By Timothy S. Donahue
Top Takeaways:
- Strategic investment: AIR Global has invested $20 million in Greentank with the option to acquire an additional 20% stake over two years.
- PMTA strategy: AIR also released preliminary aerosol testing for its Crown Switch vape as it prepares a U.S. premarket tobacco product application.
- Technology partnership: The investment deepens a partnership first established in 2023 and strengthens AIR’s access to Greentank’s vaporization technology.
AIR Global PLC is deepening its push into next-generation nicotine products, announcing a $20 million strategic investment in vaporization technology company Greentank Innovations while unveiling preliminary scientific data supporting its upcoming U.S. premarket tobacco product application (PMTA) submission to the U.S. Food and Drug Administration.
Nasdaq-listed AIR is investing in preferred shares of Greentank, which is valued at approximately $170 million before the investment. In addition, AIR will receive a warrant that allows it to increase its ownership by an extra 20% over the next 24 months at a valuation of $250 million. The agreement also grants AIR the right to nominate a board member, improved commercial terms, access to new technologies, and long-term supply assurances.
“This investment underscores our commitment to category leadership and product innovation as part of our broader growth strategy,” AIR CEO Stuart Brazier said. “We are focused on achieving Pre-Market Tobacco Authorisation in the U.S. and addressing consumer needs that enable us to solve real pain points.”
Along with the investment announcement, AIR published results from an independent pilot study that assessed aerosol emissions from its Crown Switch pod vaping system, which uses Greentank’s Quantum Chip atomization platform. The study, conducted by McKinney Specialty Labs, found low or non-detectable levels of several harmful or potentially harmful substances under the testing conditions. The results were also compared to data published by FDA-authorized electronic nicotine delivery systems.
AIR highlighted that the findings are preliminary and constitute the initial phase of a wider scientific program that supports its upcoming PMTA submission in the United States. The company stated that additional testing is currently in progress and mentioned that future results may differ significantly from the pilot study. AIR intends to present the data at the 79th Tobacco Science Research Conference (TSRC) in September.
