Soluna Bolsters Revenue Potential with Purchase of more than 8,250 Machines to Power Project Dorothy 1B

$18M Run Rate Revenue at the 25 MW Data Center

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 applications, announced the purchase of 8,250 Bitmain Antminer S19s, S19j Pro and S19j Pro+ for its Project Dorothy 1B data center in Texas. The purchase is estimated to result in 860 PH/s of hashrate with an average efficiency of 29.9 J/TH, and at a cost of $11.25 $/TH inclusive of all fees, import, and taxes.

The 25 MW Project Dorothy 1B is a proprietary mining joint venture between Soluna and Navitas Global. The first 5 buildings, which is approximately 6 MW, are set to be energized by the end of June. The remainder is expected to be completed and energized in the third quarter. The site’s run-rate revenue from mining is approximately $18 million annually⁽¹⁾.

Once Project Dorothy 1B is operational, the 50 MW Project Dorothy phase 1 will be fully online with a mix of hosting and proprietary mining.

John Belizaire, CEO of Soluna Holdings, commented, “Our team is focused on getting Dorothy phase 1A and 1B fully operational early this summer. We’ve put in place strong commercial deals with great revenue potential. We announced our partnership with Navitas less than one month ago, and are already nearing the completion of construction and have now purchased the key equipment to generate revenue.”

Chad Roach, Managing Partner at Navitas, added, “The partnership between Navitas and Soluna is off to a solid start with our teams executing on time and on budget. The procurement of the miners gives us a strong baseline for profitability not only this year, but for years to come.”

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.’

Notes:

1. Based on hashprice at $65 / Ph/s/ Day

Contacts

Sam Sova

Founder and CEO

SOVA

[email protected]