February 11, 2024, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on Soluna Holdings, Inc. (NASDAQ: SLNH) titled, “Growing at the Intersection of Green and AI with Renewable Computing”. The report can be accessed here.
Soluna is on a mission to make renewable energy a global superpower using computing as a catalyst. The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. Soluna’s pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high- performance computing applications including Bitcoin mining, generative AI, and other compute-intensive applications. Maestro OS™, its proprietary software, helps energize a greener grid, while delivering cost-effective and sustainable computing solutions, and superior returns.
As all forms of renewable energy are growing faster than ever, Soluna is at the intersection of AI computing needs and renewable energy—renewable computing. About 30-40% of produced renewable energy is unused.
Soluna has historically focused on Bitcoin mining, but it is now adding AI/HPC computing. The company now has more than 2,600 MW of energy for data center projects in its pipeline. Soluna’s addressable market, which is both substantial and growing, is currently ~$70 billion and is expected to grow at a 15-20% CAGR for the next decade to ~$250 billion.
Soluna’s comparables include crypto mining, power generation, and data center companies of similar sizes. The comparables have a median P/S of 6.8x, with Soluna trading at a significant discount of 0.4x, which is a 95% discount.
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