Business
Soluna Computing Announces Acquisition by MTI to Create Clean Computing Juggernaut
Combined Company Solves Top Revenue Challenge for Wind, Solar Farm Owners: Wasted Renewable Energy Production NEW YORK, Aug. 12, 2021 /PRNewswire/ --
About this update from Soluna Holdings, Inc.
[{"type":"text","content":"Combined Company Solves Top Revenue Challenge for Wind, Solar Farm Owners: Wasted Renewable Energy Production\n\n\nNEW YORK, Aug. 12, 2021 /PRNewswire/ -- Mechanical Technology, Inc (\"MTI\") (NASDAQ: MKTY) and Soluna Computing, Inc. (\"SCI\") today announced that they have signed a definitive agreement whereby MTI will acquire SCI. Soluna will buy excess energy from wind and solar farms to power data centers specializing in performing batchable computing, such as cryptocurrency mining. The transaction will launch Soluna into the new and rapidly growing \"green\" sector within the power-hungry data center industry. Upon closing of the transaction, the combined company will be renamed Soluna Holdings (\"Soluna\" or \"the company\").\n\n \n \n \n \n \n \n\n \nMany renewable energy producers lose up to 30 percent of the energy they could produce because the power grid is not flexible enough to absorb it. Soluna will offer on-site data centers that are modular and capable of scaling up to buy every excess megawatt of renewable energy. \nSoluna develops scalable data centers from concept to commercial operation that can buy excess energy from solar and wind farms with a low-risk, low-friction process that takes as little as six months. Rapid implementation allows Soluna to scale its approach globally from megawatts to gigawatts. \nThe combined company will have a development pipeline of 350MW, with 50MW expected to be operational by the end of 2021 and another 50MW by the end of the second quarter of 2022. By the end of 2022, Soluna expects to have two-thirds of its current pipeline energized and operational.\nMeeting An Exploding Market\nSoluna's solution meets the exploding demand for computing power, particularly forms of computing that are \"batchable,\" which can be interrupted. Soluna can offer customers batchable computing with rates as low as 25% of what they pay current service providers such as AWS. Batchable computing is a method of running high-volume, repetitive data processes. Batchable computing data centers require far less expensive infrastructure redundancies compared to data centers serving customers that must be always on. The demand for batchable computing – such as cryptocurrency mining, scientific computing, artificial intelligence and machine learning – now collectively represents $60B a year, 19 percent of th...