September 16, 2026 — B. Riley Securities, Inc., a leading full-service investment bank, announced it served as exclusive financial advisor to BitSink in its acquisition by AirJoule Technologies Corporation (NASDAQ: AIRJ) in a transaction valued at up to $67 million. BitSink is a U.S.-based designer and manufacturer of cooling, electrical distribution, and racking infrastructure for AI and high-performance computing (HPC) data centers.
Under the terms of the agreement, AirJoule acquired 100% of BitSink for $27 million upfront ($18 million in cash and $9 million in AIRJ stock), plus an earnout of up to $40 million in AIRJ stock contingent on BitSink achieving specific revenue milestones over the next three years.
BitSink brings immediate scale and a proven commercial footprint. The profitable company operates a 65,000-square-foot facility in South Carolina, has deployed over 220 megawatts of infrastructure across North America, generated $11 million in combined 2024 and 2025 revenue, and holds $15 million in near-term purchase orders.
The combination also unlocks a differentiated integration opportunity. AirJoule's atmospheric water generation technology captures the low-grade waste heat rejected by BitSink's closed-loop liquid cooling systems and uses it to extract pure distilled water from the air. The result is an integrated platform that addresses the three core constraints of modern data center development at once: cooling, power, and water.
The transaction capitalizes on a fundamental shift in data center infrastructure as next-generation AI and HPC workloads push rack densities beyond the practical limits of traditional air cooling. BitSink's high-density liquid cooling and electrical distribution platforms directly address the resulting supply chain bottlenecks and infrastructure constraints.
This transaction underscores B. Riley Securities' deep expertise across the digital infrastructure, AI-HPC data center, and power ecosystems, and its ability to guide clients through the complex, rapidly evolving physical requirements of the modern computing landscape.
The B. Riley Securities deal
team included Joe Nardini Jr, Matt Spain and Noah Rich.
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