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ALBANY, N.Y. - Soluna Holdings, Inc. (NASDAQ:SLNH), a micro-cap company with a market value of approximately $8 million, has expanded its hosting agreement with Blockware, adding 3 megawatts (MW) of capacity at its Project Dorothy 2 data center in Texas, according to a company press release. According to InvestingPro data, the company faces significant financial challenges with a weak overall health score.
The expansion increases Blockware’s total contracted capacity at the site to 8 MW, representing a more than 50% increase from the initial 5 MW deployment that began in April. The additional capacity is expected to support an estimated 450-550 PH/s of hashrate powered by renewable energy. Despite generating revenue of $31.4 million in the last twelve months, the company’s current ratio of 0.33 indicates potential liquidity challenges.
John Belizaire, CEO of Soluna Holdings, said the expansion demonstrates the momentum of the company’s Project Dorothy platform. Kentaro Masuda, Chief Operating Officer at Blockware, noted that the first phase "has consistently delivered reliable uptime and operational efficiency."
Soluna, which develops green data centers for computing applications including Bitcoin mining and AI, provides full-stack infrastructure services as part of the agreement, including power management, data center operations, and on-site support.
Blockware, described as one of North America’s leading crypto mining infrastructure providers, decided to secure additional capacity after working with Soluna for two months.
The companies frame the partnership as advancing their commitment to sustainable blockchain infrastructure in the United States, with Soluna’s data centers strategically co-located with renewable energy sources.
The announcement comes as demand for sustainable Bitcoin mining infrastructure continues to grow in the market. The information in this article is based on a press release statement from Soluna Holdings.
In other recent news, Soluna Holdings, Inc. reported first-quarter revenue of $5.9 million and announced the commencement of customer deployments at Project Dorothy 2, marking the completion of its first phase. The company also secured $20 million in financing from Spring Lane Capital for Project Kati, a 35-megawatt data center project, with the possibility of up to $100 million in additional funding. Soluna has launched an at-the-market offering agreement with H.C. Wainwright & Co. to potentially raise up to $3.75 million through the sale of common stock, providing a flexible financing option for its growth initiatives. Additionally, Soluna received a notice from Nasdaq regarding non-compliance with the minimum bid price requirement, giving the company until November 2025 to regain compliance. The company is advancing its Project Dorothy 2, with phase 2 commissioning expected soon and completion projected by August. Soluna’s expansion efforts include a new 120MW wind-powered data center, Project Hedy, in Texas, and continued development of Project Sophie, which achieved a record 1.0 EH/s in computing power. The company is also negotiating new contracts and partnerships for its ongoing projects, signaling continued growth and expansion.
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