Soluna Set to Ramp Revenue – Approved for Final Phase to Energize Project Dorothy

Project Passes Modeling in the ERCOT Process

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 has announced Project Dorothy, its 50 MW flagship green data center co-located at a wind farm in Texas, has passed the modeling phase in the ERCOT Large Flexible Load approval process. This moves the project into the operations phase and paves the way for Soluna to work with the regulatory authorities and key partners to set an energization date.

At this initial 50 MW deployment, the facility holds up to 16,000 miners and will add up to 2.2 exahashes per second (EH/s) of Bitcoin mining capacity to the Company’s mining capacity. At its full deployment of 100 MW it could run 4.4 EH/s of computing power utilizing ultra-low cost renewable energy. Although Soluna is likely to use most of that capacity to host its customers, those machines would produce an estimated $55 million in annualized revenues to their owners.

Michael Toporek, CEO of Soluna Holdings, stated, “Passing the modeling phase of the regulatory process is a critical step for Soluna to make concrete financing and operational plans to energize the site. We are proud of our team and can’t thank our partners enough for the collaboration to get us through this critical step in the process.”

Project Dorothy is a two-phased project totaling 100 MW and anticipated to be one of the lowest-cost facilities of its kind in North America. The project is named after Dorothy Vaughan, an African American mathematician and “human computer” who worked for the National Advisory Committee for Aeronautics and NASA in 1939. Learn more about the logistics of this facility here.

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.’

For more information about Soluna, please visit www.solunacomputing.com or follow us on LinkedIn at linkedin.com/solunaholdings and Twitter @SolunaHoldings.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230206005170/en/