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ALBANY, N.Y. - Soluna Holdings, Inc. (NASDAQ: SLNH), a developer of renewable energy-powered data centers, has announced several updates to its project sites, including the expansion of its green computing initiatives. The company, known for integrating surplus renewable energy into high-performance computing resources, has provided details on its ongoing and upcoming projects. According to InvestingPro data, Soluna has achieved impressive revenue growth of 80.49% in the last twelve months, though financial health indicators suggest careful monitoring is warranted.
Recently, Soluna signed a term sheet to acquire power for a new 120MW wind-powered data center, Project Hedy, in Texas. This move is expected to bolster Soluna’s presence in the Electric Reliability Council of Texas (ERCOT) market and reaffirm its commitment to sustainable computing. In addition, the company has secured land for Project Kati, a 166MW development that ranks among its largest renewable-powered computing sites. With a current market capitalization of just $8.69 million and an EBITDA of -$31.75 million, these ambitious expansion plans highlight the company’s aggressive growth strategy despite financial constraints.
Soluna’s Project Dorothy 2, which is under construction and will host 48MW of Bitcoin mining operations, is nearing the completion of its first phase. The company has also reported that customer deployments are ongoing, with multiple buildings online and operational.
Project Sophie, a 25MW site dedicated to Bitcoin hosting with profit share and AI hosting, has continued to perform well, achieving a new peak hashrate of 1 EH/s after recent deployments. A subsequent upgrade is planned to expand the site’s capacity.
The company has also noted the completion of the first phase of a substation upgrade for Project Kati, with the construction bid process for the first 83MW of Bitcoin hosting nearing conclusion. Orders for long lead equipment have been secured to support the project’s development.
Soluna’s partnership with Blockware has expanded, with the deployment of the first batch of next-generation S21+ miners targeting approximately 5MW at the new Dorothy 2 site. The company anticipates the continuation of this ramp-up into June 2025.
In addition to these updates, Soluna has experienced weather-related impacts on availability at its Project Dorothy 1A and 1B sites, prompting preparations for active cooling measures in anticipation of the summer heat.
Despite these challenges, Soluna continues to negotiate new contracts and partnerships for Project Dorothy 2 and Project Sophie, signaling ongoing growth and expansion.
The information provided in this article is based on a press release statement from Soluna Holdings, Inc.
In other recent news, Soluna Holdings, Inc. has announced an at-the-market offering agreement that could potentially raise up to $3.75 million through the sale of common stock. This agreement, made with H.C. Wainwright & Co., provides Soluna with a flexible financing option to support its operations and growth initiatives. In parallel, Soluna has advanced its Texas green computing project, Project Kati, by securing land parcels for a 166 MW data center site, marking a pivotal step toward construction. Additionally, Soluna has expanded its Bitcoin hosting capacity by 60% with the powering up of Project Dorothy 2, supported by a $5 million non-dilutive debt financing from Galaxy Digital. The company also signed a term sheet for a 120 MW data center project, Project Hedy, to be co-located with a 200 MW wind farm in Texas. Furthermore, Soluna has partnered with Luxor Technology Corporation to enhance BitMine Immersion Technologies’ mining capabilities, significantly increasing its ASIC fleet’s nameplate hashrate. These developments reflect Soluna’s ongoing efforts to integrate renewable energy with high-performance computing applications.
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