HomeWhat Happened On Tuesday To Make Soluna (SLNH) Stock Jump After-Hours?

What Happened On Tuesday To Make Soluna (SLNH) Stock Jump After-Hours?

After revealing the project’s planning phase, Soluna Holdings Inc. (NASD: SLNH) has increased 17.96% to $0.3067 in after-hours trading hours on the most recent check Tuesday.

For what project has SLNH finished the planning?

Project Dorothy, a 50 MW flagship green data center project of Soluna (SLNH) in Texas, has completed the planning stage of the ERCOT Large Flexible Load approval procedure, the company said in a press release. The parent firm of Soluna Computing, Inc. (“SCI”), a provider of green data centers for intense computing such as bitcoin mining, is Soluna.

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The project has now passed all significant technical investigations and entered the modeling phase. This significant regulatory step opens the door for a Production Load Forecast Date of around February 8, 2023, which is the earliest time SLNH believes ERCOT will allow the project to be powered up.

The clearance to enter ERCOT’s modeling phase opens the way for the company’s Production Load Forecast Date, which Project Dorothy will double for SLNH. Project Dorothy is a replicable model for other initiatives from which SLNH may learn as it expands its operating footprint.

In honor of Dorothy Vaughan, an African American mathematician and “human computer” who worked for NASA and the National Advisory Committee for Aeronautics in 1939, Project Dorothy was established.

The Project Dorothy data center in Texas, the company’s flagship facility, will be powered up at a critical time for the renewable energy sector. The Inflation Reduction Act (IRA), which was just passed, provides ongoing incentives for renewable energy, positioning the industry for unheard-of growth.

The IRA contains considerable provisions for U.S. wind and solar growth, but it is only partially able to speed up transmission build-out, which depends on difficult and expensive siting licenses and approvals. Dynamic needs from data centers provide a quick answer to one of the renewable energy’s largest issues, wasted energy, commonly known as curtailment, while the U.S. waits for network build-out and as battery storage technology develops.

How can SLNH continue to excel?

Instead of focusing simply on Bitcoin mining, Soluna (SLNHbusiness )’s strategy aims to address the issue of wasted energy for producers of renewable energy. The long-term plan of SLNH would include GPU cloud computing applications in addition to Bitcoin mining. With its sustainable computing strategy, Soluna hopes to tap into the expanding markets for artificial intelligence (AI), machine learning, and graphics rendering.

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