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NEW YORK--(BUSINESS WIRE)--Advancing its mission to power the blockchain economy with low-cost renewable energy, Soluna Technologies, Ltd. (https://soluna.io/), today announced a new strategic partnership with DMG Blockchain Solutions Inc.
The agreement comes as Soluna begins to develop a 37,000-acre wind farm in southern Morocco, the largest wind farm in the world. The company’s energy systems and accompanying computing technology will be self-contained, distributed, scalable, and flexible, allowing it to achieve efficiencies only obtainable with utility-scale operations. The energy resources will be integrated with a suite of computing facilities to power next-generation blockchain breakthroughs.
As part of the agreement, Soluna intends to engage DMG for hardware procurement, data center design, mining setup, remote hardware, and systems monitoring. In addition, DMG will provide all necessary support services and a 5MW innovation lab in British Columbia.
“Our partnership with DMG represents an important step forward for Soluna,” said John Belizaire, CEO, Soluna. “Having the right partners is critical, and DMG is best-in-class. DMG benefits from deep global expertise in building large-scale computing facilities and brings a wealth of blockchain mining and infrastructure knowledge to the project. As we plan the first stage of development for our project in Morocco, we are thrilled to have a seasoned partner to galvanize our efforts to create the world’s first vertically-integrated blockchain computing company.”
“We are excited about our new strategic partnership with Soluna,” said Dan Reitzik, Founder and CEO, DMG. “I’m confident that our proven expertise in managing, operating, and developing end-to-end digital solutions for the blockchain ecosystem will complement Soluna’s unique approach. We look forward to being an integral part of the long-term success of Soluna’s mission.”
About Soluna
Blockchain Solutions
Soluna was founded in 2018 with the mission to power the blockchain economy with clean, low-cost renewable energy via the world’s first vertically-integrated blockchain computing company that owns and controls dedicated renewable energy resources. Soluna’s approach is to combine a utility-scale, renewable power plant operating on a wind farm in Morocco, with high capacity computing facilities to support and foster next-generation breakthroughs in the blockchain. The company is backed by private equity firm Brookstone Partners. For more information on Soluna, visit: https://soluna.io/ or join our telegram group: t.me/solunablockchain.
Dmg Blockchain Solutions Inc Management Group
Forward-Looking Statements
This press release and other statements that we may make contain “forward-looking information” or be, for purposes of applicable securities laws, “forward-looking statements.” Forward-looking statements are statements that are not historical facts and include statements about our future financial condition and future business plans and expectations. Such forward-looking statements are based upon the current beliefs and expectations of our management, but are subject to risks and uncertainties, which could cause actual results and/or the timing of events to differ materially from those set forth in the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. The forward-looking statements speak only as of the date on which they are made and Soluna undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Thinly traded DMG Blockchain (OTCQB:DMGGF) selects IBM (NYSE:IBM) Canada to help develop blockchain-based global supply chain management solutions for regulated products such as pharmaceuticals.
DMG Blockchain expects to spend about C$3M in the first year to develop the platform and up to C$10M over three years through hiring IBM's personnel.
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Sees funding costs through existing cash on hand, revenue, and, if required, further financings or collaborations with other companies.
IBM will provide program managers, technical architects, full stack developers, data scientists, data engineers, and developers to work with DMG's blockchain development team.
Dmg Blockchain Solutions Inc
Previously: DMG Blockchain Solutions reports Q2 results (May 30)
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