Announcement • May 02

+ 1 more update

Montana Technologies Corporation Announces Board Changes

Montana Technologies Corp. announced that it has appointed Mr. Kyle Derham, Partner at Rice Investment Group, to serve on its Board of Directors. Mr. Derham joins the following individuals on the Board: Pat Eilers, Founder and Managing Partner of Transition Equity Partners; Ajay Agrawal, Senior Vice President, Global Services, Business Development and Chief Strategy Officer at Carrier Global Corporation; Max Baucus, Former Ambassador to China and Six-Term United States Senator from the State of Montana; Paul Dabbar, Former Undersecretary of the Department of Energy for Science and Current Chief Executive Officer and Co-Founder of Bohr Quantum Technology; Matt Jore, Chief Executive Officer of Montana Technologies; Stu Porter, Founder, Chief Executive Officer and Chief Investment Officer of Denham Capital; and Dr. Marwa Zaatari, Founder and Chief Scientist of D-Zine Partners. In addition, Montana has named Mr. Eilers as Chairman of the Board. Mr. Pat Eilers is the Chairman of Montana's Board. Mr. Eilers is the founder of, and has served since 2019 as the Managing Partner of, Transition Equity Partners ("TEP"), a private equity firm focused on the energy and power transition, with a focus on (i) renewable energy, (ii) energy storage, technology, equipment and services, and (iii) transitional energy infrastructure. Mr. Eilers has over 20 years of investment experience focused on the energy and power transition. Mr. Eilers served as Chief Executive Officer and Director of Power and Digital Infrastructure Acquisition Corp. ("XPDI") from December 2020 until the completion of its merger with Core Scientific in January 2022. He served as Chief Executive Officer and Director of Power & Digital Infrastructure Acquisition II Corp. ("XPDB") from December 2021 until the completion of its merger with Montana Technologies LLC in March 2024. Prior to founding TEP, Mr. Eilers was a Managing Director on the BlackRock Infrastructure Platform, where he also served as a member of the Investment Committee for BlackRock'sGlobal Renewable Power Fund, Global Energy & Power Infrastructure Fund, and chaired the Energy & Power Private Equity Fund. Prior to joining BlackRock in 2016, he also worked at Madison Dearborn Partners overseeing the firm's energy, power, and chemicals practices for 10 years. Mr. Eilers earned a Bachelor of Science in Biology and Mechanical Engineering from the University of Notre Dame and a Master of Business Administration from the Kellogg School of Management at Northwestern University. Mr. Ajay Agrawal is the Senior Vice President of Global Services, Business Development, and Chief Strategy Officer for Carrier Global Corporation ("Carrier"). He joined Carrier in October 2019, prior to its spin-off from United Technologies Corporation ("UTC"). He is widely recognized as a results-oriented leader with deep strategic and ESG expertise, strong global experience, the ability to drive profitable growth, and the ability to guide complex business transformations. Prior to joining Carrier, Mr. Agrawal spent 14 years at UTC across multiple divisions and corporate headquarters from 2005 to 2019. Prior to joining UTC, he spent seven years with Bain & Company, a global strategy consulting firm, where he led broad-based client engagements with mid to large-size companies (both publicly and privately equity held) across the industrial, healthcare, financial services and retail sectors. Mr. Agrawal earned a Master in Business Administration from Carnegie Mellon University'sTepper School of Business, where he earned their highest honor (Elliott Dunlop Smith Award). He also earned a Ph.D. in Engineering from the University of Missouri. Mr. Max Baucus served as a member of the Board of Managers of Montana Technologies LLC prior to the merger with XPDB in March 2024. Mr. Baucus previously served as Ambassador of the United States of America to the People's Republic of China from 2014 to 2017, after being nominated by then-U.S. President Barack Obama. Ambassador Baucus formerly served as the senior United States Senator from Montana from 1978 to 2014 and was Montana's longest serving U.S. Senator. While in the Senate, Ambassador Baucus was Chairman and Ranking Member of the Senate Committee on Finance (the "Finance Committee"). As chairman of the Finance Committee, he was the chief architect of the Affordable Health Care Act (ACA), which was signed into law by President Obama on March 23, 2009. In addition, as chairman of the Finance Committee, Ambassador Baucus led the passage and enactment of the Free Trade Agreements with 11 countries. While serving on the Senate Agriculture Committee, he led the reauthorization for numerous farm bills. As a member of the Committee on Environment and Public Works, he guided many highway bills and other infrastructure legislation to passage as well as leading the passage of The Clean Air Act of 1990. Before his election to the U.S. Senate, Ambassador Baucus represented Montana in the U.S. House of Representatives from 1975 to 1978. Ambassador Baucus earned a Bachelor's degree and Juris Doctor degree from Stanford University. Mr. Paul Dabbar is the President and Chief Executive Officer of Bohr Quantum Technology Corp, a quantum communications company, and has served as its Chief Executive Officer since 2021. Mr. Dabbar has served on the board of directors of Dominion Energy Inc. since November 2023 and served on the board of directors of XPDI from February 2021 until the completion of its merger with Core Scientific in January 2022. He served on the board of directors of XPDB from December 2021 until the completion of its merger with Montana Technologies LLC in March 2024. Prior to Bohr Quantum, Mr. Dabbar served as Under Secretary for Science at the U.S. Department of Energy from 2017 to 2021, managing the operations of, and investing capital at the seventeen U.S. National Laboratories, conducting research and development in energy, technology and the sciences. Mr. Dabbar was previously a Managing Director in investment banking at J.P. Morgan Chase & Co., in energy and mergers & acquisitions from 1996 to 2017. Mr. Dabbar was also previously a nuclear submarine officer in the U.S. Navy. Mr. Dabbar earned a Bachelor of Science from the U.S. Naval Academy and an Master in Business Administration from Columbia University. Mr. Kyle Derham is a Partner of Rice Investment Group, and he previously served as President and Chief Financial Officer of Rice Acquisition Corp. I, which merged with Archaea Energy and Aria Energy in 2021. After the business combination, Mr. Derham served as a Director of Archaea Energy until it was sold to bp in 2022. Mr. Derham also served as Chief Executive Officer of Rice Acquisition Corp. II, which merged with NET Power in 2023; he currently serves as a Director of NET Power. Previously, Mr. Derham served as interim Chief Financial Officer and strategic advisor to EQT Corporation from 2019 to 2021.

Machinery earnings growth	16.3%
Revenue growth rate	61.7%
Future return on equity	n/a
Analyst coverage	Low
Last updated	18 May 2026

Date	Revenue	Earnings	Free Cash Flow	Cash from Op	Avg. No. Analysts
12/31/2028	14	-13	N/A	N/A	2
12/31/2027	1	-21	-11	-9	4
12/31/2026	0	-66	-10	-9	4
3/31/2026	N/A	-74	-8	-8	N/A
12/31/2025	N/A	-9	-6	-6	N/A
9/30/2025	N/A	-1	-7	-7	N/A
6/30/2025	N/A	38	-9	-9	N/A
3/31/2025	N/A	49	-18	-18	N/A
12/31/2024	N/A	216	-24	-24	N/A
9/30/2024	N/A	227	-23	-23	N/A
6/30/2024	N/A	187	-21	-21	N/A
3/31/2024	N/A	171	-11	-11	N/A
12/31/2023	N/A	-11	-5	-5	N/A
9/30/2023	N/A	-10	-5	-5	N/A
6/30/2023	N/A	-6	-4	-4	N/A
3/31/2023	N/A	-3	-3	-3	N/A
12/31/2022	N/A	-3	-3	-3	N/A

Data	Last Updated (UTC time)
Company Analysis	2026/05/20 01:56
End of Day Share Price	2026/05/20 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Jacob Sekelsky	Alliance Global Partners
Jeffrey Grampp	Alliance Global Partners
Ryan Pfingst	B. Riley Securities, Inc.

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