MTI Inc. and Soluna Computing Energize 25 MW Modular Data Center Project in Kentucky
October 21 2021 - 6:23AM
via NewMediaWire -- Mechanical Technology, Incorporated
(“MTI” or the “Company”), (NASDAQ: MKTY), the parent company of
EcoChain, Inc. (“EcoChain”), a cryptocurrency mining business
powered by renewable energy, and Soluna Computing today
announced that their first greenfield modular data center (MDC)
project has been energized. The project, which includes 22
buildings, began energizing on September 30, 2021, and will reach
full capacity of 25 megawatts (MW) in November 2021, a month ahead
of schedule.
The project uses Soluna’s proprietary design for
MDCs to mine cryptocurrency.Alternately known as “Anaconda” in MTI
investor briefings, ProjectSophiewas named after Sophie
Wilson, a computer scientist who invented a custom chip processing
technology known as ARM. Added to their existing 3 MW pilot project
that came online last year, and the 25 MW Project Marie, Project
Sophie will bring the companies’ combined portfolio of operating
assets to over 50 MW.
“Project Sophie demonstrates the team’s ability
to get facilities built on budget ahead of schedule,” said MTI CEO
Michael Toporek. “In today’s supply chain challenged world, it's a
tremendous accomplishment. Our team’s demonstrated engineering
excellence will next be engaged in building out 100MW to 200MW of
facilities in 2022.”
Soluna’s MDCs are designed to use clean energy
resources to efficiently run high-intensity computing processes,
such as cryptocurrency mining. The MDCs run an industry-leading
power usage effectiveness (PUE) of under 1.02, and the flexible
design allows for different types of computing to be conducted in
the future, such as application-specific integrated circuits
(ASIC), field programmable gate arrays (FPGA) and graphics
processing units (GPU). The MDCs’ relatively small footprint and
highly efficient advanced thermodynamic systems allow them to be
placed either on-site or close by the generation source, such as
wind farms, solar farms, or even hydroelectric dams. The computing
processes can be timed to take advantage of the best available
electricity prices, contribute a complementary revenue stream for
the generation asset owner, and balance the local grid.
“Cryptocurrency has a dirty energy problem, and
clean energy has a curtailment problem. Deploying efficient,
scalable modular data centers on-site can help renewable energy
asset owners recover lost revenue by eliminating curtailed energy,”
said Soluna Computing CEO John Belizaire. “Project Sophie uses
primarily hydroelectric power, and future MDC projects will be
vertically integrated on-site at wind and solar power plants.”
MTI and Soluna’s second greenfield MDC project,
Project Dorothy, will come online with 50 MW by the end of Q1
2022.
View MTI’s September 2021 Flash
UpdateHere
View Project Sophie Web Page and Live
Stream Here
About MTI
MTI is the parent company of MTI Instruments,
Inc. and EcoChain, Inc. Through EcoChain, MTI develops
cryptocurrency mining facilities powered by renewable energy that
integrate with the blockchain network. Through MTI Instruments, MTI
is engaged in the design, manufacture and sale of test and
measurement instruments and systems that use a comprehensive array
of technologies to solve complex, real-world applications in
numerous industries. Those include manufacturing, electronics,
semiconductor, solar, commercial and military aviation, automotive
and data storage. For more information about MTI, please
visit https://www.mechtech.com.
About Soluna Computing
Soluna's scalable, on-demand data centers buy
every excess megawatt from renewable energy projects, increasing
project revenue while eliminating wasted energy. Implementing
Soluna data centers is a low-risk, low-friction process due to the
company's four pillars of expertise: Project development, energy
markets, project finance and computing technology. Soluna has
molded this unique expertise into a proven project finance
structure and revenue-generating solution. For more information,
please visit www.SolunaComputing.com.
Contact Information:
Lisa Brennan lbrennan@mtiinstruments.com
Investor Relations:
Kirin Smith, President PCG Advisory,
Inc.Ksmith@pcgadvisory.com
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