Soluna Signs Land Agreements for 166 MW Project Kati

Rhea-AI Summary

Soluna Holdings (NASDAQ: SLNH) has secured definitive agreements for two land parcels to develop Project Kati, a 166 MW data center in Texas focused on Bitcoin mining and AI computing. The project, partnering with EDF Renewables and Masdar, will be implemented in two phases, starting with 83 MW.

The shovel-ready project is expected to commence construction in 2025, with Phase 1 potentially increasing Soluna's operating capacity to over 206 MW. The company is now pursuing three key initiatives: opening bids for Bitcoin Hosting data center investors, exploring AI/HPC joint venture opportunities, and completing Tier-3 site evaluation for high-performance computing capabilities.

The land transactions' closing remains subject to final agreements with Willacy County and Lyford School District regarding tax abatements, data center transaction structuring, and final due diligence.

Positive

• Secured land agreements for large-scale 166 MW data center development
• Strategic partnerships with major energy companies EDF Renewables and Masdar
• Project will significantly increase operating capacity by 83 MW in Phase 1
• Site confirmed suitable for Tier-3 high-performance computing capabilities

Negative

• Land transaction closing still subject to multiple conditions and approvals
• Project execution delayed until 2025
• Significant capital requirements for project development not yet secured

Insights

Financial Analyst

Soluna has signed definitive land agreements to secure two important parcels for Project Kati, a planned 166 MW green data center in Texas, targeting both Bitcoin mining and artificial intelligence workloads. This step establishes the legal foundation for construction, representing a significant milestone toward execution. The project involves collaboration with established partners, EDF Renewables and Masdar, adding credibility. Project Kati will be built in two phases, with the first 83 MW expected to increase Soluna's total operating capacity to over 206 MW once online. This could potentially reinforce its standing in sustainable computing infrastructure. The company is actively seeking external investment and joint venture partners, signaling a multi-pronged growth approach. However, actual development is contingent on future closures of land transactions, dependent on tax abatement negotiations, final transaction structuring and completion of due diligence. No financial terms or committed funding were disclosed and the project is described as 'shovel-ready' but not yet in construction. Thus, while the announcement marks progress, it remains an early-stage development update with execution risk. The strategic intent and site readiness could help attract partners, but the lack of binding project-level commitments or capital formation at this stage tempers immediate impact.

Targets Sustainable AI and Bitcoin Growth

ALBANY, N.Y.--(BUSINESS WIRE)-- Soluna Holdings, Inc. (“Soluna” or the “Company”), (NASDAQ: SLNH), a developer of green data centers for intensive computing applications including Bitcoin mining and AI, announced today that it has signed the necessary definitive agreements to secure two parcels of land required to build Project Kati in Texas.

Soluna Signs Land Agreements for 166 MW Project Kati in Texas

Project Kati is a 166 MW data center site that will power advanced computing applications, including Bitcoin mining and, potentially, artificial intelligence (AI). The project is in partnership with EDF Renewables and Masdar.

With two strategic land parcels now under contract—one for Bitcoin and one for AI—Soluna has cleared a major milestone in the development of the site. The shovel-ready project will be delivered in two phases, starting with 83 MW, and is expected to unlock new Bitcoin hosting and joint venture opportunities across the high-performance computing (HPC) landscape.

“We’ve entered into the agreements necessary to secure the land we need to build this strategic project,” said John Belizaire, CEO at Soluna. “We believe this milestone sets the stage for construction, investment, and innovation, and we’re now ready to move from vision to execution. Project Kati will be a cornerstone of our strategy to scale sustainable Bitcoin and AI infrastructure.”

Soluna will now focus on three key areas as the project moves toward construction in 2025:

• Capital Formation – Soluna will open Project Kati to bids from prospective investors, partners, and customers for a Bitcoin Hosting data center.
• Joint Venture Opportunities – Discussions are underway with potential partners to co-develop an AI or HPC-focused data center at the site.
• HPC Site Analysis – With the help of expert advisors, Soluna has already completed the evaluation of the site for Tier-3, confirming its suitability for high performance computing and AI data center capabilities, including environmental, energy, and connectivity factors.

The Company expects that Phase 1 of Project Kati—83 MW—would bring its operating capacity to over 206 MW, reinforcing its leadership in powering next-generation computing with renewable energy.

In keeping with its tradition of honoring women scientists, Soluna named Project Kati after Katalin “Kati” Karikó, the pioneering Hungarian scientist whose groundbreaking work made mRNA-based therapies and modern vaccines possible.

Closing of the land transactions is subject to the entering into of final agreements with Willacy County and Lyford School District related to potential tax abatements, the structuring of the data center transaction, and final Soluna due diligence.

For more information about Soluna and its projects, please visit solunacomputing.com.

Soluna’s glossary of terms can be found here.

Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include all statements, other than statements of historical fact, regarding our current views and assumptions with respect to future events regarding our business, our expectations with respect to the completion of Project Kati, including our ability to satisfy the conditions to closing and complete the land transactions, our expectations with respect to the amount of renewable energy capacity the project will deliver and our ability to complete the project on the projected timeline or at all, and other statements that are predictive in nature. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” and similar statements. Soluna Holdings, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including but not limited to statements about Soluna’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, further information regarding which is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and Soluna Holdings, Inc. undertakes no duty to update such information, except as required under applicable law.

About Soluna Holdings, Inc (Nasdaq: SLNH)
Soluna is on a mission to make renewable energy a global superpower, using computing as a catalyst. The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. Soluna’s pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications, including Bitcoin Mining, Generative AI, and other compute-intensive applications. Soluna’s proprietary software MaestroOS(™) helps energize a greener grid while delivering cost-effective and sustainable computing solutions and superior returns. To learn more, visit solunacomputing.com and follow us on:

LinkedIn: https://www.linkedin.com/company/solunaholdings/
X (formerly Twitter): x.com/solunaholdings
YouTube: youtube.com/c/solunacomputing
Newsletter: bit.ly/solunasubscribe
Resource Center: solunacomputing.com/resources

Soluna regularly posts important information on its website and encourages investors and potential investors to consult the Soluna investor relations and investor resources sections of its website.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250415193813/en/

Cybele Ramirez

Director, Marketing

Soluna Holdings, Inc.

ir@soluna.io

Source: Soluna Holdings, Inc.

FAQ

What is the total capacity of Soluna's Project Kati in Texas (SLNH)?

Project Kati is a 166 MW data center site, to be delivered in two phases starting with 83 MW.

When will Soluna (SLNH) begin construction of Project Kati?

Construction of Project Kati is planned to begin in 2025.

Who are Soluna's partners for Project Kati development?

Soluna is partnering with EDF Renewables and Masdar for Project Kati development.

What is the expected operating capacity for Soluna (SLNH) after Project Kati Phase 1?

After Phase 1's 83 MW completion, Soluna's total operating capacity would exceed 206 MW.

What are the conditions for closing Project Kati's land transactions?

Closing requires final agreements with Willacy County and Lyford School District for tax abatements, data center transaction structuring, and final due diligence.