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ALBANY, N.Y. - Soluna Holdings, Inc. (NASDAQ: SLNH), a company specializing in the development of green data centers, has announced the addition of Ernest Popescu to its advisory board. Popescu, CEO and founder of Metrobloks, brings a wealth of experience from his previous roles at Amazon (NASDAQ:AMZN) Web Services, Meta (NASDAQ:META), and Iron Mountain (NYSE:IRM) Data Centers. The micro-cap company, currently valued at $20.68 million, has shown impressive revenue growth of 163% in the last twelve months, though InvestingPro analysis indicates challenging cash flow conditions.
John Belizaire, CEO of Soluna, expressed enthusiasm for Popescu's appointment, citing his extensive background in data center infrastructure and his alignment with Soluna's mission to expand renewable computing solutions for AI. Popescu's expertise is expected to be a significant asset to Soluna as the company continues to grow its sustainable data center operations. According to InvestingPro, which offers 10+ additional exclusive insights, the company faces financial health challenges with a weak overall score of 1.68 out of 5.
Ernest Popescu has a track record of developing over 2 GW of data center opportunities across the U.S. and Europe and has been recognized for his innovative approach to the industry. His experience with both "develop and sell" and "develop and buy" models provides him with a comprehensive understanding of data center dynamics.
In a statement, Popescu expressed his eagerness to contribute to Soluna's advisory board, sharing the company's vision of developing data centers powered by renewable energy. He also indicated potential collaboration through Metrobloks, LLC.
Soluna Holdings is known for its commitment to integrating renewable energy sources with high-performance computing, offering solutions for energy-intensive industries such as cryptocurrency mining and artificial intelligence. With the proprietary software MaestroOS™, Soluna aims to energize a greener grid while delivering cost-effective computing power.
The company's approach to renewable computing positions it at the forefront of efforts to create a more sustainable digital infrastructure. The addition of Ernest Popescu to the advisory board is expected to further strengthen Soluna's expertise in delivering high-performance computing data centers at scale.
This news is based on a press release statement from Soluna Holdings, Inc. The stock currently trades at $2.47, significantly below its 52-week high of $8.80, though InvestingPro's Fair Value analysis suggests the stock may be undervalued at current levels. With a high beta of 2.93, investors should note the stock's tendency for significant price volatility.
In other recent news, Soluna Holdings reported a significant 362% increase in Q2 2024 revenue and secured key funding, including a $25 million Standby Equity Purchase Agreement with Yorkville Advisors Global L.P., and $30 million for the expansion of its flagship data center, Project Dorothy 2. The company also disclosed the commencement of two new customer deployments at Project Dorothy 1A and 1B, which are expected to enhance Bitcoin hosting capabilities. Notably, Soluna Holdings announced Project Rosa, a green data center project offering up to 187 megawatts of capacity, powered by an adjacent 240 MW wind farm in Texas.
The company's various projects, including Project Sophie and Project Kati, are making significant progress. Soluna's forward-looking statements, as detailed in the press release, are based on expectations and are subject to risks and uncertainties. Stockholder votes approved the amendment of Soluna Holdings' stock incentive plan and the potential issuance of common stock exceeding Nasdaq's exchange cap.
Lastly, John Tunison was appointed as the new Chief Financial Officer of Soluna Holdings. These recent developments are part of Soluna Holdings' ongoing efforts to expand its green data center and hosting services. The company's overall financial health is rated as 'FAIR' by InvestingPro analysts, who note both challenges and opportunities in its current business model.
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