Air Water Ventures and Athena Technology Acquisition Corp. II jointly announced that they have entered into a definitive agreement for a business combination that will result in the formation of The Air Water Company. The business combination values the company at a pre-money equity value of $300M. Upon closing of the business combination, subject to approval by Athena Technology II stockholders and other customary requirements, The Air Water Company is expected to be listed on the New York Stock Exchange. The business combination is expected to close in the first quarter of 2024. Headquartered in Abu Dhabi, the company is a first mover in direct air-to-water technology, producing quality drinking water at a lower cost and environmental impact than bottled water. The company has developed proprietary technology that it believes delivers consistent high-quality drinking water within an internal or external environment. Its airflow system is designed to extract the maximum amount of water while using minimum electricity, and its plug-and-play technology can be sited almost anywhere there is power without pipework or traditional water infrastructure. Led by Alex Guy and Dave Cupit, the company’s leadership team is composed of industry experts with proven track records of building commercial enterprises with decades of experience in the materials, energy, and finance industries. The company’s product portfolio is designed to meet the needs of different market segments, from household to industrial, with a production capacity ranging from 2 to 50,000 liters per day.
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