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Soluna Closes $30M Funding from Spring Lane Capital for Project Dorothy 2
This Milestone Mobilizes Construction for Bitcoin Mining Hosting and Paves the Way for an AI Data Center ALBANY, N.Y.--(BUSINESS WIRE)-- Soluna Holdings,
About this update from Soluna Holdings, Inc.
[{"type":"text","content":"\nThis Milestone Mobilizes Construction for Bitcoin Mining Hosting and Paves the Way for an AI Data Center\n\n\n ALBANY, N.Y.--(BUSINESS WIRE)--\nSoluna 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 it has closed its latest round of financing from Spring Lane Capital (“SLC”) for a 48 MW expansion of Soluna’s flagship behind-the-meter data center, Project Dorothy, (“Dorothy 2”) facility. SLC, a private equity firm providing hybrid project capital for sustainability solutions, has agreed to lead the financing round of $30 million.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240724972952/en/The Future Site of Soluna's Project Dorothy 2 and Helix Data Center (Photo: Business Wire)\nJohn Belizaire, CEO of Soluna, stated, “This significant investment from Spring Lane Capital propels our mission to scale our operational assets under management. Project Dorothy, our premier Bitcoin Hosting site, will double in size through this partnership with SLC. We look forward to working with the industry’s top Bitcoin miners to deliver sustainable hosting and best in class services.”\n\n\n“We are excited about Soluna’s continued momentum over the last two years and, in particular, Project Dorothy 2’s progress. The expansion comes at a time when solutions for the Texas electricity grid are gravely needed while simultaneously we are at an inflection point with AI and its effect on climate,” said Robert Day, Co-founding Partner at Spring Lane Capital. “We believe the success of Soluna’s model reflects the first truly positive solution when it comes to AI, computing and climate and we are proud to continue to support their breakthrough developments in the green data center sector.”\n\n\nKey Details:\n\n\n\nFinancing Plan for Dorothy 2 Secured: The financing will facilitate the construction of the Dorothy 2 facility, which expands Soluna’s Texas flagship data center by 48 MW in Bitcoin Hosting.\n\n\n\nAI data center: The remaining 2 MW of the site’s wind power will be reserved for Soluna’s planned Helix AI data center.\n\n\n\nConstruction Timeline: Now that the parties have completed definitive documentation, Dorothy 2 construction will commence in Q3 20...