佛羅裡達州邁阿密或棕櫚灘的全球總部舉行了第四季度董事會會議，開利公司首席執行官戴夫·吉特林 (Dave Gitlin) 也抽出時間與我們會面。

They are committed and we will get more definition on your question over the ensuing quarters here. But we're very encouraged by their engagement and their commitment to making this a successful commercialization strategy with them and specifically in the data center space.

他們已經做出了承諾，我們將在接下來的幾個季度對您的問題進行更明確的解釋。但我們對他們的參與以及他們致力於使其成為一項成功的商業化策略（特別是在資料中心領域）的承諾感到非常鼓舞。

Okay. And just simplistically, what I'm kind of getting from this is that you produce water now, it will go into some kind of existing cooling system, whether it's evaporative or the gene the chillers or whatever. And then later on, when Carrier has it integrated into an HD Assist and then it could be their equipment that's in the data center taking advantage of your water? Is that kind of a reasonable way to think of it.

好的。簡單地說，我從中得到的印像是，你現在生產的水將進入某種現有的冷卻系統，無論是蒸發式冷卻系統、基因冷卻器或其他什麼。然後，當運營商將其整合到 HD Assist 中時，資料中心的裝置可能會利用您的水嗎？這是合理的思考方式嗎？

Yes. That's a fair statement. The other thing you want to think about is the highest value of water oftentimes is the fact that it's distilled. It's 3 times the value of ordinary municipal water. So we'll be looking at that in addition to that. But to your point, it eventually, we're excited about being integrated with Carrier systems, not just in data centers, but everywhere, producing water and dehumidified air.

是的。這是一個公平的說法。您要考慮的另一件事是，水的最高價值往往在於它是蒸餾水。其價值為普通市政自來水的3倍。因此，我們也將對此進行進一步研究。但正如您所說，最終我們很高興能夠與 Carrier 系統集成，不僅僅是在資料中心，而是在任何地方，生產水和除濕空氣。

Right. And my other question, just to kind of shift gears away from the data centers. Could you provide an example of how Airjoule might be utilized in the food and beverage industry. I know CO2 emitters are talking a lot about trying to figure out ways to get their sentences apparently a shortage of supply. So I'm just wondering how the distilled water would work and some of the people you're talking to?

正確的。我的另一個問題是，如何將話題從資料中心轉移開。您能否舉一個例子來說明 Airjoule 如何應用於食品和飲料產業。我知道二氧化碳排放者正在討論如何讓他們的刑罰顯然出現供應短缺。所以我只是想知道蒸餾水是如何起作用的以及你正在與一些人交談？

Yes, let me take that. There's really two main thrusts in the food and beverage sectors. One is on de-comidification. You saw it today on the slides that we are 4 times or 8 times more efficient than some very common dehumidification methods that are used in the food and beverage industry. And then on the water side, there are actually many examples of food and beverage companies needing to relocate or move their assets from regions where there is water scarcity.

是的，讓我來接受。食品和飲料行業實際上有兩大主力。一是去集團化。您今天在幻燈片上看到，我們的除濕方法比食品和飲料行業使用的一些非常常見的除濕方法效率高 4 倍或 8 倍。在水資源方面，實際上有許多食品和飲料公司需要從缺水地區遷移或轉移資產的例子。

And securing water for expanded operations is very important to the food and beverage sector. So they're very driven and motivated to improve their water security across the board, and they have a ton of waste heat right? So typically, right, we're a good match for taking that waste and solving some of their water security and scarcity challenges at the same time.

確保擴大經營所需的水源對食品和飲料產業來說非常重要。所以他們非常有動力和積極性來全面改善他們的水安全，而且他們有大量的廢熱，對嗎？所以通常來說，我們很適合處理這些廢棄物，同時解決他們的一些水安全和水資源短缺。

Okay. Great, thanks for the color. Appreciate it.

好的。太棒了，謝謝你的顏色。非常感謝。

Thanks, Jeff.

謝謝，傑夫。

Mark Lester, Eastern Investment Company.

東方投資公司（Eastern Investment Company）的馬克‧萊斯特（Mark Lester）。

Hi, Matt and team, congrats on progress to date and pretty excited about the waste, water from waste heat applications here. My question simply speaks to for water harvesting, and standalone units? Is that something that's still in the developmental pipeline here? And any thoughts you can have on progress towards that?

嗨，馬特和團隊，對迄今為止的進展表示祝賀，並對這裡的廢物、廢熱應用產生的水感到非常興奮。我的問題只是涉及集水和獨立單位？這是仍處於開發階段的東西嗎？您對於該方面的進展有什麼看法？

Hey, Mark, good to hear from you.

嘿，馬克，很高興收到你的來信。

Yes, we do have very concrete plans on a standalone unit for generating water. And really, that can be done through a couple of different ways, but the most easy or lowest-hanging fruit way is to couple it with a number of heat generating sources via heat pumps or other high-efficiency ways of bringing in heat.

是的，我們確實有關於獨立產水裝置的非常具體的計劃。實際上，這可以透過幾種不同的方式來實現，但最簡單或最容易實現的方式是透過熱泵或其他高效的供熱方式將其與多個產熱源結合。

Second to that is we do have a number of compressor programs that will be coming online, I guess, coming to fruition in a very near to medium term that will further improve the commercialization time lines for standalone units with compressors.

其次，我們確實有許多壓縮機專案即將上線，我想，這些專案將在近期到中期內取得成果，這將進一步改善帶有壓縮機的獨立裝置的商業化時間表。

Thank you.

謝謝。

Thanks, Mark.

謝謝，馬克。

Thank you. There are no further questions at this time. I would now like to hand the call back over to Matt Jore for any closing comments.

謝謝。目前沒有其他問題。現在我想將電話轉回給馬特喬爾 (Matt Jore)，請他發表最後評論。

Thanks, everybody, for joining the call today. We're, you can see we're very, very excited about what's coming up in our future, and we look forward to, as Bryan said earlier, providing transparent information as we progress. Hope everybody has a happy 2025 summer.

感謝大家今天的電話會議。你可以看到，我們對未來將要發生的事情感到非常非常興奮，正如布萊恩之前所說的，我們期待在進展過程中提供透明的資訊。祝大家2025年夏天快樂。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開您的線路。祝你剩餘的時光愉快。