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NEW YORK - Soluna Holdings, Inc. (NASDAQ:SLNH), a micro-cap company with a market value of $14.5 million, has reached a milestone of one gigawatt of clean computing projects in operation, construction, or development with the launch of two new Texas-based facilities, according to a company press release. InvestingPro data shows the company faces significant financial challenges, with revenue declining nearly 27% over the last twelve months.
The developer of green data centers for intensive computing applications announced two new sites: Project Fei, a 100 MW data center co-located with a 240 MW utility-scale solar farm in northern Texas, and Project Gladys, a 150 MW facility co-located with a 226 MW wind farm in southeast Texas. These ambitious expansions come as InvestingPro analysis indicates the company’s current ratio of 0.35 suggests potential liquidity concerns.
Project Fei, Soluna’s second solar-based project, is being developed in partnership with a global energy infrastructure investment firm. Project Gladys is being developed with a U.S.-based independent power producer that manages over $40 billion in assets.
Both projects are currently advancing through land acquisition, power contract negotiation, and ERCOT interconnection planning.
"Reaching one gigawatt of clean computing projects in our total development pipeline is a transformative moment for Soluna," said John Belizaire, CEO of Soluna, in the statement.
The company, which develops data centers for Bitcoin mining and AI applications, named Project Fei after Dr. Fei-Fei Li, an AI researcher, and Project Gladys after Dr. Gladys West, a mathematician whose work contributed to GPS technology.
Soluna reported that its long-term power pipeline now totals 2.8 GW as it continues to expand its renewable-powered data center platform. The company stated it will focus on completing definitive power purchase agreements, land agreements, and ERCOT planning for the two new projects. With the stock down nearly 90% over the past year and an overall weak financial health score according to InvestingPro, investors should closely monitor the company’s execution of these expansion plans.
In other recent news, Soluna Holdings, Inc. reported an impressive 80% revenue growth, reaching $38 million in 2024, and achieved positive cash flow from its Bitcoin hosting business. The company has fully operationalized its Project Dorothy 1A and 1B, with Project Dorothy 2 now energized and expected to expand hosting capacity by 64% to reach 48 MW by the end of 2025. Additionally, Soluna launched Demand Response Services, generating $2.1 million in new revenue. In another development, Soluna priced a public offering to raise approximately $5 million, issuing 9,090,909 shares of common stock and accompanying warrants at $0.55 per share. The offering includes Series A and B warrants, each allowing the purchase of an additional 9,090,909 shares. Meanwhile, H.C. Wainwright maintained its Neutral rating on Soluna, noting sequential improvement in the company’s operational scale-up efforts. Shareholders recently approved a reverse stock split and elected two Class II directors, David C. Michaels and Matthew Lipman, to serve until 2028. H.C. Wainwright also initiated coverage on Soluna with a Neutral rating, expressing concerns over customer acquisition and funding for its high-performance computing goals.
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