Mechanical Technology, Inc (MKTY) made it official this morning with a Dow Jones press release, but their acquisition of Soluna Computing has been well-known for quite some time. Investors caught wind of it last week and the stock price has already been surging. It opened this morning at $8.40, up from $7.25 on August 6th.
The new company, which will be known as “Soluna Holdings,” merges MTI’s crypto mining expertise with Soluna’s ability to develop scalable data centers powered by renewable energy. Their strategy involves buying excess energy from solar and wind farms, bringing a green energy component into a crypto mining sector under assault for energy consumption.
Combining the two companies opens up a development pipeline of 350MW, with 50MW coming online before the end of 2021 and plans to double the pipeline to 700MW by the end of 2022. The deal also retains Soluna’s seasoned technical team for their expertise in project development, energy markets, project finance and computing technology.
The acquisition announcement follows MTI’s Second Quarter 2021 Financial Results and EcoChain July Site Level Financials release. Total revenue was reported at $3.3 million, up 35% from the previous quarter