Soluna Secures Navitas Global as Investment Partner at Project Dorothy 1B
- Soluna forms a $14 million investment partnership with Navitas Global for Project Dorothy 1B data center in Texas. Navitas will invest $12 million in equity and provide a $2 million loan for construction. Soluna will remain the majority owner with 51% equity. The partnership puts the company on track to reach cash flow positive in the second half of 2023.
- None.
Navitas Global is a private data center development company that leverages years of experience and deep relationships in the bitcoin mining industry to provide attractive returns for investors. Navitas is a nimble and tactical partner that focuses on sites with structurally low operational costs, competitively-priced equipment, and excellent efficiencies.
The proprietary-mining focused joint venture brings Navitas into Project Dorothy 1B as an investor and equity partner. Navitas will provide investment capital for the final stages of the infrastructure build out of Project Dorothy 1B and 25 MW of Bitcoin miners in exchange for
John Belizaire, CEO of Soluna Holdings, commented, “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, is also happy with the partnership, noting "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 makes this project an ideal partnership for Navitas. This facility is poised to out-compete in all market conditions."
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
About Soluna Holdings, Inc (SLNH)
Soluna Holdings, Inc. is the leading developer of green data centers that convert excess renewable energy into global computing resources. Soluna builds modular, scalable data centers for computing intensive, batchable applications such as Bitcoin mining, AI, and machine learning. Soluna provides a cost-effective alternative to battery storage or transmission lines. Soluna uses technology and intentional design to solve complex, real-world challenges. Up to
About Navitas Global
Navitas Global is a private data center development company that partners with landowners, developers, energy providers, and operators to create world-class Bitcoin mining facilities. Through strategic partnerships, Navitas brings value and capital to exciting and unique projects within the cryptocurrency mining industry.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230515005258/en/
Sam Sova
Founder and CEO
SOVA
Sam@teamsova.biz
Chad Roach
Managing Partner
Navitas Global LLC
chad@navitas.global
Source: Soluna Holdings, Inc.
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