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Mechanical Technology has been selected to present at the 6th annual MicroCap Leadership Summit on September 24, 2021. CEO Michael Toporek will represent the company at this two-day virtual event attended by over 100 retail and institutional investors globally. Mechanical Technology operates EcoChain, a cryptocurrency mining business using renewable energy, and MTI Instruments, which specializes in test and measurement systems. The company is one of ten chosen to participate in the summit, highlighting its commitment to innovation and sustainable practices.
Mechanical Technology, Incorporated (NASDAQ: MKTY) announced the closing of its upsized public offering of 720,000 shares of 9.0% Series A Cumulative Perpetual Preferred Stock at $25.00 per share, raising $18 million in gross proceeds.
The net proceeds of approximately $16.1 million will support the expansion of data centers and cryptocurrency mining infrastructure, alongside working capital needs. The Series A Preferred Stock will trade under the symbol MKTYP on Nasdaq.
The offering's underwriters have a 45-day option to purchase an additional 108,000 shares.
Mechanical Technology, Incorporated (NASDAQ: MKTY) has announced the commencement of trading for its Series A Preferred Stock, listed under the symbol 'MKTYP' on the Nasdaq Stock Market. The Series A Preferred Stock is perpetual with no maturity date and is redeemable under specific conditions starting August 23, 2026. It can be redeemed at $25.00 per share, plus any unpaid dividends. MTI's subsidiaries include EcoChain, which focuses on renewable energy-powered cryptocurrency mining, and MTI Instruments, which designs measurement systems for various industries.
Mechanical Technology, Incorporated (NASDAQ: MKTY) announced the pricing of an upsized public offering of 720,000 shares of its 9.0% Series A Cumulative Perpetual Preferred Stock at $25.00 per share, aiming to raise $18.0 million. The offering is set to close on August 23, 2021. The Series A Preferred Stock will be listed on Nasdaq under the symbol 'MKTYP.' Proceeds will fund data centers, cryptocurrency mining equipment, and general corporate purposes. The company has also granted underwriters a 45-day option for an additional 108,000 shares to cover over-allotments.
Mechanical Technology Inc (MKTY) reported a strong Q2 2021, with total revenue of $3.3 million, a 35% increase from Q1. Cash reserves rose significantly to $12.1 million after a $15 million equity offering. The company’s EcoChain division generated $1.6 million in cryptocurrency revenue. Additionally, EcoChain announced the acquisition of Soluna Computing, expanding its mining capacity from 50MW to 350MW and enhancing its renewable energy strategy. This move positions MKTY favorably in the crypto mining market.
Mechanical Technology, Inc. (NASDAQ: MKTY) has signed a definitive agreement to acquire Soluna Computing, Inc. This acquisition positions Soluna to leverage excess energy from wind and solar farms for data centers focused on batchable computing, including cryptocurrency mining. The combined entity will operate under the name Soluna Holdings, with an anticipated development pipeline of 350MW. This strategic move aims to address growing computing demands while promoting renewable energy use, targeting operational efficiency and market expansion in the green sector.
Mechanical Technology, Incorporated (NASDAQ: MKTY) announced an acquisition of Soluna Computing, Inc. by its subsidiary EcoChain, Inc. The deal, aimed at enhancing renewable energy-powered cryptocurrency mining, positions the combined company for growth in the cryptocurrency sector. The acquisition includes a 300MW project pipeline, boosting EcoChain's total to 350MW. EcoChain plans to have 50MW operational by the end of 2021, with significant hash rate increases expected. The transaction also emphasizes the integration of expertise from Soluna's management team.
MTI Instruments (NASDAQ: MKTY) reported significant growth in its second quarter of 2021, with revenues reaching $3.3 million, a 35% increase year-over-year. The EcoChain segment demonstrated remarkable performance, achieving a 66% sequential revenue increase to $1.7 million, driven by a surge in cryptocurrency mining. Expectations for hashrate growth are high, with projections of 269% in August and 863% in September. The company also secured a joint venture for a 10 MW facility, enhancing earnings potential without significant capital expenditure.
EcoChain, a green data center operator for cryptocurrency mining, announces a robust position amidst industry challenges, such as China's crackdown on miners and chip shortages. The company has signed a 25-year lease on a property that will initially provide 12 megawatts of renewable energy, with plans to secure an additional 10 megawatts and bring another 100 megawatts online. In Q2 2021, EcoChain generated $1.7 million in revenue, significantly exceeding forecasts by 41%.
Mechanical Technology, Incorporated (NASDAQ: MKTY) reported a 66% revenue increase in Q2 2021, totaling $1,656,000 compared to $995,000 in Q1 2021. The contribution margin also rose significantly from $743,000 to $1,261,000, achieving a margin of 69.7%. These results reflect EcoChain’s focus on renewable energy in cryptocurrency mining.
CEO Michael Toporek emphasized the company's resilience amidst challenging market conditions, attributing success to their eco-friendly energy sourcing strategy.
