Soluna Sharpens Focus on Project Dorothy, Energization and Grid Connection Imminent

Rhea-AI Summary

Soluna Holdings, Inc. (NASDAQ: SLNH) has announced its exit from Project Marie in Kentucky to focus resources on Project Dorothy in Texas and Project Sophie, also in Kentucky. Project Marie was a 20 MW first-generation facility aimed at testing design and economic viability. The exit is expected to concentrate the company’s capital and personnel on projects that are closer to energization and operational efficiency. CEO Michael Toporek believes this strategic shift will maximize profits and return on assets, enhancing the company’s position in developing green data centers for intensive computing, such as Bitcoin mining.

Positive

• Focused resources on Project Dorothy in Texas and Project Sophie in Kentucky.
• Potential for increased operational efficiency and profits by exiting Project Marie.

Negative

• None.

Exits Project Marie to Concentrate Resources

ALBANY, N.Y.--(BUSINESS WIRE)-- Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. (“SCI”), a developer of green data centers for Bitcoin mining and other intensive computing, announced today that it has exited its Project Marie facility in Kentucky. Project Marie was a 20 MW first-generation project, where designs and economics were tested and refined, ultimately leading to the engineering and economics deployed at Project Sophie in Kentucky, which will continue operation, and Project Dorothy in Texas.

The exit from the Project Marie site concentrates the Company’s focus on the development and energization of Project Dorothy in Texas, where grid connection and energization are imminent.

Michael Toporek, CEO of Soluna Holdings, stated, “We believe our exit from Project Marie allows us to concentrate our capital and personnel on continued operations at Project Sophie and the energization of Project Dorothy, which will maximize profits and return on assets.”

About Soluna Holdings, Inc (SLNH)

Soluna Holdings, Inc. is the leading developer of green data centers that convert excess renewable energy into global computing resources. Soluna builds modular, scalable data centers for computing intensive, batchable applications such as Bitcoin mining, AI, and machine learning. Soluna provides a cost-effective alternative to battery storage or transmission lines. Soluna uses technology and intentional design to solve complex, real-world challenges. Up to 30% of the power of renewable energy projects can go to waste. Soluna’s data centers enable clean electricity asset owners to ‘Sell. Every. Megawatt.’

View source version on businesswire.com: https://www.businesswire.com/news/home/20230302005510/en/

Michael Toporek

CEO

Soluna Holdings, Inc.

hello@soluna.io

Source: Soluna Holdings, Inc.

FAQ

Why did Soluna Holdings exit Project Marie?

Soluna Holdings exited Project Marie to concentrate resources on the development and energization of Project Dorothy and continue operations at Project Sophie.

What is the significance of Project Dorothy for Soluna Holdings?

Project Dorothy is significant as it is nearing grid connection and energization, representing a strategic focus for the company's future growth.

What was the capacity of Project Marie that Soluna Holdings exited?

Project Marie had a capacity of 20 MW.

What does Soluna Holdings focus on?

Soluna Holdings focuses on developing green data centers that convert excess renewable energy into computing resources.

What are the expected benefits of exiting Project Marie for SLNH shareholders?

The exit is expected to maximize profits and return on assets by allowing the company to allocate capital and resources more effectively.