How Will New CFO Michael Picchi Scale Soluna's Operations?

Soluna Holdings has named Michael Picchi as Chief Financial Officer (CFO) and Treasurer, effective 1 April 2026, in a move that signals the Nasdaq-listed company's focus on executing a capital-intensive growth strategy centred on renewable-powered data centre infrastructure.

The appointment arrives as Soluna scales its portfolio of behind-the-meter data centres co-located with renewable energy generation assets – a model that could create distinct financial and operational challenges as the business expands.

Michael will assume responsibility for the company's finance organisation and capital strategy as it seeks to balance project delivery, construction risk management and funding requirements across multiple sites.

David Michaels, who has held the interim CFO and Treasurer role since August 2025, will transition out on 31 March 2026 but remain on Soluna's Board of Directors.

Financial leadership during infrastructure expansion

Soluna's business model integrates data centre infrastructure directly with renewable generation assets, positioning facilities to serve high-density computing demand, including AI workloads and Bitcoin mining, while reducing exposure to grid congestion and power price volatility.

For the finance function, this approach means navigating capital deployment across renewable energy infrastructure and computing facilities simultaneously. 

The CFO role will involve overseeing financial planning, capital allocation and investor engagement as the company targets new sites.

"Mike is a proven finance leader with deep experience across capital formation, strategic transactions and operational scale," says John Belizaire, CEO of Soluna.

"With increasing focus on sustainable computing powered by renewable energy, we are building for the long term. Mike's background will be a strong asset as we execute our strategy and advance our next phase of growth."

The challenge for Michael and his team will likely centre on maintaining financial discipline while funding new developments and managing construction timelines across a portfolio of capital-intensive assets.

Track record in data centre finance

Michael joins from TECFusions, where he served as Chief Financial Officer and Chief Accounting Officer from February 2024. 

TECFusions is a data centre developer focused on sustainable, high-density AI infrastructure, providing Michael with recent exposure to the financial and operational complexities of modern data centre construction.

His career spans more than 30 years in senior finance roles, with experience in equity and debt financing, mergers and acquisitions and complex operating environments. 

His background includes infrastructure, energy-adjacent businesses and manufacturing – sectors characterised by capital intensity and long development cycles.

Before TECFusions, Michael held CFO positions at GCX, a medical cart device manufacturer, from April 2022 to January 2024, and at East West Manufacturing between October 2017 and April 2022. 

He also served as CFO at demand response company Comverge from February 2006 to July 2011.

Capital allocation amid rising AI infrastructure demand

As AI workloads increase pressure on power availability and cost, data centre developers are re-evaluating financing and operational strategies. 

Soluna's behind-the-meter model is designed to reduce reliance on traditional grid connections by aligning compute demand with renewable generation output, a structure that could require different capital allocation approaches.

"I'm excited to join Soluna at a pivotal moment for both the company and the broader market," says Michael.

"Soluna's model is compelling: co-locating digital infrastructure with renewable generation to turn surplus clean energy into valuable computing resources. I look forward to partnering with the team to support disciplined scaling and the capital strategy needed to execute."

The finance function's remit will include managing funding for new sites, evaluating project-level returns and maintaining controls across a growing asset base. As Soluna develops additional projects, the company's ability to execute its strategy will depend on its capacity to secure appropriate capital structures and manage deployment risk.