Key Milestone Sets a Production Load Forecast Date of February 8, 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 Project Dorothy, its 50 MW flagship green data center project in Texas, has successfully exited the planning phase of the ERCOT Large Flexible Load approval process. The project has now moved into the modeling phase, clearing all major technical studies. This key regulatory milestone paves the way for a Production Load Forecast Date of approximately February 8, 2023, which is the earliest date Soluna understands ERCOT would permit the energization of the facility.

Michael Toporek, CEO of Soluna Holdings, stated, “Project Dorothy doubles our operational footprint, and this approval to move to ERCOT’s modeling phase sets a clear path for our Production Load Forecast Date. I’m extremely proud of the hard work and collaboration of our team and partners to get us into this next phase of the process. As we continue to grow our operational footprint, Project Dorothy is a repeatable blueprint for future projects for which we can learn.”

Project Dorothy 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 logistics of this facility here.

The future energization of Soluna’s flagship Texas data center, Project Dorothy, comes at a pivotal moment for the renewable energy industry. The recent passage of sustained incentives for clean energy through the Inflation Reduction Act (IRA) leaves the sector poised for unprecedented growth.

While the IRA includes significant provisions for U.S. wind and solar development, it has limited ability to accelerate transmission build-out, which hinges on complex and costly siting permits and approvals. While the U.S. waits for transmission build-out and while battery storage technology matures, flexible demand from data centers offers an immediate solution to one of renewable energy's biggest problems, wasted energy, also known as curtailment.

Soluna’s business model is based on solving the wasted energy problem for renewable energy generators, not solely on mining Bitcoin. Soluna’s long-term strategy would extend beyond Bitcoin mining into GPU cloud computing applications. Soluna’s renewable computing plan would leverage green data centers to capture a growing market in pharmaceutical research, graphics rendering, AI, and machine learning.

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.’

For more information about Soluna, please visit www.solunacomputing.com or follow us on LinkedIn at linkedin.com/solunaholdings and Twitter @SolunaHoldings.

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