$14 Million Prop-mining Partnership Completes Flagship
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, announced today a $14 million investment partnership with Navitas Global (“Navitas”) for its Project Dorothy 1B data center in Texas.
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 49% equity in Project Dorothy 1B. The deal includes a $2 million loan to complete construction and an $12 million equity investment. Soluna will provide operations and maintenance expertise and will remain an owner of 51% of Project Dorothy 1B. This partnership together with recent deals at Project Dorothy 1A and Project Sophie put the company on a trajectory to reach cash flow positive during the second half of 2023.
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
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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.’
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.