Soluna Holdings to Appoint John Belizaire as CEO

Belizaire Becomes CEO of Holdings and Operating Companies

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 John Belizaire will be promoted to CEO of Soluna Holdings, Inc. in addition to his role as CEO of Soluna Computing, Inc.

Belizaire is one of the founders of Soluna Computing, Inc. prior to its acquisition by Mechanical Technology, Inc. (MTI) and will succeed Michael Toporek as CEO of Soluna Holdings, Inc. In this transition, Toporek will become Executive Chairman of the Board of Directors, succeeding William Phelan, who will become Lead Independent Director of the Company. David Michaels will remain on the Board and head of the audit committee after Phelan takes over the role. The effective date of these changes will be no later than April 30, 2023.

The appointment of Belizaire comes at a pivotal time for the Company as it prepares to energize its flagship project in Texas after securing its strategic round of funding from Spring Lane Capital. With this transition, the organization will begin to tightly align functions of its Holdings and Operating company to be more efficient on its expected path to profitability post-Dorothy energization.

John Belizaire, CEO of Soluna Holdings, stated, “I want to thank Michael for the tremendous partnership we have had over the past year to get the company set up for success once our flagship project is operational. When we founded Soluna we had the vision to make renewable energy a superpower and solve the wasted energy problem. It’s amazing to see how our Project Sophie and Project Dorothy data centers are making it a reality and are repeatable blueprints for our business.”

Michael Toporek, incoming Executive Chairman of the Board, stated, “I have had the privilege to work with John on and off for over 20 years. He is one of the best CEOs I have ever worked with. I know he will successfully build this company and maximize its potential.”

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Soluna Holdings, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Soluna’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, further information regarding which is included in the Company's filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and Soluna Holdings, Inc. undertakes no duty to update such information, except as required under applicable law.

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.’