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Soluna Holdings, Inc. (symbol: SLNH) is a leading U.S.-based company at the forefront of renewable energy-powered data centers. Primarily engaged in cryptocurrency mining, Soluna leverages surplus energy to power its data centers, ensuring an eco-friendly and sustainable approach. The company operates through its subsidiary, focusing on batch-oriented, computing-intensive processes, which include not only cryptocurrency mining but also machine learning applications.
Soluna's innovative model mitigates energy waste by consuming every excess megawatt, making it a low-risk, low-friction solution adaptable for various computational needs. The company's recent achievements include expanding their data centers to support larger computational loads and forming strategic partnerships to enhance their energy efficiency and mining capabilities.
Soluna Holdings' commitment to renewable energy and sustainable operations positions it uniquely in the market, catering to the growing demand for environmentally conscious and technologically advanced solutions. With a robust financial footing and continuous advancements in their technology, Soluna is poised to make significant contributions to the cryptocurrency mining and machine learning industries.
Soluna Holdings reported strong Q3 2024 financial results, with revenue increasing 30% to $7.5 million compared to Q3 2023. Year-to-date revenue reached a record $29.7 million, up 172% from 2023. The company secured significant funding, including $30 million for Project Dorothy expansion and a $25 million growth capital line. Key developments include launching Soluna Cloud AI business with HPE partnership, breaking ground on Project Dorothy 2, and expanding their development pipeline to 2.6 GW. Year-to-date adjusted EBITDA improved to $3.5 million from a $4.5 million loss in 2023, while unrestricted cash grew 38% to $8.8 million.
Soluna Holdings (NASDAQ: SLNH) has released its October business update, highlighting progress across multiple projects. The company is advancing on its $25 million Standby Equity Purchase Agreement and has completed several corporate initiatives, including webinars and AMAs. Key operational updates include: Project Dorothy 1A/1B (50MW total) maintaining high performance, Project Dorothy 2 (48MW) completing initial site preparation, and Project Grace (2MW) nearing completion of its Helix data center design. The company's AI initiatives show progress with Project Ada having 10 proof-of-concept projects and a waitlist of 128 nodes with 1,024 GPUs.
Soluna Holdings, Inc. (NASDAQ: SLNH), a developer of green data centers for intensive computing applications, has announced its participation in the Water Tower Research Fireside Chat Series. John Tunison, CFO of Soluna, will be presenting on Wednesday, October 16, 2024 at 1:00 PM ET.
The event, open to all investors, will cover several key topics, including:
- Discussion of the recently announced $25 million growth capital line
- Updates on convertible debt and preferred shares
- Financing options for new growth opportunities, such as the 166 MW Project Kati, the 187 MW Project Rosa, and the acquisition of new sites for AI data centers
Interested parties can register for the event using the provided link. Replays of the webcast will be available after the event.
Soluna Holdings, Inc. (NASDAQ: SLNH) has released its September business update, highlighting progress across various projects. Key developments include:
1. Signing a term sheet for Project Rosa, adding 187 MW of sustainable energy capacity.
2. Project Dorothy 1A and 1B (50 MW total) completed optimization efforts and successfully participated in ancillary services.
3. Project Dorothy 2 (48 MW) is progressing with site grading and concrete pouring.
4. New Project Grace (2 MW) and Project Ada (1 MW) are advancing in AI cloud and hosting services.
5. Project Sophie (25 MW) is preparing for a fleet upgrade and expansion.
6. Project Kati (166 MW) continues negotiations for land leases.
The company also published new blogs on AI's energy consumption and the convergence of AI with renewable energy.
Soluna Holdings, Inc. (NASDAQ: SLNH) has announced critical milestones towards accessing a $25 million Standby Equity Purchase Agreement (SEPA) with Yorkville Advisors Global L.P. The company has reached agreements with its convertible noteholders and the holder of its Series B Preferred Stock, satisfying key conditions for the SEPA.
Key points include:
- Convertible noteholders will consent to the SEPA and waive participation rights in exchange for a $750,000 waiver fee and other considerations.
- The Series B Preferred stockholder will consent to the SEPA and agree to certain limitations in exchange for repricing of conversion and warrants.
- Soluna plans to use the financing to retire existing Convertible Notes, fund AI operations and data center development, and strengthen its balance sheet.
- Operational plans include advancing AI data center designs, preparing for Project Grace, and accelerating development of large-scale projects.
Soluna Holdings (NASDAQ: SLNH), a developer of green data centers for intensive computing applications, announced that CEO John Belizaire will participate in a live virtual event on Sustainable AI for the Future of Business. The event, scheduled for Friday, October 4, 2024, at 3 PM EDT, will feature discussions with Anders Sorman-Nilsson, Global Futurist and Innovation Strategist, and Lin Nease, Hewlett Packard Enterprise Fellow, Sustainability Services CTO.
The open-access event will cover topics including:
- How sustainable AI practices can drive innovation and ESG success
- Real-world examples of AI initiatives meeting sustainability and efficiency goals
- Insights into AI powered by renewable energy reducing environmental footprints
Interested parties can register for the event through the provided link.
Soluna Holdings (NASDAQ: SLNH) has signed term sheets for Project Rosa, a new 187 MW data center co-located with a 240 MW wind farm in Texas. The project, to be developed in two phases on 60 acres, will harness renewable energy for AI, machine learning, and Bitcoin hosting. This strategic move aligns with Soluna's mission to utilize excess renewable energy for sustainable, low-cost data centers. CEO John Belizaire emphasized the project's significance in growing their HPC and Bitcoin data center business. Named after chemist Rosalind Franklin, Project Rosa represents a substantial increase in Soluna's shovel-ready momentum. Next steps include finalizing power purchase agreements, land agreements, and completing the ERCOT planning phase.
Soluna Holdings (NASDAQ: SLNH) released its August 2024 business update, highlighting strong Q2 2024 results with a 362% year-over-year revenue increase. The company broke ground on Project Dorothy 2, a 48 MW Bitcoin hosting facility in Texas. Soluna also introduced two new AI-focused projects: Project Grace (2 MW) and Project Ada (1 MW), expanding its presence in the AI cloud/hosting sector.
Key operational updates include ongoing site optimization at Dorothy 1A and 1B, expected to complete by September's end. Project Sophie maintained strong operations, while Project Kati (166 MW) progressed with ERCOT approval for its Reactive Power Study. The company continues to balance its focus between Bitcoin mining and AI computing infrastructure, adapting to market demands and environmental considerations.
Soluna Holdings (NASDAQ: SLNH) has secured a $25 million Standby Equity Purchase Agreement with Yorkville Advisors Global. The initial $10 million draw will be used to repay convertible notes and fund data center projects. This financing will enable Soluna to:
- Fund Soluna Cloud AI operations and data center development
- Deploy capital into projects to improve equity cash flows
- Retire existing Convertible Notes
- Strengthen its balance sheet
The deal structure offers flexible terms, including unsecured financing with a one-year term and 0% interest. Soluna plans to advance AI data center designs, prepare for a 2 MW AI data center build-out, accelerate the 166 MW Project Kati development, and acquire new sites for up to 20 MW of additional AI data center development.
Soluna Holdings, Inc. (NASDAQ: SLNH) has broken ground on Project Dorothy 2, its flagship sustainable data center in Texas. This expansion doubles the size of the original Project Dorothy facility, harnessing renewable energy for high-performance computing applications such as Bitcoin mining and AI. The groundbreaking ceremony took place on August 28, 2024, with the facility expected to be energized in Q1 2025.
CEO John Belizaire emphasized the project's significance in advancing Soluna's vision of Renewable Computing, where technology and sustainability coexist. The data center is named after Dorothy Vaughan, an African American mathematician who worked for NASA, continuing Soluna's tradition of honoring women scientists who catalyzed major innovations.
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