ALBANY, NY, Sept. 09, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Soluna Holdings, Inc. (“SLNH” or “Soluna Holdings”), (NASDAQ: SLNH), today announced that its subsidiary, Soluna Computing, Inc. (“SCI” or “Soluna Computing”), has renewed and extended a 10MW hosting contract with its customer at its Project Marie site in Kentucky.
The new contract enables Soluna to pass through power costs and protect against the risk associated with recently volatile power prices. It also enables Soluna to receive a meaningful profit share, allowing exposure to the potential upside of Bitcoin gains.
“Soluna remains one of the lowest-cost Bitcoin miners, and we believe the terms of this new agreement strongly insulate it from recent fluctuations in fuel charges,” said Michael Toporek, CEO of Soluna Holdings. “The industry has seen volatility in two key areas: the price of power and the value of Bitcoin. This agreement addresses both. It hedges our downside risk while maintaining upside potential. In our next flash report, we expect to detail for investors the profitability of the contract for the past year as well as the potential range of outcomes for the next year. We believe investors will be pleased with the returns we earned over the last year and the asymmetric risk-return profile we have achieved going forward for the company.”
“We are looking forward to the continued long-term relationship with our customer at Project Marie,” said John Belizaire, CEO of Soluna Computing. “We believe the agreement opens the door to similar hosting contracts for Soluna in the future.”
Project Marie is a 25-megawatt data center powered by the hydroelectric Kentucky Dam, which is operated by the Tennessee Valley Authority (TVA).
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.’
Forward Looking Statements
The statements in this press release with respect to Soluna Computing’s contract with respect to Project Marie and its perceived benefits, including cost savings and potential for additional contracts, constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements reflect management’s current expectations, as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Actual results could differ materially from those expressed or implied by such forward-looking statements as a result of various factors, including, but not limited to, those risk factors set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and other reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, Soluna Holdings assumes no obligation to update or revise any forward-looking statements.