Ryan Finks

Ryan Finks requested an update on the RNG market, including new project opportunities and potential larger M&A, and asked if the trend of firm generation ticking higher in energy assets in development is expected to continue.

Answer

George Sakellaris, Chairman and CEO, confirmed a strong RNG project backlog and pipeline, with openness to accretive M&A. Joshua Baribeau, SVP and Chief Investment Officer, added that demand from compliance and voluntary markets is durable. He also noted that firm generation from behind-the-meter opportunities will continue, with larger projects potentially pursued via an EPC path.

Ryan Finks asked for an update on the RNG market, including new project opportunities and potential M&A, and whether the trend of higher firm generation in energy assets under development is expected to continue.

Answer

George Sakellaris, Chairman and CEO, confirmed a strong pipeline with at least 10 RNG facilities in backlog and an openness to accretive M&A, while maintaining a disciplined approach to development costs. Joshua Baribeau, SVP and Chief Investment Officer, added that demand from both compliance and voluntary markets is durable. Joshua Baribeau also confirmed that firm generation from behind-the-meter opportunities will continue to be a significant driver, with larger projects potentially pursued via an EPC path.

Ryan Finks questioned the importance of AirJoule's water purity advantage in commercial discussions with data centers and industrial customers, asking for differentiation compared to other atmospheric water generation approaches. He also inquired about the impact of validation work with Arizona State University (ASU) and Dr. Westerhoff on commercial discussions and regulatory approvals.

Answer

Chief Commercialization Officer Bryan Barton explained that water quality needs vary by customer (e.g., food and beverage, industrial, data centers), and AirJoule is well-positioned to provide distilled water for specific purposes. He highlighted AirJoule's differentiation through overall economics, reliability across diverse humidity conditions (down to 30% RH), and natively clean water production via selective vapor extraction and vacuum distillation. CEO Matt Jore reinforced the unique advantage of AirJoule's system in selectively pulling only water vapor. Barton noted that the ASU collaboration provides independent validation of performance and water quality, and Dr. Westerhoff serves as a key voice in industry conversations, though the project is not directly involved in regulatory certifications.