ALBANY, NY, July 05, 2022 (GLOBE NEWSWIRE) — via NewMediaWire —Soluna Computing, Inc. (“SCI” or the “Company”), a subsidiary of Soluna Holdings, Inc. (SLNH), (NASDAQ: SLNH), and a developer of green data centers for cryptocurrency mining and other intensive computing, has engaged Truist Securities to assist with the company’s growing pipeline of data center project opportunities.
Soluna builds and operates data centers co-located at renewable energy sites powered by wasted (curtailed) renewable energy. Grid inefficiencies and lost revenue from underpriced or curtailed energy represents a major challenge for renewable power generation worldwide. Up to 30% of certain renewable projects’ power can be curtailed, and improving negative economic outcomes is critical to progressing the energy transition to renewable sources. The Company’s flexible, batchable computing data centers offer a modular, scalable solution that can be deployed and online within months.
“We have a strong history of developing, financing and operating data centers at renewable energy sites. We have a robust pipeline with the ability to build data centers much faster than other curtailment strategies, such as batteries and transmission. As we look toward the next round of projects, we have engaged Truist Securities to help us evaluate options, analyze project financials and assess how to source the right capital for our business,” said John Belizaire, CEO of Soluna Computing.
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.’
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the Company’s business and strategy. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including but not limited to, the Company’s ability to establish and maintain the proprietary nature of its technology through the patent process, as well as its ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing, including the proposed financing; the Company’s ability to implement its long range business plan for various applications of its technology; the Company’s ability to enter into agreements with any necessary partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company’s technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company’s reports filed with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K.
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Brian M. Prenoveau, CFA
MZ Group – MZ North America
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