Airjoule Technologies Corp (AIRJ) 2025 Q1 法說會逐字稿

Greetings. Welcome to the AirJoule Technologies first quarter 2025 earnings call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加 AirJoule Technologies 2025 年第一季財報電話會議。（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 your host, Tom Divine, Vice President of Investor Relations and Finance. Thank you. You may begin.

現在我很高興將會議交給主持人、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 good morning. With me today for our first-quarter earnings call are Matt Jore, Chief Executive Officer; Pat Eilers, Executive Chairman; Bryan Barton, Chief Commercialization Officer; and Stephen Pang, Chief Financial Officer. 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，早安。今天與我一起參加第一季財報電話會議的有執行長 Matt Jore、執行主席 Pat Eilers、商業化長 Bryan Barton 和財務長 Stephen Pang。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找到。

I would like to point out 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 statement sections 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前瞻性聲明部分的風險因素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.

現在我將把時間交給 Matt Jore。

Thanks, Tom, and thanks, everyone, for joining us this morning. We have some very exciting developments to share in addition to our first-quarter financial results. Before we get into that, I'd like to take a moment to reflect on the topic of water security, which we believe is one of the defining challenges of our time. Around the globe, communities, industries, and governments are grappling with growing water scarcity, driven by population growth, climate change, and increasing industrial demand. Nowhere is this more evident than in sectors like advanced manufacturing and data centers, which together account for a significant and rising share of global water consumption.

謝謝湯姆，也謝謝大家今天早上加入我們。除了第一季的財務表現外，我們還有一些非常令人興奮的進展要分享。在討論這個問題之前，我想花點時間思考一下水安全這個主題，我們認為這是我們這個時代面臨的決定性挑戰之一。在全球範圍內，由於人口成長、氣候變遷和工業需求增加，社區、產業和政府都在努力應對日益嚴重的水資源短缺問題。這一點在先進製造業和資料中心等領域表現得最為明顯，這些領域佔全球水消耗量的很大一部分，而且這一比例還在上升。

Data centers alone consume millions of gallons of water per day to keep their operations cool, adding pressure on local water resources that are already under strain. At the same time, the world is generating an enormous and largely untapped resource, waste heat. From industrial processes to server racks in data centers, vast amounts of low-grade waste heat are being expelled into the environment every second. This represents a staggering opportunity. By harnessing that waste heat, we can not only reduce thermal pollution but also turn it into something of lasting value, pure distilled water harvested directly from the air.

光是資料中心每天就要消耗數百萬加侖的水來保持其運作涼爽，這給當地本已緊張的水資源帶來了更大的壓力。與此同時，世界正在產生一種巨大的、基本上尚未開發的資源——廢熱。從工業製程到資料中心的伺服器機架，每秒鐘都會有大量低品位廢熱被排放到環境中。這是一個絕佳的機會。透過利用廢熱，我們不僅可以減少熱污染，還可以將其轉化為具有持久價值的東西，即直接從空氣中收集的純淨蒸餾水。

Our transformational AirJoule system sits at the intersection of these global imperatives. By using waste heat as an energy source to produce distilled water, we are redefining what's possible in both water generation and sustainability. The size of the waste heat resource worldwide is immense, and we see this as a tremendous opportunity. With AirJoule, we aim to transform that wasted energy into a secure and reliable water supply that supports critical infrastructure, reduces environmental impact, and strengthens resilience for the future.

我們的轉型 AirJoule 系統正處於這些全球需求的交匯處。透過利用廢熱作為能源來生產蒸餾水，我們重新定義了水生產和永續性的可能性。全球廢熱資源規模龐大，我們認為這是一個巨大的機會。透過 AirJoule，我們旨在將浪費的能源轉化為安全可靠的水源，以支援關鍵基礎設施、減少環境影響並增強未來的復原力。

With that backdrop, we're excited by the progress we've made so far this year. We recently announced the sale of an AirJoule system to Arizona State University, which is home to the world's foremost research facility devoted to atmospheric water harvesting. We expect to deploy this system in the third quarter, and it will be operating in the field in Arizona and proving validation of performance.

在這樣的背景下，我們對今年迄今的進展感到非常興奮。我們最近宣布向亞利桑那州立大學出售一套 AirJoule 系統，該系統是世界上致力於大氣水收集的頂尖研究機構所在地。我們預計將在第三季部署該系統，它將在亞利桑那州的現場運行並驗證其性能。

As we mentioned on our last call, we also have an AirJoule system deployed and operating in Dubai at a government research facility. We are continuing to make progress on our preproduction system that we plan to deploy for multiple pilot projects at industrial operations, including data centers, in the second half of this year. Our customers are eager to get their hands on an AirJoule and see its operational capabilities in field deployments. Some customers are excited about the ability to generate on-site water for their operations, and others are intrigued by the idea of using their heat byproduct, which would otherwise be wasted to produce something as valuable as distilled water.

正如我們在上次電話會議中提到的，我們也在杜拜的政府研究機構部署並運行了 AirJoule 系統。我們的預生產系統正在繼續取得進展，我們計劃在今年下半年在包括資料中心在內的工業營運的多個試點項目中部署該系統。我們的客戶渴望獲得 AirJoule 並了解其在現場部署中的運作能力。一些客戶對於能夠在現場生產用於其運營的水的能力感到興奮，而其他客戶則對利用他們的熱副產品的想法很感興趣，否則這些熱副產品將被浪費來生產像蒸餾水一樣有價值的東西。

We're learning from our customers that there's a huge market for distilled water, and even water as a service could be another possible application for AirJoule systems down the road. On the engineering front, we are refining and optimizing the design of our commercial AirJoule product, which we expect to begin delivering to customers in 2026. We've also further expanded our Newark, Delaware, facility to better support our manufacturing operations.

我們從客戶那裡了解到，蒸餾水市場龐大，甚至水即服務也可能是 AirJoule 系統未來的另一種可能的應用。在工程方面，我們正在改進和優化商用 AirJoule 產品的設計，預計 2026 年開始向客戶交付。我們還進一步擴大了位於特拉華州紐瓦克的工廠，以更好地支持我們的製造業務。

GE Vernova and Carrier continue to be great collaborators on the engineering and development side. We work with engineers and researchers at the GE Vernova Advanced Research Center on a weekly basis, as well as with Carrier in the realm of data center cooling, which is one of their fastest-growing markets. In April, we strengthened our balance sheet and expanded our shareholder base by completing a $15 million common equity PIPE, which was anchored by GE Vernova.

GE Vernova 和 Carrier 在工程和開發方面繼續保持良好的合作關係。我們每週都會與 GE Vernova 高級研究中心的工程師和研究人員合作，同時也與開利公司在資料中心冷卻領域合作，這是他們成長最快的市場之一。4 月份，我們完成了由 GE Vernova 主導的 1500 萬美元普通股 PIPE，從而增強了資產負債表並擴大了股東基礎。

Now I'd like to turn it over to our Executive Chairman, Pat Eilers, to talk about GE Vernova's recent decision to double their investment into our AirJoule joint venture.

現在，我想請我們的執行主席 Pat Eilers 來談談 GE Vernova 最近決定加倍對我們的 AirJoule 合資企業的投資。

Thanks, Matt. It's great to be here this morning to update our shareholders on the progress we've made so far this year. As Matt mentioned, we recently raised $15 million of gross proceeds through a PIPE transaction that was anchored by GE Vernova, who owns 50% of our AirJoule joint venture. As many people know, I've been involved with AirJoule Technologies for several years, and I led DeSPAC that merged the company and took it public just over a year ago. As part of that process, we had the opportunity to get to know the folks at GE Vernova, both in their Ventures Group and at the Advanced Research Center.

謝謝，馬特。我很高興今天早上能在這裡向我們的股東通報我們今年迄今為止的進展。正如馬特所提到的，我們最近透過一項 PIPE 交易籌集了 1500 萬美元的總收益，該交易由 GE Vernova 主導，該公司擁有我們 AirJoule 合資企業 50% 的股份。眾所周知，我參與 AirJoule Technologies 工作已有數年，而我領導的 DeSPAC 在一年多前合併了該公司並使其上市。作為這個過程的一部分，我們有機會認識 GE Vernova 的員工，包括其創投集團和高級研究中心的員工。

In March of 2023, I was with Matt in Ronan, Montana, when the team from GE Vernova, led by Dr. David Moore, the Head of their air-to-water project in their carbon capture research group, came out to see the AirJoule system produce water from air with their very own eyes. When they witnessed firsthand AirJoule's ability to produce pure distilled water in dehumidified air, they recognized the synergies that we could achieve by collaborating on this transformational technology through a joint venture.

2023 年 3 月，我和馬特在蒙大拿州羅南，當時 GE Vernova 的團隊在碳捕獲研究小組空氣製水項目負責人大衛·摩爾博士的帶領下，親眼目睹了 AirJoule 系統如何從空氣中生產水。當他們親眼目睹 AirJoule 在除濕空氣中生產純蒸餾水的能力時，他們認識到我們透過合資合作開發這項轉型技術可以實現的協同效應。

Over the last year, it's been a tremendous experience to work together with GE Vernova to establish the AirJoule joint venture and put in place a strong foundation to commercialize the AirJoule technology. The more we work together with GE Vernova, the more opportunities we identify for collaborating.

在過去的一年裡，我們與 GE Vernova 合作建立了 AirJoule 合資企業，為 AirJoule 技術的商業化奠定了堅實的基礎，這是一個非常棒的經驗。我們與 GE Vernova 的合作越多，我們發現的合作機會就越多。

GE Vernova is a global leader in energy technologies with deep expertise spanning power generation, electrification, and industrial decarbonization. Consider gas turbines, which are used in power plants around the world to generate electricity. They also release massive amounts of low-grade heat. We have a vision in which AirJoule can eventually be integrated into power plants to turn that waste heat into a productive asset and generate pure distilled water at scale. This dovetails with our goal of optimizing energy use in advancing sustainability in industrial operations.

GE Vernova 是能源技術的全球領導者，在發電、電氣化和工業脫碳領域擁有深厚的專業知識。以燃氣渦輪機為例，世界各地的發電廠都使用它來發電。它們還會釋放出大量的低品位熱量。我們的願景是，AirJoule 最終可以融入發電廠，將廢熱轉化為生產資產，並大規模生產純淨蒸餾水。這與我們優化能源使用、促進工業營運永續發展的目標相吻合。

It's a great vote of confidence that GE Vernova has chosen to increase their investment in the AirJoule joint venture, and we're excited to be collaborating with them on this transformational technology. As we were thinking about GE Vernova's investment, we were fielding additional inquiries from existing investors who wanted to increase their investment in AirJoule Technologies. We've also been spending a lot of time and effort to engage new institutional investors and educate them on AirJoule's massive market opportunity. That effort bore fruit as evidenced by our ability to bring several institutional investors into the shareholder base as part of this raise. As Stephen will talk about later, this capital raise strengthens our balance sheet and fully funds our operations.

GE Vernova 選擇增加對 AirJoule 合資企業的投資，這是對我們極大的信任，我們很高興能與他們就這項變革性技術進行合作。當我們考慮 GE Vernova 的投資時，我們正在處理現有投資者的更多詢問，他們希望增加對 AirJoule Technologies 的投資。我們也花了大量的時間和精力來吸引新的機構投資者並向他們介紹 AirJoule 的龐大市場機會。這項努力取得了成果，因為我們能夠將多家機構投資者納入股東基礎，作為此次融資的一部分。正如史蒂芬稍後會談到的，此次融資增強了我們的資產負債表，並為我們的營運提供了充足的資金。

Now I'll turn it over to Bryan Barton, Chief Commercialization Officer and President of the AirJoule joint venture for a commercial and operations update.

現在，我將把時間交給商業化長兼 AirJoule 合資企業總裁 Bryan Barton，介紹商業和營運的最新情況。

Thanks, Pat. Because we gave our last commercial update on our prior earnings call at the end of March, I won't spend too much time on this subject. But I did want to talk about the collaboration that we recently announced with Arizona State University in which they'll be purchasing one of our AirJoule A250 systems for research and evaluation purposes. Arizona State University is home to the Global Center for Water Technology, whose mission is to address water concerns in Arizona. One of their four primary activities is operating demonstration sites in Arizona that enable evaluation of cutting-edge solutions in the field. While we're certainly excited that this represents the beginning of our AirJoule sales revenue, we're even more excited about the independent testing and validation that the researchers at ASU will perform with AirJoule.

謝謝，帕特。因為我們在三月底的上次收益電話會議上給出了最後一次商業更新，所以我不會在這個問題上花太多時間。但我確實想談談我們最近宣布的與亞利桑那州立大學的合作，他們將購買我們的一台 AirJoule A250 系統用於研究和評估目的。亞利桑那州立大學是全球水技術中心的所在地，該中心的使命是解決亞利桑那州的水問題。他們的四項主要活動之一是在亞利桑那州運營示範站，以便評估該領域的尖端解決方案。雖然我們非常高興這代表了我們的 AirJoule 銷售收入的開始，但我們更興奮的是 ASU 的研究人員將使用 AirJoule 進行的獨立測試和驗證。

The climate in Arizona is a challenging one for atmospheric water harvesting because of the low relative humidity. Most conventional technologies that rely on refrigerant systems don't work very well in those conditions, but we're eager to demonstrate AirJoule's capabilities. We view this as a major step forward in proving that AirJoule can be a solution to water scarcity in arid environments around the world. In regard to timing, we expect to deliver this AirJoule product to ASU in the fall of this year, and we look forward to providing more updates once it is operational.

由於相對濕度較低，亞利桑那州的氣候對於大氣水收集來說是一個挑戰。大多數依賴冷媒系統的傳統技術在這些條件下都無法很好地工作，但我們渴望展示 AirJoule 的功能。我們認為這是向前邁出的重要一步，證明 AirJoule 可以解決世界各地乾旱環境的水資源短缺。關於時間安排，我們預計將於今年秋季向 ASU 交付這款 AirJoule 產品，並期待在投入營運後提供更多更新資訊。

We continue to make progress on developing our larger A1000 preproduction system. We've successfully scaled to a larger chamber with a new design, which holds more sorbent and produces more water. We're also continuing to improve our energetics as we do this, even below the 160 watt hours per liter that we announced on our last earnings call. The A250 system that we'll be delivering to Arizona State University is the core module of the A1000 system that we've been discussing over the last few quarters. When thinking about our demonstrations, in some cases, it will make more sense to deploy A250s, which can be manufactured faster and are optimal for demonstrating the technological capabilities of AirJoule. The full A1000 could be deployed in cases where customers are eager to assess the full scaled-up operation of AirJoule. We are on track to deliver up to three AirJoule pilot projects in the second half of 2025.

我們在開發更大的 A1000 預生產系統方面繼續取得進展。我們成功地擴大了採用新設計的更大腔室，該腔室可容納更多的吸附劑並產生更多的水。同時，我們也持續提高我們的能源效率，甚至低於我們在上次收益電話會議上宣布的每公升 160 瓦時。我們將向亞利桑那州立大學交付的 A250 系統是我們過去幾季一直在討論的 A1000 系統的核心模組。在考慮我們的簡報時，在某些情況下，部署 A250 更有意義，因為它可以更快地製造並且最適合展示 AirJoule 的技術能力。如果客戶渴望評估 AirJoule 的全面擴大運營，則可以部署完整的 A1000。我們預計在 2025 年下半年推出最多三個 AirJoule 試點計畫。

From a supply chain perspective, we're working to finalize the design for our commercial system with a focus on DFM or design for manufacturing. DFM is the process of designing a cost-effective and reliable product. Our focus is to design an AirJoule product that is profitable and yields an attractive levelized cost of water for our customers.

從供應鏈的角度來看，我們正在努力完成我們的商業系統的設計，重點是 DFM 或製造設計。DFM 是設計具有成本效益且可靠的產品的過程。我們的重點是設計一款有利可圖且能為客戶帶來具有吸引力的平準化水成本的 AirJoule 產品。

We've also expanded our Newark manufacturing facility, which includes manufacturing and assembly areas, along with our environmental test chambers, which can operate various AirJoule configurations in different environmental conditions, as well as integrate waste heat. We also completed our coating line where we can now coat our own sorbent coated contactors that are being used in the A250 and A1000 systems.

我們還擴建了紐瓦克製造工廠，其中包括製造和組裝區以及環境測試室，可以在不同的環境條件下運行各種 AirJoule 配置，並整合廢熱。我們也完成了塗層生產線，現在我們可以對 A250 和 A1000 系統中使用的吸附劑塗層接觸器進行塗層。

In conjunction with productization, we're working through various certification processes, including, for example, achieving a portable water standards with the Texas Commission on Environmental Quality for data center applications. GE Vernova and Carrier have been working closely with us through this process. With GE Vernova, we recently announced a strategic project to further explore AirJoule integration into GE Vernova's products. At the end of April, several members from one of GE Vernova's business units came to Newark to discuss AirJoule and share best practices.

在產品化的同時，我們正在進行各種認證流程，例如，與德州環境品質委員會合作，為資料中心應用實現便攜式水標準。GE Vernova 和 Carrier 在整個過程中一直與我們密切合作。我們最近與 GE Vernova 合作宣布了一項策略項目，進一步探索將 AirJoule 整合到 GE Vernova 的產品中。四月底，GE Vernova 的一個業務部門的幾名成員來到紐瓦克討論 AirJoule 並分享最佳實踐。

With Carrier, data center cooling is one of their fastest-growing markets, and we're working directly with their engineering team to optimize the AirJoule system design for data center cooling applications. The cross-pollination with the teams at GE Vernova and Carrier has been very productive, and it should help with our commercialization efforts and expand our market opportunities. As you can see, we're at a very exciting stage, and there are many developments on all fronts.

對於開利而言，資料中心冷卻是其成長最快的市場之一，我們正在與他們的工程團隊直接合作，以優化數據中心冷卻應用的 AirJoule 系統設計。與 GE Vernova 和 Carrier 團隊的相互交流非常富有成效，這將有助於我們的商業化努力並擴大我們的市場機會。如您所見，我們正處於一個非常令人興奮的階段，各方面都取得了許多進展。

Stephen, I'll let you take it from here for the financial update.

史蒂芬，我讓你從這裡獲取財務更新。

Thank you, Bryan. We can turn to slide 8 of the presentation to see our financial results for the first quarter. As a reminder, AirJoule Technologies accounts for its 50% ownership in the joint venture using the equity method. The numbers in the table are only for AirJoule Technologies. The results from the joint venture are reflected in the loss from investment in AirJoule JV line, which was $2.2 million for the first quarter.

謝謝你，布萊恩。我們可以翻到簡報的第 8 張投影片來查看第一季的財務表現。提醒一下，AirJoule Technologies 採用權益法核算其在合資​​企業中 50% 的所有權。表中的數字僅適用於 AirJoule Technologies。合資企業的表現反映在對 AirJoule JV 生產線的投資損失中，第一季損失為 220 萬美元。

During the first quarter, AirJoule's net operating expenses were $3.2 million. This is inclusive of the approximately $500,000 in administrative and engineering expenses reimbursed to us by the joint venture under a statement of work. Our net income for the first quarter was $14.9 million, which was driven by certain non-cash gains associated with the change in the fair value of our earn-out liabilities and subject vesting shares that relate to the specific provisions from our business combination agreement last year. These items only impact our net income but are non-cash in nature.

第一季度，AirJoule 的淨營運費用為 320 萬美元。其中包括合資企業根據工作說明向我們償還的約 50 萬美元的行政和工程費用。我們第一季的淨收入為 1,490 萬美元，這主要是由於與去年業務合併協議中的具體條款相關的盈利負債和歸屬股份的公允價值變動相關的某些非現金收益所致。這些項目僅影響我們的淨收入，但本質上是非現金的。

During the quarter, we also made a capital contribution of $5 million to the AirJoule JV to support the ongoing commercialization efforts. We ended the quarter with approximately $24 million of cash sitting on the balance sheet of the two entities. Subsequent to the end of the quarter, we raised $15 million through the PIPE investment, which increases our Q1 ending cash balance to $38 million on a pro forma basis. As mentioned, the PIPE was anchored by GE Vernova, which chose to match the $5 million capital contribution we recently contributed into the JV. And this matching capital contribution was structured as an equity investment into AirJoule Technologies, which mirrors their initial $5 million capital contribution when the joint venture was formed in March of 2024. We also gave our existing investors the opportunity to invest alongside of GEV, and we brought in additional new institutional investors to further expand our shareholder base.

本季度，我們還向 AirJoule JV 注入了 500 萬美元資本，以支持正在進行的商業化努力。截至本季末，兩家實體的資產負債表上共有約 2,400 萬美元的現金。本季結束後，我們透過 PIPE 投資籌集了 1,500 萬美元，這使我們的第一季期末現金餘額按備考基礎增加到 3,800 萬美元。如上所述，PIPE 由 GE Vernova 主導，該公司選擇匹配我們最近向合資企業注入的 500 萬美元資本。此配套資本投入以股權投資的形式納入 AirJoule Technologies，與 2024 年 3 月合資企業成立時 AirJoule Technologies 的初始 500 萬美元資本投入相同。我們也為現有投資者提供了與 GEV 一起投資的機會，並引入了更多新的機構投資者來進一步擴大我們的股東基礎。

Looking ahead, we have sufficient cash and liquidity to support both our operations and those of the joint venture to fully commercialize this technology. On the last call, I indicated that the JV budget for 2025 was approximately $13 million to $15 million. With the incremental capital that we were able to raise here, we expect to be at the high end of that range, which could increase modestly to further accelerate the product development of our initial AirJoule systems. With our current balance sheet position, we are well positioned with our business plan in 2025 and 2026 fully funded to support the anticipated customer deployments in the coming quarters ahead.

展望未來，我們擁有充足的現金和流動性來支持我們的營運和合資企業的運營，以全面實現這項技術商業化。在上次通話中，我表示 2025 年合資企業的預算約為 1,300 萬至 1,500 萬美元。利用我們在此籌集到的增量資本，我們預計其金額將達到該範圍的高端，並且可能會適度增加，以進一步加速我們最初的 AirJoule 系統的產品開發。憑藉我們目前的資產負債表狀況，我們已做好充分準備實施 2025 年和 2026 年業務計劃，以支援未來幾季預期的客戶部署。

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

現在我將把它傳回給電話會議的問答部分。

(Operator Instructions) Jeffrey Campbell, Seaport Research Partners.

（操作員指示）傑弗裡·坎貝爾，海港研究合作夥伴。

Congratulations for the strong progression of the business. I really just have one question from today's discussion. You highlighted the ASU as a research source. I just wonder, is there any expectation that the data from ASU might differ from that being collected by GE or if there's a similar data collection in Dubai? Or maybe to put it another way, do you see some particular value in data collected from an academic versus a commercial source?

祝賀業務取得巨大進展。我對今天的討論只有一個疑問。您強調 ASU 是研究來源。我只是想知道，ASU 收集的數據是否可能與 GE 收集的數據不同，或者迪拜是否有類似的數據收集？或者換句話說，您是否認為從學術來源收集的資料比從商業來源收集的資料具有特殊的價值？

Bryan?

布萊恩？

Yeah. Thanks, Jeff. It's a great question. Really, I think we want to see several strategic deployments of our technology globally for not only data different environmental humidities and temperatures, but really just getting more operational hours of systems in different locations with different people running them. So there's a variety of benefits to having multiple systems.

是的。謝謝，傑夫。這是一個很好的問題。真的，我認為我們希望看到我們的技術在全球範圍內進行多項戰略部署，不僅是為了獲取不同環境濕度和溫度的數據，而且實際上只是為了讓不同地點的系統由不同的人運行，從而增加運行時間。因此，擁有多個系統有多種好處。

Regarding your specific question around an academic lab versus maybe an institutional government deployment or partnership, we anticipate that an academic lab may be able to further do more detailed water testing, for example, or more types of ways that they run the system. But really, the ASU deployment is going to be that, as well as the valuation of AirJoule performance and conduits to the regional customers in the US Southwest, which are interested in water scarcity, as well as improving their operations.

關於您關於學術實驗室與機構政府部署或合作夥伴關係的具體問題，我們預計學術實驗室可能能夠進一步進行更詳細的水質測試，或以更多方式運行系統。但實際上，ASU 的部署將是這樣的，以及對 AirJoule 性能和管道的評估，這些客戶對水資源短缺感興趣，並希望改善他們的營運。

Okay. No, that makes sense. And I guess I will ask one other a little bit wonkier one. You talked about how the A250 might be appropriate for certain customers and the A1000 has more throughput. Can you just elaborate a little bit about what's the difference in the cost, the specific cost if you have disclosed that and also the time to build one system or another, which I think you referred to this morning?

好的。不，這很有道理。我想我會問另一個更奇怪的問題。您談到了 A250 可能適合某些客戶，而 A1000 具有更高的吞吐量。您能否詳細說明成本方面的差異，如果您已經披露了具體成本，以及建立一個或另一個系統的時間，我認為您今天早上提到過？

Yeah, we haven't disclosed the specific costs of the A250 versus the A1000. The A250 is the core module of the A1000. So it has two of our water harvesting kind of chambers or the chambers that run the system, whereas the A1000 will have eight. And so a lot of times, it makes more sense to deploy a smaller form factor to a given site to collect the critical data because the data is effectively the same as just with an A1000, you would have a larger operational system.

是的，我們還沒有透露 A250 與 A1000 的具體成本。A250是A1000的核心模組。因此，它有兩個集水室或運行系統的室，而 A1000 有八個。因此，很多時候，將較小尺寸的裝置部署到給定網站來收集關鍵資料更有意義，因為資料實際上與 A1000 相同，您將擁有更大的作業系統。

Do you -- I mean, as things evolve, do you believe that the 250 is going to kind of go the way of the dodo after enough data has been selected because there's better economics with the 1000? Or is there going to be a place for both to coexist?

我的意思是，隨著事態的發展，您是否相信在選擇了足夠的數據之後，250 將會走向滅絕，因為 1000 的經濟效益更好？或者是否存在一個兩者可以共存的空間？

Yeah. Well, there might be some places for them to coexist. That's not my expectation. I expect that the A1000 will become the better product from a levelized cost of water perspective, more suitable from the CapEx side of how much water is produced. But there may be some examples where someone wants an A250 for whatever reason. But A1000, I think, is going to be the more economical product.

是的。嗯，也許有一些地方可以讓它們共存。這不是我的期望。我預計從水平攤成本的角度來看，A1000 將成為更好的產品，從生產多少水的資本支出來看，它更合適。但可能存在某些人出於某種原因想要一輛 A250 的情況。但我認為 A1000 將會是更經濟的產品。

Yeah. I'd only add two comments. One is on ASU. It is an independent scientific analysis that will be utilized by all our customers to point to GE and Carrier are both investors and great partners, but they're not, quote-unquote, independent. So our hope is that ASU will produce peer reviewed published independent research that will be able to be utilized by all our potential customers as an example of why it's delivering what it's delivering with high scientific integrity is one point.

是的。我只想補充兩則評論。一個是在ASU。這是一項獨立的科學分析，我們所有的客戶都會利用它來表明通用電氣和開利都是投資者和優秀的合作夥伴，但他們並不是所謂的獨立企業。因此，我們希望 ASU 能夠製作經過同行評審的獨立研究成果，供我們所有的潛在客戶使用，作為其以高度的科學誠信交付成果的典範。

And then just the only other thing I'd add between the A250 and the A1000, obviously, the end market usage, there may be customers that just don't need as much production as the A1000 can produce. And despite it probably delivering a better TCO, they may just not need it and the A250 is more fit for purpose. Thank you.

然後，我想補充一點，關於 A250 和 A1000，顯然，在終端市場使用方面，有些客戶可能不需要 A1000 那麼多的產量。儘管它可能提供更好的 TCO，但他們可能並不需要它，而 A250 更適合用途。謝謝。

Right. And I appreciate that follow-up on the independent science organization because that was kind of where I was going. So I appreciate that. Thanks.

正確的。我很欣賞對獨立科學組織的後續關注，因為這正是我要去的地方。我很感激。謝謝。

Hey, Jeff. This is Matt. I can tell you this. Please be sure that our presentation is about the proof-of-concept that the ASU team will be delivering data for out to the world. But we, in no way, mean to minimize the opportunity for water. As we've learned over the course of the last six to nine months, some project that water scarcity will be a larger problem than even cooling. And we address both.

嘿，傑夫。這是馬特。我可以告訴你這個。請確保我們的演示是關於 ASU 團隊將向世界提供數據的概念驗證。但我們絕不是要減少水資源利用的機會。正如我們在過去六到九個月中了解到的那樣，有些人預測水資源短缺將比冷卻問題更為嚴重。我們會解決這兩個問題。

And I think in this presentation, we're trying to update you and everyone else on the -- of the huge water opportunity that is in front of us. And so these proof points and these data center deployments that we discussed in this presentation are simply that. They are the stepping stone to a massive market in water. And the other thing that we're trying to convey here is waste heat. 70% of the energy produced on this planet is lost to waste heat.

我認為，在這次演講中，我們試圖向大家介紹我們面前巨大的水資源機會。因此，我們在本次演示中討論的這些證明點和資料中心部署只是這些。它們是進入巨大水市場的墊腳石。我們在這裡試圖傳達的另一件事是廢熱。地球上產生的 70% 的能量都以廢熱的形式損失掉了。

So we have -- because we can use this low-grade waste heat, which eliminates the need for our important compressor that we talked about in our last calls, that compressor is on its way, by the way. But the nice thing about waste heat is we eliminate the compressors, so the reliability goes up and the harvesting of pure distilled water has a huge value. That's why we're kind of emphasizing it. So we just want to make sure that along the way, we get those points of validation that Pat talked about.

所以我們——因為我們可以使用這種低品位廢熱，從而無需使用我們在上次通話中談到的重要壓縮機，順便說一下，該壓縮機正在路上。但廢熱的好處是我們不需要壓縮機，因此可靠性提高了，而且純蒸餾水的收集具有巨大的價值。這就是我們強調這一點的原因。因此，我們只是想確保在這個過程中，我們能夠獲得 Pat 談到的那些驗證點。

Our friends at Carrier and our friends at GE Vernova understand the big picture. So we hope that the message is coming across that in the long run, this is a massive opportunity for not just cooling, but for addressing water scarcity.

我們在 Carrier 的朋友和我們在 GE Vernova 的朋友了解整個情況。因此，我們希望大家能夠理解，從長遠來看，這不僅是解決冷氣問題的巨大機遇，也是解決水資源短缺問題的巨大機會。

Yeah. I think that message is coming through loud and clear. Yeah, and I agree --

是的。我認為這個訊息傳達得非常清楚。是的，我同意--

And to answer your -- sorry, Jeff.

回答你的問題——抱歉，傑夫。

No, I just -- and I agree with you that it's an important issue. There's no question that water scarcity is a growing global problem.

不，我只是——我同意你的看法，這是一個重要的問題。毫無疑問，水資源短缺是一個日益嚴重的全球問題。

Yeah. In the A1000 versus the A250, in the long run, it's going to be A10000s and A100000s in modular form. That's how we're going to -- you got to scale, and that's what our long-term goal is.

是的。從長遠來看，A1000 與 A250 相比，將會是模組化形式的 A10000 和 A100000。這就是我們要做的事——你必須擴大規模，這就是我們的長期目標。

Okay. Thank you.

好的。謝謝。

Sameer Joshi, HC Wainwright.

薩米爾喬希、HC溫賴特。

Thanks for taking my questions. The investment that -- the $15 million investment that is going to accelerate your commercialization efforts, will it mostly be used for sort of advancing the technology to get to lower than 160 watt hour per liter or even sub-100 watt hour per liter level? Or is it going to be mostly used for expanding the demonstration and evaluation efforts?

感謝您回答我的問題。這項投資——1500 萬美元的投資將加速你們的商業化進程，它是否主要用於推進技術進步，使能耗降低到每公升 160 瓦時以下，甚至每公升 100 瓦時以下？還是主要用於擴大示範和評估工作？

Bryan, if you have a comment on --

Bryan，如果你對--

Yeah, sure. Thank you, Sameer. It's largely used to accelerate the engineering of the actual product. We talked about design for manufacturing and kind of going through all the certifications that are required for an official product launch. So we're trying to speed up those efforts. And at the same time, right, deploy systems that can demonstrate the performance.

是的，當然。謝謝你，薩米爾。它主要用於加速實際產品的工程。我們討論了製造設計以及產品正式發布所需的所有認證。因此我們正在努力加快這些努力。同時，部署可以展示效能的系統。

Along the way, we will continue to make progress on the energetics and the productivity of the core product. But those three kind of pillars are really where the use of funds will be directed.

在此過程中，我們將繼續在核心產品的活力和生產力方面取得進展。但這三種支柱才是資金真正用途所在。

Understood. So should we look at the [ASU] -- Dubai demonstration also as an evaluation? Are there other third-parties that are coming and taking a look at how the Dubai demonstration or showcase is performing, which can help you in those markets? Or should we not look at it as a sort of ASU in the Middle East?

明白了。那麼，我們是否也應該將 [ASU] 杜拜示威活動視為一種評估？是否有其他第三方前來觀察杜拜演示或展示會的開展情況，以幫助您在這些市場中發展？或者我們不應該將其視為中東的一種 ASU？

Yeah, absolutely. That is the primary purpose of all of our deployments is to demonstrate the technology and to share with as many that we can on how the system works and how it can deliver value to the specific customers, right? So there is a number of different lenses that our customers have with respect to how they see value and how it can play into their operations and both the main deployment in right, Dubai, as well as the one at ASU are conduits for that conversation, as well as collecting data and showing the performance and operability.

是的，絕對是如此。我們所有部署的主要目的都是展示技術，並盡可能分享系統如何運作以及如何為特定客戶帶來價值，對嗎？因此，我們的客戶在如何看待價值以及它如何在他們的運營中發揮作用方面擁有許多不同的視角，而位於迪拜的主要部署以及位於 ASU 的部署都是這種對話的渠道，同時也收集數據並展示性能和可操作性。

And Sameer, this is Matt. I'll add that the location of that particular unit is in a very strategic location. There are many, many executives who come through that particular spot. We haven't disclosed exactly where that is, but there is an amazing amount of traffic from VIPs around the region. So we have a great exposure for the technology there.

薩米爾，這是馬特。我要補充的是，該特定部隊的位置非常具有戰略意義。有很多高階主管都曾到過這個特定地點。我們尚未透露具體位置，但該地區的 VIP 流量驚人。因此，我們在那裡對該技術有了很好的了解。

Understood. Got it. And sort of in the same vein about demonstration and proving certification, you mentioned something happening in Texas, and I didn't catch it completely or at least did not grasp what it entails. Could you elaborate a little bit?

明白了。知道了。關於示威和證明認證，您提到了在德克薩斯州發生的一些事情，但我沒有完全聽懂，或者至少沒有理解它的含義。能詳細說明一下嗎？

Yeah. Unlike a lot of locations in the United States, in particular, some regions of Texas do not have a very well-established water infrastructure network. And so there's real examples in Texas where water scarcity is rearing its ugly head, right? The Ogallala Reservoir is basically going to depletion. And a lot of operations and even new constructions that are being considered in Texas need to build new infrastructure for water when there's no groundwater, right? So you have to maybe consider trucking it in from a long distance away or piping it in from a long distance away.

是的。與美國許多地方不同，特別是德克薩斯州的一些地區沒有非常完善的水基礎設施網絡。所以，德州確實存在水資源短缺問題的真實例子，對嗎？奧加拉拉水庫的水量基本上即將枯竭。在沒有地下水的情況下，德州正在考慮的許多營運甚至新建築都需要建造新的供水基礎設施，對嗎？因此，你也許必須考慮從很遠的地方用卡車運輸或從很遠的地方用管道輸送。

And so in this type of environment, AirJoule can actually provide really meaningful levelized cost of water, really attractive water solution at scale. And so one of the comments that was made there was around our pursuit for water certification with the Texas Environmental Agency there to achieve portable water certification.

因此，在這種環境下，AirJoule 實際上可以提供真正有意義的平準化水成本，真正有吸引力的大規模水解決方案。因此，其中一條評論是關於我們與德克薩斯州環境署合作尋求水認證以獲得便攜式水認證。

And then one maybe last one. The investment that came in, I think just wanted to understand, was the $5 million investment sent to the JV, which came from GE Vernova? Or does it sit on your balance sheet while GE Vernova retains their equitable ownership of the JV?

然後也許還有最後一個。我想只是想了解一下，流入的投資是來自 GE Vernova 向合資公司投資的 500 萬美元嗎？或者，當 GE Vernova 保留其對合資企業的公平所有權時，它是否出現在您的資產負債表上？

Yeah. This is Stephen. I can take that, Sameer. The investment came in upstairs at the AirJoule Technologies corporate level but similar to how the initial capital contribution was treated as a match to the joint venture. which was completed at the time of the JV's formation last year. We treated that $5 million investment the same here.

是的。這是史蒂芬。我可以接受，薩米爾。該投資是在 AirJoule Technologies 公司層級進行的，但與初始資本投入被視為與合資企業的匹配的方式類似，該投資是在去年合資企業成立時完成的。我們在這裡對那 500 萬美元的投資一視同仁。

So upstair investment, but obviously, some of the capital is going downstairs from an operating expense standpoint and funding for that. And that $5 million would mirror our initial contribution here that was made this year.

因此，雖然存在上層投資，但顯然，從營運費用和資金角度來看，部分資金正在流向下層。這 500 萬美元與我們今年在此做出的初始貢獻相同。

Understood. So from an equity contribution point of view, the proportion stays the same pre and post this transaction.

明白了。因此，從股權貢獻的角度來看，交易前後的比例保持不變。

Yeah. And I would just remind you just from an economic interest standpoint, it's 50-50, but there will be a capital charge incurred at the joint venture level to the extent that future capital contributions are matched by GE Vernova.

是的。我只是想提醒你，從經濟利益的角度來看，雙方的分成比例是 50-50，但在合資企業層面會產生資本費用，只要未來的資本貢獻與 GE Vernova 相符。

Got it. Understood. Thanks. Thanks for that clarification, and thanks for taking my questions.

知道了。明白了。謝謝。感謝您的澄清，也感謝您回答我的問題。

Thank you. There are no further questions at this time. I'd like to pass the call back over to Matt for any closing remarks.

謝謝。目前沒有其他問題。我想將電話轉回給馬特，讓他做最後的總結演講。

Thanks, everyone, for tuning in today. I want to thank our employees, partners, and shareholders for their continued commitment and support. Our mission is very clear. The world has cooling and water challenges, and we are addressing both with our transformational AirJoule technology and our world-class partners and world-class team. We appreciate your ongoing confidence and look forward to keeping you updated in the quarters to come.

感謝大家今天的收看。我要感謝我們的員工、合作夥伴和股東的持續承諾和支持。我們的使命非常明確。世界面臨著冷卻和水資源方面的挑戰，我們正在利用我們的變革性 AirJoule 技術以及我們世界一流的合作夥伴和世界一流的團隊來解決這兩個問題。我們感謝您一直以來的信任，並期待在未來幾季向您提供最新資訊。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。