Project Dorothy Energization Imminent: ERCOT Approval Expected by April

Soluna Holdings Announces Interconnection Work for Project Dorothy

• Soluna Holdings, Inc. has begun the final phase of substation interconnection work for their green data center project, named Project Dorothy.
• The interconnect work is expected to be completed by the end of March with testing on the power infrastructure to follow.
• Assuming approval from ERCOT, energization of Dorothy 1A is anticipated to begin during the first week of April.

Background on Soluna

Soluna Holdings, Inc. (NASDAQ: SLNH) is a developer of green data centers for Bitcoin mining and other intensive computing operations. Through its subsidiary company Soluna Computing, Inc., SHI has initiated their flagship project, called Project Dorothy. Named after mathematician Dorothy Vaughan who worked for NASA in 1939, Dorothy 1A is anticipated to become one of the lowest-cost facilities of its kind in North America when it goes online in April 2023.

Progress Made on Interconnection Work

At this time, SHI has announced that the final phase of interconnection work at their substation has begun and is expected to be completed by March 31st. This will enable SCI’s teams to commence the necessary tests on all power infrastructure needed before energization can occur which they anticipate will happen during the first week of April if all goes according to plan and ERCOT gives its final approval.

Statement from John Belizaire

John Belizaire, CEO at Soluna Computing had this to say about their progress: “Following the recent announcement of Soluna’s funding from Spring Lane Capital, we have been able to mobilize our teams to keep on course to energize the first phase of Project Dorothy as safely and quickly as possible.” It appears that with this additional funding and implementation timeline still intact, SHI is well poised for success with regards to meeting their goals for energizing their flagship facility by April 2023 through Project Dorothy 1A.

Safe Harbor Statement

This announcement contains forward-looking statements made under “safe harbor” provisions outlined in U.S Private Securities Litigation Reform Act 1995 which could prove inaccurate or incomplete over time due to potential risks involved in such statements not being realized or changes resulting from new information or future events occurring after they were made. Further information regarding these inherent risks can be found in SHI’s filings with Securities & Exchange Commission (SEC).