ALBANY, N.Y. – Soluna Holdings, Inc. (NASDAQ: SLNH), a company specializing in green data centers for computing needs such as Bitcoin mining and AI, has announced several key developments in its operations. The company revealed strong first-quarter results for 2024, including a record increase in Quarterly Adjusted EBITDA and a rise in cash reserves.
At the 2024 Annual Stockholders' Meeting, all shareholder resolutions were passed, including director elections and the 4th Convertible Note Amendment with related warrant repricing. CEO John Belizaire outlined the company's strategy and profitability roadmap in a shareholder letter, complemented by the annual Earnings Power Presentation featuring the new Project Dorothy 2.
Soluna has secured a 166 MW Power Purchase Agreement (PPA) with EDF (EPA:EDF) Renewables and Masdar for Project Kati in Texas, which is expected to substantially increase hosting capabilities. Financing for Project Dorothy 2 has been arranged, with Spring Lane Capital committing up to $30 million. Additionally, the company has initiated a strategic collaboration for its AI business through its new subsidiary, Soluna Cloud, which is focused on sustainable and scalable AI Cloud and hosting services.
Updates on specific projects include the finalization of Project Dorothy 2's schedule, with the substation interconnection targeted for late fall and initial energization planned by the end of 2024. Project Sophie has undergone infrastructure upgrades to support AI client growth and has successfully mitigated the impacts of recent tornadoes in Kentucky. Project Kati has progressed with signed PPA agreements and executed Retail Electrical Provider agreements.
These developments signify Soluna Holdings' ongoing efforts to expand its green data center and hosting services while navigating the challenges posed by natural disasters and the energy market. The company's proprietary software, MaestroOS, is set to play a pivotal role in maintaining operations in compliance with ERCOT demand thresholds during the upcoming Four Coincident Peak Program period.
The information in this article is based on a press release statement from Soluna Holdings, Inc.
In other recent news, Soluna Holdings, a developer of green data centers, has made significant strides in its operations.
The company has signed a Power Purchase Agreement (PPA) with EDF Renewables and Masdar for a new project named Kati in Texas, marking a significant expansion in its portfolio. The project is expected to contribute 166 megawatts of renewable energy capacity upon completion, supporting high-performance computing applications such as artificial intelligence.
moreover, Soluna has announced the appointment of John Tunison as its new Chief Financial Officer. With over 25 years of experience in the global energy sector, Tunison will lead the company's financial and accounting strategies, focusing on capital allocation for its growing data center projects. His expertise in finance operations management and capital formation is expected to be beneficial for the company's vision of renewable computing infrastructure.
These recent developments reflect Soluna Holdings' continued efforts to harness surplus renewable energy for computing resources, with a focus on cost-effective and sustainable solutions.
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