This announcement raises Soluna’s total funding for co-located data centers with renewable energy assets to $ 100 million; doubles the number of employees.
ALBANY, NY, May 12, 2022 (GLOBE NEWSWIRE) – via NewMediaWire – Soluna Holdings, Inc. (“SHI” or “Company”), (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. (“SCI”) has secured $ 35 million in project funding to develop green data centers located in conjunction with renewable energy assets. Spring Lane Capital, a privately held company, has invested private funds in Soluna as part of its capital-focused strategy for hybrid projects for sustainability solutions in the energy, food, water, waste and transportation industries. The capital will help develop three behind-the-counter (BTM) projects designed to convert wasted renewable energy into clean computer services, such as bitcoin mining and artificial intelligence.
“Soluna is the only true green bitcoin company we’ve seen yet,” said Rob Day, a partner and co-founder of Spring Lane Capital. “Pursuing wasted renewable energy – ‘spilled energy’ – is a compelling solution and solves bitcoin’s climate problem and the wind network problem.”
Michael Toporek, CEO of Soluna Holdings, Inc. “In line with our previously articulated strategy, we continue to look for opportunities that we believe allow us to optimize our cost of capital. Spring Lane Capital’s approach helps us develop a mature, scalable repeatable model.”
The first of three projects, Dorothy, named after African-American math and computer scientist Dorothy Vaughan, is expected to be revitalized later this summer and coincide with the launch of a local STEM program. The Dorothy Project is a 100 MW data center with an initial phase of 50 MW, connected to a Texas wind farm that produces more electricity than the grid can consume. Currently, the Soluna data center is estimated to create between 25 and 50 highly qualified jobs for technicians, security personnel and electrical.
The other two projects funded by the new capital will come from the rugged Soluna gas pipeline.
John Belizaire, CEO of Soluna Computing, Inc., said: “We are honored to have a pioneering financing company for sustainability projects such as Spring Lane Capital that supports our vision. Our model of harnessing excess clean energy to generate computing low-cost is the future of green bitcoin mining and green data centers. “
Spring Lane Capital has a successful track record of helping sustainable technology companies raise capital to build landmark projects. Its “hybrid project capital” approach provides project capital along with additional growth capital.
Day added: “Soluna is driving the demand for clean energy by giving a minimum price and improving the end result of the renewable energy partners they work with. The end result is more wind and solar farms that would not otherwise be built.”
In power plants such as the wind farm where the Dorothy project is being built, excess energy is wasted when the grid is overloaded or demand is too low. Soluna’s scalable solution allows every excess megawatt to be used for batch-intensive computing processes, such as cryptocurrency mining and machine learning. In addition, flexible demand consumers help stabilize the network by preventing power overload, which can otherwise cause blackouts and network malfunctions.
Last month, Soluna Holdings (SCI Computing’s parent company) sold its Albany-based subsidiary MTI Instruments for $ 10.75 million, expanding its focus on helping the modern grid absorb more renewable energy through flexible green data centers.
About Soluna Holdings, Inc.
Soluna Holdings, Inc. (Nasdaq: SLNH), which operates through its subsidiary, Soluna Computing, 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 batch-intensive computing applications, such as cryptocurrency mining, artificial intelligence, and machine learning. Soluna offers a cost-effective alternative to battery storage or transmission lines. Up to 30% of the power of renewable energy projects can be wasted. Soluna’s data centers allow owners of clean electricity assets to “sell.” Each. Megawatt.
For more information on Soluna, visit solunacomputing.com or follow us on LinkedIn and Twitter.
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