Athena Technology Acquisition Corp. II, a publicly-listed special purpose acquisition company, has combined with Air Water Ventures Ltd., a sustainable water services company focused on making drinking water from the air, to form the Air Water Co.
Headquartered in Abu Dhabi, Air Water Ventures uses air-to-water technology to produce drinking water, aiming for a lower cost and environmental impact than bottled water. Its airflow system is designed to extract the maximum amount of water while using minimum electricity. The company’s product portfolio works to help different market segments, from household to industrial, with a production capacity ranging from 2 to 50,000 liters per day. Upon closing of the business combination, the Air Water Co. is expected to become a publicly-listed company.
“Not only do we believe this transaction will allow us to accelerate our growth, expand our reach, and continue our track record of disruptive innovation, but we also believe it will help make an impact on a global scale,” says Alex Guy, chairman and CEO of Air Water Ventures Ltd.