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ALBANY, N.Y. - Soluna Holdings, Inc. (NASDAQ:SLNH) announced the completion and full energization of Project Dorothy 2, the 48 MW second phase of its flagship data center in West Texas, bringing the total site capacity to 98 MW. The company, currently valued at approximately $135 million, is trading near $2.11 per share, which InvestingPro analysis suggests is undervalued compared to its Fair Value.
The expansion, built behind the meter at a 150 MW wind farm, increases Soluna's total energized data center capacity to 123 MW and over 5 EH/s of computing power, representing a 73.3% increase since April 2025. This growth comes as the stock has experienced significant price volatility, with a remarkable 134.5% price return over the past six months despite a sharp 30.6% decline just last week.
"Our team delivered a complex, large-scale project on schedule," said John Belizaire, CEO of Soluna, according to the company's press release.
The Project Dorothy campus utilizes curtailed renewable energy for Bitcoin mining operations, with 25 MW allocated to proprietary mining and 73 MW for hosting services across five industry partners. The site currently operates over 30,000 mining rigs generating more than 3.9 EH/s with a reported 94% uptime.
According to company figures, the facility operates at an efficiency of 24 J/TH and consumes approximately 80,000 MWh annually of what would otherwise be wasted energy, at a power price of $32.5/MWh.
The project's completion has created 18 full-time local jobs in addition to indirect roles supporting maintenance, logistics, and services in the region.
Soluna is currently constructing Project Kati, a 166 MW facility, as part of its pipeline of renewable computing projects that exceed 1 GW in total planned capacity.
The information in this article is based on a press release statement from Soluna Holdings.
In other recent news, Soluna Holdings, Inc. has announced several significant developments. The company has filed a prospectus supplement for a potential stock offering worth up to $87.7 million, in collaboration with H.C. Wainwright & Co., LLC. Soluna has also secured a scalable credit facility of up to $100 million from Generate Capital, PBC, with an initial $12.6 million draw to refinance existing projects and support new construction. In addition, Soluna has regained compliance with Nasdaq's minimum bid price requirement, maintaining a closing bid price of at least $1 for ten consecutive business days.
The company has commenced civil construction on Project Kati 1 in Texas, marking a milestone of over 1 gigawatt in renewable-powered computing projects. This project is set to host Bitcoin mining operations for Galaxy Digital and is expected to be energized in December 2025. Furthermore, Soluna has appointed Agnes Budzyn, a former executive at BlackRock, to its Board of Directors. These developments reflect Soluna's ongoing efforts to expand its operations and strengthen its financial position.
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