• Project Sophie Hosts GPU Startup Focusing on AI Market

ALBANY, N.Y. / Mar 21, 2024 / Business Wire / Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), a developer of green data centers for Bitcoin mining and other intensive computing applications, announced today it has successfully completed the installation of GPUs for its co-location partnership with a GPU startup specializing in AI computing services.

Following an extensive evaluation process, the new AI hosting pilot customer has chosen Project Sophie as their preferred solution, acknowledging Soluna's dedication to sustainability and scalability in AI-centric data center operations. According to the terms outlined in the agreement, Soluna has furnished co-location services to the customer at its modular data center facility located in Kentucky.

John Belizaire, CEO of Soluna Holdings, expressed enthusiasm about the collaboration, stating, “After a successful implementation for the customer, our operations team is in line to continue to deliver AI solutions at our facilities, including Project Dorothy 2.”

Soluna's co-location service introduction coincides with the launch of its AI Cloud venture. Drawing upon its extensive knowledge in renewable energy, data center management, and strategic collaborations, Soluna offers AI clients access to Renewable Computing, significantly undercutting the expenses associated with conventional data center solutions.

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.

In addition to figures prepared in accordance with GAAP, Soluna from time to time presents alternative non-GAAP performance measures, e.g., EBITDA, adjusted EBITDA, adjusted net profit/loss, adjusted earnings per share, free cash flow, both on a company basis and on a project-level basis. Project level measures may not take into account a full allocation of corporate expenses. These measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. Alternative performance measures are not subject to GAAP or any other generally accepted accounting principle. Other companies may define these terms in different ways.

About Soluna Holdings, Inc. (SLNH)

Soluna is on a mission to make renewable energy a global superpower using computing as a catalyst. The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. Soluna’s pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications including Bitcoin Mining, Generative AI, and other compute-intensive applications. Soluna’s proprietary software MaestroOS(™) helps energize a greener grid while delivering cost-effective and sustainable computing solutions, and superior returns. To learn more visit solunacomputing.com. Follow us on X (formerly Twitter) at @SolunaHoldings.