- Soluna Holdings will receive $14 million in funding to complete the construction of Project Dorothy 1B in Texas under a new agreement with Navitas Global.
- The agreement includes a $2 million loan to complete the 25-MW plant and a $12 million equity investment.
- Following the announcement, the company shares rose by 14%.
In a press release yesterday, Soluna Holdings (SLNH), a Bitcoin [BTC] mining data center, announced a $14 million investment for project development.
Soluna Holdings will receive the investment above as part of a new agreement with Navitas Global to complete the development of Project Dorothy 1B in Texas. The deal calls for a $2 million loan to complete the 25-megawatt (MW) plant and a $12 million equity investment.
Soluna will contribute operations and maintenance expertise while owning 51% of the project.
John Belizaire, CEO of Soluna Holdings, stated: “Navitas is a strong partner for Soluna now and long-term. The Navitas team not only understands the value of Bitcoin mining and having a reliable partner, but they also understand the long-term value of our infrastructure being interconnected to renewable energy power plants.”
Chad Roach, Managing Partner at Navitas, stated:
“Soluna has done a fantastic job with the Project Dorothy facility, and we are excited to work together and bring this phase of the project online in the coming weeks. Their quality construction and competitive operating framework make this project an ideal partnership for Navitas. This facility is poised to out-compete in all market conditions.”
Company Stock Increased by 14%
Soluna Holdings’ stock has fallen roughly 22% this year. However, following the latest announcement, the Bitcoin mining data center’s stock increased 14% from $0.2001 to $0.229 yesterday.
The largest single purchase within the last twelve months, by an insider, was by Michael Toporek, CEO, and Director, Soluna, who purchased more than $52,000 worth of shares for US$3.38 per share. That is an insider desired to buy shares even if the price exceeded US$0.27 (the press time price).
It implies that insiders’ perspectives have shifted since then, but it also shows that they were optimistic then.
About Soluna Holdings, Inc. (SLNH)
Soluna Holdings, Inc. is a pioneer in developing green data centers that transform excess renewable energy into global computing resources. Soluna creates modular, scalable data centers for computing-intensive, batchable applications like Bitcoin mining, artificial intelligence, and machine learning.
Soluna is a low-cost alternative to battery storage and transmission lines. Soluna solves complex real-world problems through technology and intentional design. Renewable energy projects can waste up to 30% of their power. Soluna’s data centers enable owners of clean energy assets to ‘Sell. Every. Megawatt.’
