Day: August 15, 2024

Montana Technologies and TenX signed a Memorandum of Understanding to explore options for deploying AirJoule® units to enhance energy efficiency and water security in the United Arab Emirates.

RONAN, Mont., Aug. 15, 2024 (GLOBE NEWSWIRE) — Montana Technologies Corporation (NASDAQ: AIRJ) (“Montana Technologies” or the “Company”), the developer of the transformational AirJoule^® technology for atmospheric water generation, is pleased to announce the signing of a Memorandum of Understanding (“MOU”) with TenX Investment in Energy Enterprises & Management Co. LLC (“TenX”) to address water security and energy efficiency opportunities in the United Arab Emirates (“UAE”).

The collaboration between Montana Technologies and TenX aims to leverage AirJoule^®’s cutting-edge technology to generate pure distilled water from air and reduce energy consumption for air conditioning, significantly enhancing water security and energy sustainability in the UAE. The Company and TenX will explore options to deploy AirJoule^® units with initial installations focusing on critical infrastructure and community water needs.

“We are excited to work with TenX for this international deployment of AirJoule^® units,” said Ramdas Rao, President, International of Montana Technologies. “The UAE has been at the forefront of adopting transformative technologies that enable sustainable development and responsible decarbonization. Along with our strategic investors including Transition Equity Partners (“TEP”), GE Vernova, and Carrier Corporation, among others, we look forward to optimizing our initial international rollout and operations in the UAE and working to enable water security and energy efficient comfort cooling in high growth markets around the world.”

Pat Eilers, Executive Chairman of Montana Technologies and founder of TEP, said, “TenX’s expertise and mission alignment in water security and sustainability projects makes them an ideal partner for deploying AirJoule in the UAE with a pathway towards further collaboration on local manufacturing and distribution in the future.”

Montana Technologies, through its 50/50 joint venture with GE Vernova, is commercializing AirJoule^® atmospheric water generators that harvest water from both humid and arid atmospheres, producing pure distilled water and dehumidified air. AirJoule^® units utilize metal organic framework coated contactors to extract water from air in a highly efficient and scalable process.

Matt Jore, CEO of Montana Technologies, said, “Since demonstrating the AirJoule^® unit at COP 28 in Dubai in late 2023, there has been strong interest in the technology from customers across the world. AirJoule^®’s ground-breaking advances in water harvesting and dehumidification will help to improve potable water access and security to millions of people in the region and beyond.”

TenX Investment, with its mission to bring the best international energy solutions to the UAE and MENA region, is currently focused on projects that enhance water security, energy efficiency, and sustainability. This MOU aligns with TenX’s strategy of investing in innovative technologies that provide substantial environmental and economic benefits. By integrating AirJoule^® into their portfolio, TenX aims to offer sustainable water and energy solutions that reinforce their commitment to driving efficiency and sustainability.

Abdulrahman Al-Suwaidi, Managing Director at TenX Investment, commented: “We are proud to partner with Montana Technologies and look forward to investing in and deploying their innovative AirJoule^® technology both in the UAE and internationally. This collaboration aligns perfectly with the UAE government’s initiative to drive the private sector towards green and sustainable solutions, ensuring water security for future generations. Our joint efforts will significantly contribute to transforming the region’s approach to water management and energy efficiency.”

Husain Al Awadhi, Managing Director at TenX Investment, added: “The UAE government has allocated over AED 20 billion¹ towards water security and sustainable energy projects as part of its Vision 2030 strategy. By integrating Montana Technologies’ AirJoule^® systems, we aim to enhance the region’s water generation capabilities and reduce energy consumption. This collaboration will not only help meet the growing demand for water and energy but also support the UAE’s ambitious targets for sustainability and environmental stewardship. Together, we are committed to delivering impactful solutions that address the critical challenges of water scarcity and energy efficiency.”

1. 1 USD = 3.67 AED

About Montana Technologies Corporation

Montana Technologies Corporation (NASDAQ: AIRJ) is the developer of AirJoule^®, an atmospheric thermal energy and water harvesting technology that provides efficient and sustainable air dehumidification and pure water from air. Designed to reduce energy consumption and generate material cost efficiencies, AirJoule^® is being commercialized through a joint venture with GE Vernova and through partnerships with Carrier Global Corporation and BASF. For more information, visit www.mt.energy.

About TenX

TenX Investment in Energy Enterprises & Management Co. LLC specializes in investing and bringing the best international energy solutions to the UAE and the broader MENA region. As a Dubai-based SME investment company, we leverage our extensive connections and strategic partnerships to provide unparalleled access to innovative energy technologies and services, ensuring our clients stay ahead in a rapidly evolving industry. Additionally, we invest in cutting-edge technologies to further support sustainable energy advancements, reinforcing our commitment to driving efficiency and sustainability in the energy sector. For more information, visit www.10xinvestment.ae.

Contacts

Montana Technologies
Tom Divine – Vice President, Investor Relations and Finance
investors@mt.energy

TenX
contact@10xinvestment.ae

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cb0cb774-a23c-4b25-befd-4a606372f3d4

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Bustling Gold Market in Shenzhen Shuibei

HONG KONG, Aug. 15, 2024 (GLOBE NEWSWIRE) — Blue Hat Interactive Entertainment Technology (NASDAQ:BHAT) is emerging as a key player in gold trading industry. As reported by Reuters, since August 1st, 2024, gold prices have exhibited a mix of volatility and upward trends, influenced by various economic and geopolitical factors. Gold hit a notable high above $2,483 per ounce in July, supported by favorable market sentiment and political risks, indicating strong safe-haven demand​ while short-term corrections might occur due to various economic data releases and market dynamics, the medium to long-term outlook for gold remains bullish, driven by continued safe-haven demand and broader economic uncertainties.

Gold is known for its enduring value and role as a hedge against inflation and financial instability, offering potential returns even in unpredictable market conditions. In today’s volatile global economy, gold remains a stable investment option, prized for its scarcity and universal appeal.

Originally an entertainment company, Blue Hat is now focusing on innovations in the commodity trading arena. The company is planning to integrate artificial intelligence to enhance its offerings, including an intelligent gold supply chain and recycling system, as well as a sophisticated gold derivatives trading platform. Unlike traditional gold companies, Blue Hat is not merely a gold trader earning from the buy-sell spread; rather, it will generate revenue from various aspects of the gold supply chain. Additionally, Blue Hat’s gold sources are not limited to newly mined gold but also include gold that recycle from market consumers.

In this environment, Blue Hat Interactive Entertainment Technology is emerging as a key player in gold trading due to their recent business cooperation agreement with Sichuan Jinyinghe Industrial Co., Ltd. in Shenzhen, GTC Group LLC in Dubai and its subsidiary, Golden Alpha Strategy Ltd., has been granted Dealers in Precious Metals and Stones Category A Registration by Hong Kong Customs and Excise Department.

In recent years, with changes in international political and economic situations, central banks of various countries have significantly increased their gold reserves, leading to a rapid rise in gold prices. The Company’s management believes that the gold industry has transitioned from a period of rapid growth to a period of high-quality development, presenting strategic development opportunities. However, the gold industry in China and other developing markets still faces numerous challenges, such as low levels of scale and concentration, narrow traditional financing channels, poor operational standards, and a lack of credit data. These issues hinder the healthy development of the gold industry. To effectively address these pain points, Blue Hat and Jinyinghe have decided to cooperate in the gold supply chain business.

According to incomplete statistics from industry insiders, Shuibei is known as the ‘World’s Gem City, which has nearly 7,000 legal entities in the gold and jewelry industry, employs over 70,000 people, and generates revenue exceeding 1 trillion yuan, accounting for over 50% of the domestic gold and jewelry wholesale market.

The Shenzhen Shuibei market is highly relevant in the gold trade for several reasons:

1. Central Hub for Gold Trading: Shuibei is known as one of China’s largest gold trading centers. It serves as a primary hub for the purchase and sale of gold, attracting traders and buyers from across the country and internationally.
2. Manufacturing and Processing: The market is a significant center for gold processing and manufacturing. Many companies involved in the creation of gold jewelry and other products operate within this area, making it a vital link in the gold supply chain.
3. Innovation and Design: Shenzhen Shuibei is known for its innovation in jewelry design. It hosts numerous designers and craftsmen who contribute to the creation of new and unique gold jewelry pieces, which helps to set trends in the industry.
4. Economic Impact: The market plays a crucial role in the local and national economy, generating substantial revenue and employment. Its activities significantly contribute to China’s position as a leading player in the global gold market.
5. Integration with Technology: The market has increasingly integrated technology in its operations, using digital platforms for trading and showcasing products, which enhances its efficiency and reach.

Besides, Blue Hat’s digital trading solutions are designed to provide flexibility, allowing traders to capitalize on gold price movements without the need for physical storage and insurance. These platforms enable traders to navigate the gold market efficiently, benefiting from high liquidity and continuous market activity. This liquidity allows traders to enter and exit positions swiftly, contributing to the fluidity of the gold market.

Looking ahead, Blue Hat aims to expand its global reach and strengthen its position in the gold market. The company plans to increase its gold holdings, enhance supply chain operations, and refine its digital trading platform. These initiatives are part of Blue Hat’s strategy to establish itself as a leading “Smart Gold Trading Platform,” targeting markets in Europe, North America, and beyond.

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included or incorporated in this press release, including, without limitation, statements regarding the Company’s ability to regain compliance with Nasdaq listing standards, are forward-looking statements. The words “believes,” “anticipates,” “estimates,” “plans,” “expects,” “intends,” “may,” “could,” “should,” “potential,” “likely,” “projects,” “continue,” “will,” “schedule,” and “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are predictions based on our current expectations and projections about future events and various assumptions. We cannot guarantee that we will achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may be beyond our control, and which may cause our actual results, performance, or achievements to differ materially from future results, performance, or achievements expressed or implied by such forward-looking statements.  There are a number of important factors that could cause our actual results to differ materially from those indicated or implied by its forward-looking statements including, without limitation, whether our cash resources will be sufficient to fund continuing operations and allow us to comply with regulatory and stock exchange listing requirements. All forward-looking statements included in this press release are made as of the date hereof and are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in the Company’s Annual Report on Form 10-K, and otherwise in the Company’s subsequent filings and reports filed with Securities and Exchange Commission. The Company does not assume any obligation to update any forward-looking statements and it disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by law.

For more information about Blue Hat, please visit Blue Hat’s website.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dad7e01d-9cb3-4e2b-b617-883a53d74e67

Contacts:

Blue Hat Interactive Entertainment Technology

Phone: +86 (592) 228-0010

Email: ir@bluehatgroup.net

IR Website: https://ir.bluehatgroup.com

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