NEW YORK, Dec. 15, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — Soluna Holdings, Inc. (Nasdaq: SLNH), MTI Instruments division, a manufacturer of precision tools and testing equipment for electronics, aviation, automotive, power and other industries, today announced a $1.4 million order with a global industrial manufacturer. The contract also includes a 14-year ongoing maintenance and support component representing another high-value contract win with recurring revenue.
This repeat order stems from a multi-year customer relationship and is for MTI’s Block Gage measurement device that allows this top-tier global industrial manufacturer to perfectly machine ball pistons that require extremely precise accuracy for high power transmissions. MTI uses capacitance technology for micron-level accuracy measurement of distance and fit. The customer chose MTI Instruments based on its trustworthiness, dependability, and historical track record, providing the comfort they require to guarantee the high reliability and efficiency of the products they manufacture and repair.
Moshe Binyamin, President and CEO of MTI Instruments, stated, “This record order highlights our commitment to building enterprise value through deepening our understanding of our customers’ needs and providing them with on-going support through multi-year service contracts. We are extremely pleased to announce this significant order as it showcases why top-tier customers respect and trust our subject matter expertise.” Moshe added: “The relationship began in 2008 with the first version of our Block Gage measurement tool, followed by our second-generation product in 2013, and currently with our next generation capacitance-based technology. Furthermore, this award exemplifies our shift to become a trusted advisor to our customers by providing high precision measurement solutions with ongoing support.”
Ken Ameika, Global Sales Director of MTI Instruments, added, “Our customers demand high reliability of their critical tools and we have transformed the relationship with this global customer from a transactional equipment provider to a long-standing multi-year partnership.”
About Soluna Holdings, Inc.
Soluna Holdings, Inc. (Nasdaq: SLNH) is the leading developer of green data centers that convert excess renewable energy into global computing resources. Soluna builds modular, scalable data centers for computing-intensive, batchable applications such as cryptocurrency mining, AI and machine learning. Soluna provides a cost-effective alternative to battery storage or transmission lines. Soluna’s MTI Instruments division manufactures precision tools and testing equipment for electronics, aviation, automotive, power and other industries. Both Soluna and MTI Instruments use technology and intentional design to solve complex, real-world challenges. Up to 30% of the power of renewable energy projects can go to waste. Soluna’s data centers enable clean electricity asset owners to ‘Sell. Every. Megawatt.’
For more information about Soluna, please visit www.solunacomputing.com or follow us on LinkedIn at linkedin.com/solunaholdings and Twitter @SolunaHoldings.
About MTI Instruments
Based in Albany, New York, MTI Instruments, Inc., a wholly-owned subsidiary of Soluna Holdings Inc., is a global leader in non-contact measurement tools and condition-based monitoring systems with a growing customer base spanning more than 60 countries. MTI Instruments has a rich history in innovation for developing and manufacturing sensors and systems to help clients secure the highest level of accurate measurements in order to drive innovation, identify efficiencies and increase competitiveness. MTI Instruments provides comprehensive solutions to better address challenges and applications within numerous industries, including industrial manufacturing, consumer electronics, semiconductor, solar, commercial and military aviation, automotive, transportation and R&D.
Forward Looking Statement
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s current expectations, as of the date of this communication, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the filing of the registration statement and its ability to provide the Company with important financial flexibility and access to additional forms of growth capital, especially non-dilutive instruments, and the successful execution of the Company’s business strategy. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, the SEC declaring the registration statement effective or the Company’s ability to raise capital using the registration statement if and when it is declared effective, the Company’s ability to establish and maintain the proprietary nature of its technology through the patent process, as well as its ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company’s ability to implement its long range business plan for various applications of its technology; the Company’s ability to enter into agreements with any necessary partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company’s technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company’s filings with the SEC, including the registration statement and its periodic reports.
Kirin Smith, President
PCG Advisory, Inc.