NEW YORK, Jan. 07, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Soluna Holdings, Inc. (Nasdaq: SLNH), MTI Instruments division, a manufacturer of precision tools and testing equipment for electronics, aviation, automotive, power and other industries, today announced a multi-year and multi-million-dollar contract with the U.S. Air Force (USAF). The total value over the life of the contract is anticipated to be well over $10 million.
The contract includes a one-year base with four extension years and reflects a reaffirmation of the 24-year relationship prior to this award. The USAF has awarded MTI Instruments this contract for the supply of its turbo fan jet engine vibration analysis and balancing solution, PBS. The PBS system and accessories are utilized as part of many USAF turbo fan jet engine testing and maintenance programs to ensure aircraft flight readiness and engine safety. MTI Instruments has been asked to continue the collaboration with USAF to assure maximum availability and support for military assets.
Moshe Binyamin, President and CEO of MTI Instruments, stated, "We are extremely pleased to announce this multi-year and multi-million-dollar order. This repeat order from the U.S. Air Force is a clear example of the high caliber customers that we have built decades long relationships with due to the high quality, and reliability of our essential products and services. We look forward to our continued partnership with USAF and are proud to support them with their mission of maximum readiness.”
About Soluna Holdings, Inc.
Soluna Holdings, Inc. (Nasdaq: SLNH) computing business 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's MTI Instruments division manufactures precision tools and testing equipment for electronics, aviation, automotive, power and other industries. Both Soluna and MTI Instruments use 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.’
For more information about Soluna, please visit www.solunacomputing.com or follow us on LinkedIn at linkedin.com/solunaholdings and Twitter @SolunaHoldings.
About MTI Instruments
Based in Albany, New York, MTI Instruments, Inc., a wholly-owned subsidiary of Soluna Holdings Inc., is a global leader in non-contact measurement tools and condition-based monitoring systems with a growing customer base spanning more than 60 countries. MTI Instruments has a rich history in innovation for developing and manufacturing sensors and systems to help clients secure the highest level of accurate measurements in order to drive innovation, identify efficiencies and increase competitiveness. MTI Instruments provides comprehensive solutions to better address challenges and applications within numerous industries, including industrial manufacturing, consumer electronics, semiconductor, solar, commercial and military aviation, automotive, transportation and R&D. For more information, please visit: MTIInstruments.com.
Forward Looking Statement
This communication 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 communication, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the filing of the registration statement and its ability to provide the Company with important financial flexibility and access to additional forms of growth capital, especially non-dilutive instruments, and the successful execution of the Company's business strategy. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, the SEC declaring the registration statement effective or the Company’s ability to raise capital using the registration statement if and when it is declared effective, 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; 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 filings with the SEC, including the registration statement and its periodic reports.
Investor Relations:
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646.823.8656
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