Soluna Renews Project Marie Hosting Contract
September 09 2022 - 8:30AM
via NewMediaWire -- Soluna Holdings, Inc. (“SLNH” or “Soluna
Holdings”), (NASDAQ: SLNH), today announced that its subsidiary,
Soluna Computing, Inc. (“SCI” or “Soluna Computing”), has renewed
and extended a 10MW hosting contract with its customer at its
Project Marie site in Kentucky.
The new contract enables Soluna to pass through power costs and
protect against the risk associated with recently volatile power
prices. It also enables Soluna to receive a meaningful profit
share, allowing exposure to the potential upside of Bitcoin
gains.
“Soluna remains one of the lowest-cost Bitcoin miners, and we
believe the terms of this new agreement strongly insulate it from
recent fluctuations in fuel charges,” said Michael Toporek, CEO of
Soluna Holdings. “The industry has seen volatility in two key
areas: the price of power and the value of Bitcoin. This agreement
addresses both. It hedges our downside risk while maintaining
upside potential. In our next flash report, we expect to detail for
investors the profitability of the contract for the past year as
well as the potential range of outcomes for the next year. We
believe investors will be pleased with the returns we earned over
the last year and the asymmetric risk-return profile we have
achieved going forward for the company.”
“We are looking forward to the continued long-term relationship
with our customer at Project Marie,” said John Belizaire, CEO of
Soluna Computing. “We believe the agreement opens the door to
similar hosting contracts for Soluna in the future.”
Project Marie is a 25-megawatt data center powered by the
hydroelectric Kentucky Dam, which is operated by the Tennessee
Valley Authority (TVA).
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 cryptocurrency 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.’
Forward Looking StatementsThe statements in this press
release with respect to Soluna Computing’s contract with respect to
Project Marie and its perceived benefits, including cost savings
and potential for additional contracts, constitute forward-looking
statements within the meaning of the federal securities laws.
Forward-looking statements reflect management’s current
expectations, as of the date of this press release, and are subject
to certain risks and uncertainties that could cause actual results
to differ materially from future results expressed or implied by
such forward-looking statements. Actual results could differ
materially from those expressed or implied by such forward-looking
statements as a result of various factors, including, but not
limited to, those risk factors set forth in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2021 and other
reports filed with the Securities and Exchange Commission. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date made. Except as
required by law, Soluna Holdings assumes no obligation to update or
revise any forward-looking statements.
Contact InformationSam SovaVP, MarketingSoluna
Computingsam@soluna.io414.699.3667
Media InquiriesMelissa
BaldwinTigercommmelissa@tigercomm.us727.743.3778
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