Soluna Closes Project-level Funding to Connect Project Dorothy to the Texas Grid

Capital Set Aside for Energization Plan

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, has draw-down $1.186 million as part of an agreement with certain strategic parties announced in late January to raise sufficient capital to energize the first 50 MW phase of Project Dorothy. This funding did not involve the sale of the Company’s equity. Funds have been deployed to pay for finalizing construction and energization activities. A portion of the capital has been set aside to fund the interconnection of the project to the grid.

Project Dorothy, the Company’s 50 MW facility in Texas is rapidly proceeding to an energization date.

Michael Toporek, CEO of Soluna Holdings, stated, “As we move to close the financing transactions we announced in January in their entirety, Project Dorothy will energize 50 MW, where it could run 2.2 exahashes per second (EH/s) of Bitcoin mining capacity. We are likely to use most of this location to host our customers where we expect them to generate about $28 million in annualized revenues from the facility.”

Project Dorothy is anticipated to be one of the lowest-cost facilities of its kind in North America. The project was recently featured on KLBK TV news in Lubbock, Texas.

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.’