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Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>Turnaround complete. In recent weeks, Soluna has received interconnection approval for all 100 MW at its flagship Project Dorothy, secured contracts and is energizing the first 50 MW (1A and 1B), reached a 14-month extension on its October convertible notes, and now sees itself being operating cash flow positive in 2H23.</li><li>We expect these accomplishments will allow investors to see the value of its existing assets and its pipeline rather than focus on near-term liquidity concerns and regulatory approvals.</li><li>Project Dorothy 1A and 1B are now fully booked. Soluna announced the closing of a $14 million partnership with Navitas Global for the 25 MW at Project Dorothy 1B</li></ul>

Turnaround complete. In recent weeks, Soluna has received interconnection approval for all 100 MW at its flagship Project Dorothy, secured contracts and is energizing the first 50 MW (1A and 1B), reached a 14-month extension on its October convertible notes, and now sees itself being operating cash flow positive in 2H23.We expect these accomplishments will allow investors to see the value of its existing assets and its pipeline rather than focus on near-term liquidity concerns and regulatory approvals.Project Dorothy 1A and 1B are now fully booked. Soluna announced the closing of a $14 million partnership with Navitas Global for the 25 MW at Project Dorothy 1B

Soluna Holdings, Inc. -Soluna Has Turned the Corner

<ul><li>Project Dorothy now energized. ERCOT (grid operator) has given final approval to energize the first 50 MW of Soluna’s game-changing Project Dorothy.</li><li>The long-delayed project had been held up by ERCOT while it implemented its new Interim Large Load Interconnection Process to ensure grid reliability.</li><li>Energization sets the stage for signing hosting contracts at Project Dorothy. Soluna can now finalize and begin receiving revenues from hosting contracts at Project Dorothy.</li></ul>

Project Dorothy now energized. ERCOT (grid operator) has given final approval to energize the first 50 MW of Soluna’s game-changing Project Dorothy.The long-delayed project had been held up by ERCOT while it implemented its new Interim Large Load Interconnection Process to ensure grid reliability.Energization sets the stage for signing hosting contracts at Project Dorothy. Soluna can now finalize and begin receiving revenues from hosting contracts at Project Dorothy.

Soluna Holdings, Inc - Project Dorothy Energized at Last!

<ul><li>Project Dorothy interconnection now complete and ready for energization.</li><li>Soluna announced that it has completed the final interconnection construction, setting up for the energization of the first 25 MW phase of the project, which will soon be followed by the 25 MW phase (Dorothy 1B).</li><li>The final energization requests have been submitted to ERCOT (the grid operator) and we expect the project to be energized in the coming weeks.</li></ul>

Project Dorothy interconnection now complete and ready for energization.Soluna announced that it has completed the final interconnection construction, setting up for the energization of the first 25 MW phase of the project, which will soon be followed by the 25 MW phase (Dorothy 1B).The final energization requests have been submitted to ERCOT (the grid operator) and we expect the project to be energized in the coming weeks.

More Milestones Reached on the Path of the Company's Evolution

<ul><li>Soluna announced the promotion of John Belizaire to CEO of Soluna Holdings, with Michael Toporek stepping up to become Executive Chairman.</li><li>John Belizaire will remain as CEO of Soluna Computing, the operating company he founded prior to its acquisition by Soluna Holdings’ predecessor Mechanical Technology Inc. (MTI).</li><li>We view this as a logical step given the energization of Project Dorothy will be transformative for the company.</li></ul>

Soluna announced the promotion of John Belizaire to CEO of Soluna Holdings, with Michael Toporek stepping up to become Executive Chairman.John Belizaire will remain as CEO of Soluna Computing, the operating company he founded prior to its acquisition by Soluna Holdings’ predecessor Mechanical Technology Inc. (MTI).We view this as a logical step given the energization of Project Dorothy will be transformative for the company.

Continued Evolution at Soluna as John Belizaire Appointed CEO; Dorothy Energization Imminent

<ul><li>Final funding for Project Dorothy is now secured, with energization scheduled for the first week of April, pending approval from ERCOT. </li><li>Soluna recently announced $7.5 million in funding from existing project investor Spring Lane Capital (SLC) that will be used to complete the final energization of Dorothy and support corporate expenses.</li><li>SLC’s stake in the 25 MW Dorothy 1A increases to ~85% from 32%, but Soluna retains the right to 50% of 1A’s profits after SLC achieves an 18% IRR hurdle.</li></ul>

Final funding for Project Dorothy is now secured, with energization scheduled for the first week of April, pending approval from ERCOT. Soluna recently announced $7.5 million in funding from existing project investor Spring Lane Capital (SLC) that will be used to complete the final energization of Dorothy and support corporate expenses.SLC’s stake in the 25 MW Dorothy 1A increases to ~85% from 32%, but Soluna retains the right to 50% of 1A’s profits after SLC achieves an 18% IRR hurdle.

Dorothy Energization Scheduled; Financing Secured; Company at an Inflection Point

United States

Soluna Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, builds, owns, and operates modular data centers that eliminate wasted energy and deliver revenue to renewable energy producers. Soluna Holdings serves customers worldwide.

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Soluna Holdings (SLNH US)

Soluna Holdings, Inc. -Soluna Has Turned the Corner

In recent weeks, Soluna has received interconnection approval for all 100 MW at its flagship Project Dorothy, secured contracts and is energizing...

Water Tower Research

Soluna Holdings, Inc - Project Dorothy Energized at Last!

Project Dorothy now energized. ERCOT (grid operator) has given final approval to energize the first 50 MW of Soluna’s game-changing Project Dorothy.

Water Tower Research

More Milestones Reached on the Path of the Company's Evolution

Soluna announced that it has completed the final interconnection construction, setting up for the energization of the first 25 MW phase of the project

Water Tower Research

Continued Evolution at Soluna as John Belizaire Appointed CEO; Dorothy Energization Imminent

Soluna announced the promotion of John Belizaire to CEO of Soluna Holdings, with Michael Toporek stepping up to become Executive Chairman.

Water Tower Research

Dorothy Energization Scheduled; Financing Secured; Company at an Inflection Point

Final funding for Project Dorothy is now secured, with energization scheduled for the first week of April, pending approval from ERCOT.

Water Tower Research

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