Soluna Sharpens Focus on Project Dorothy, Energization and Grid Connection Imminent

Exits Project Marie to Concentrate Resources

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, announced today that it has exited its Project Marie facility in Kentucky. Project Marie was a 20 MW first-generation project, where designs and economics were tested and refined, ultimately leading to the engineering and economics deployed at Project Sophie in Kentucky, which will continue operation, and Project Dorothy in Texas.

The exit from the Project Marie site concentrates the Company’s focus on the development and energization of Project Dorothy in Texas, where grid connection and energization are imminent.

Michael Toporek, CEO of Soluna Holdings, stated, “We believe our exit from Project Marie allows us to concentrate our capital and personnel on continued operations at Project Sophie and the energization of Project Dorothy, which will maximize profits and return on assets.”

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.’