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Soluna Holdings, Inc. (NASDAQ: SLNH) has signed a non-binding Letter of Intent to secure financing for Project Dorothy, its Texas-based 50 MW facility aimed at Bitcoin mining and intensive computing. The planned transactions will involve a partial sale of the company's equity interests in Project Dorothy and a modest loan, without requiring new equity issuance. This effort is essential to energize the site with regulators. CEO Michael Toporek emphasized the importance of this financing to move forward with the project, which is expected to be among the lowest-cost facilities of its kind in North America.
Positive
Secured non-binding Letter of Intent for financing Project Dorothy.
No equity issuance required for the transactions.
Project Dorothy expected to be a low-cost facility for Bitcoin mining.
Negative
None.
Non-Dilutive Funding and Energization Plan in Motion
ALBANY, N.Y.--(BUSINESS WIRE)--
Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. (“SCI”), a developer of green data centers for Bitcoin mining and other intensive computing has reached an understanding with certain strategic parties and executed a non-binding Letter of Intent to raise sufficient capital to energize Dorothy 1A and 1B. Should the transactions close as contemplated, they would not require the Company to issue equity.
The components of the transactions include a sale of a portion of the Company’s equity interests in Project Dorothy as well as a modest loan against the project.
Project Dorothy, the Company’s 50 MW facility in Texas is rapidly proceeding to an energization date with its regulators as it moves to close these strategic transactions.
Michael Toporek, CEO of Soluna Holdings, stated, “We continue to focus our efforts to energize Project Dorothy, our flagship project in Texas. Moving through the regulatory process has been a critical catalyst for us to now raise the appropriate financing to energize the site.”
Project Dorothy is anticipated to be one of the lowest-cost facilities of its kind in North America.
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 30% of the power of renewable energy projects can go to waste. Soluna’s data centers enable clean electricity asset owners to ‘Sell. Every. Megawatt.’
