ALBANY, NY, April 20, 2023 – 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 it has obtained final approval from ERCOT to energize Project Dorothy, its flagship data center in Texas, effective immediately.
The approval of the project to energize is the final regulatory step for Soluna to energize its 50 MW Bitcoin mining data center. The data center is connected to a 150 MW wind farm and provides a solution to the power plant’s curtailment challenges. The project will be ramped up in phases, initially with 25 MW, Project Dorothy 1A, to be followed by 25 MW at Project Dorothy 1B.
Michael Toporek, CEO of Soluna Holdings, stated, “Energizing Project Dorothy allows us to finally demonstrate to investors the financial results that can be achieved by using ultra low cost, behind the meter, curtailed power co-located at a wind farm. The team has worked hard to get us here and investors have been patient.” He added, “As we ramp the facility we expect investor patience to be rewarded as this facility becomes the economic template the company will use to grow in a capital-efficient fashion. This could include other sites the company has been developing as well as an additional 50 MW at Project Dorothy.”
Project Dorothy is anticipated to be one of the lowest-cost facilities of its kind in North America, using wasted energy from the neighboring wind farm for its Bitcoin mining processes. When fully energized the data center will source much of its energy from the wind farm and monetize a substantial amount of the curtailment experienced by the wind farm. The flexible design of the data center will also help the grid absorb more renewable energy as it transitions to more green power plants. The Company provides Curtailment Assessments to leading independent power producers and has a growing pipeline of green data center projects in the United States.
The company’s Project Dorothy facility is named after Dorothy Vaughan, an African American mathematician and “human computer” who worked for the National Advisory Committee for Aeronautics and NASA in 1939. Learn more about the design of this facility here.
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.’
Soluna Holdings, Inc.