Mechanical Technology Announces Name and Ticker Change to Soluna Holdings (SLNH)

ALBANY, N.Y., November 4, 2021 – Mechanical Technology, Incorporated (“MTI” or the “Company”), (NASDAQ: MKTY), the parent company of EcoChain, Inc. (“EcoChain”), a cryptocurrency mining business powered by renewable energy, and MTI Instruments, Inc. (“MTI Instruments”), a test and measurement instruments and systems business, today announced that it has completed its official name change to Soluna Holdings, Inc. and new ticker symbol for its common stock to SLNH and SLNHP for its preferred stock. The ticker change is scheduled to become effective on November 4th.

Michael Toporek, CEO of MTI, stated, “The closing of the Soluna transaction marks an acceleration in our growth as we acquired over 300MW of development pipeline and seek to move our capacity from our 1 Exhash target to over 4 Exahash by year end 2022. We also become a premier provider of solutions to the renewable energy sector as we help them monetize every megawatt they generate.  Changing our name to more accurately reflect our business was a natural step in our evolution.”

About MTI

MTI is the parent company of EcoChain, Inc. and MTI Instruments, Inc. Through EcoChain, MTI develops cryptocurrency mining facilities powered by renewable energy that integrate with the blockchain network. Through MTI Instruments, MTI is engaged in the design, manufacture and sale of test and measurement instruments and systems that use a comprehensive array of technologies to solve complex, real-world applications in numerous industries. Those include manufacturing, electronics, semiconductor, solar, commercial and military aviation, automotive and data storage.

Forward Looking Statements

Certain statements in this press release 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: (1) those risk factors set forth in the Company’s Registration Statement on Form S-1 (File No. 333-257300), as amended; and (2) other risks and uncertainties that may be detailed from time to time in MTI’s reports filed with the SEC. 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, the Company assumes no obligation to update or revise any forward-looking statements.

Contact Information:

Lisa Brennan

Investor Relations:

Kirin Smith, President
PCG Advisory, Inc.

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