Soluna Holdings advances green data center projects

ALBANY, N.Y. - Soluna Holdings, Inc. (NASDAQ: SLNH), a developer of green data centers with a market capitalization of $15.32 million, has announced updates on its project sites, which include advancements in Bitcoin mining facilities and AI hosting operations. The company’s recent activities highlight the progress in their renewable energy-powered computing solutions, though InvestingPro analysis indicates the company faces significant financial challenges with a weak overall health score.

Soluna’s Project Dorothy 1A and 1B, both dedicated to Bitcoin-related operations, experienced a scheduled one-week outage to enhance network security and reliability and to conduct critical power infrastructure maintenance. Despite operational challenges, the company has achieved impressive revenue growth of 163.48% in the last twelve months. Post-outage, the sites are now fully operational and have resumed activities with minimal disruptions due to favorable warmer temperatures in the region.

The construction of Project Dorothy 2, a 48 MW Bitcoin hosting facility, has reached a significant milestone with the successful completion of its substation interconnection. This development sets the stage for the site’s initial energization, expected later in February, with phase 1 commissioning and deployments anticipated to start in early April.

In the realm of AI cloud and hosting, Project Grace is making strides with its behind-the-meter architecture, exploring three cooling technologies. Additionally, Project Ada has launched a new 128-GPU Atlas (NYSE:ATCO) Cloud cluster, with negotiations for two new GPU contracts nearing completion. This expansion aligns with the company’s growing AI pipeline, which now includes over 1,500 Nvidia (NASDAQ:NVDA) H100 GPUs.

Project Sophie, another Bitcoin hosting site, is currently operating at 65% capacity following an equipment failure at the utility substation. Despite this setback, hyperscale mining partners remain content with the swift resolution, and repairs are expected to be completed in March.

Project Kati, a significant 166 MW venture for Bitcoin hosting and AI, is in the negotiation phase with suppliers for electrical infrastructure and finalizing design scopes for the first 83 MW. The substation interconnection work for this project is slated for April.

Soluna’s customer success includes ongoing expansions with Bit Digital and Bitmine Immersion (NASDAQ:IMMR) Technologies, as well as reviewing partner proposals for Dorothy 2 Bitcoin Hosting availability.

This update, based on a press release statement, reflects Soluna Holdings’ commitment to developing sustainable and efficient digital infrastructure by leveraging renewable energy sources. With a current ratio of 0.59 and significant cash burn rate, investors should note the company’s financial risks. InvestingPro subscribers can access 8 additional key financial tips and comprehensive analysis to better understand the company’s prospects and challenges. The company’s forward-looking statements, as detailed in the announcement, are subject to various factors that may influence the actual outcomes of their projects.

In other recent news, Soluna Holdings, Inc. has been in the spotlight with a series of significant developments. The company reported a notable year-over-year increase in revenue, reaching a record $29.7 million year-to-date. In addition, Soluna has initiated two new customer deployments at Project Dorothy 1A and 1B, aimed at enhancing Bitcoin hosting capabilities.

The company also announced the addition of Ernest Popescu, CEO and founder of Metrobloks, to its advisory board. This move is expected to bolster Soluna’s expertise in delivering high-performance computing data centers at scale.

In a recent stockholder meeting, votes were cast in favor of amending the company’s stock incentive plan and potentially issuing common stock exceeding Nasdaq’s exchange cap.

Soluna also hosted an "Ask Me Anything" session, providing investors a platform to engage with the management team. These are just some of the recent developments in Soluna’s ongoing efforts to integrate computing with renewable energy.

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