Soluna Holdings Inc. (NASDAQ:SLNH) shares jumped on Tuesday after the company announced progress on multiple projects, including the near completion of its 48-megawatt Project Dorothy 2 data center in Texas and the groundbreaking of its 166-megawatt Project Kati facility.
The company also secured a $100 million credit facility from Generate Capital and reached a settlement with NYDIG, removing key operational hurdles.
The Albany, New York–based developer of renewable-powered data centers stated that the updates position it for accelerated growth across the Bitcoin mining and AI computing markets.
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CEO John Belizaire stated that resolving the NYDIG matter enables Soluna to focus entirely on scaling operations and creating long-term value for its shareholders.
Compliance and Financing Milestones
Soluna recently regained compliance with Nasdaq’s listing requirements, restoring its full trading status and boosting investor confidence.
The $100 million scalable credit line from Generate Capital will fund construction and refinancing, including an initial $12.6 million draw in September to support key data center projects.
Project Expansion
Phases 1 and 2 of Project Dorothy 2 are fully operational, with the final 18-megawatt phase expected to go live in November.
Once complete, the site will expand Soluna’s hosting capacity and push its total hash rate above four exahashes per second.
Meanwhile, Project Kati, a 166-megawatt wind-powered facility in Willacy County, is under active construction, with civil work and substation upgrades already underway.
Strategic Growth and Partnerships
Soluna also signed a 20-megawatt hosting deal with Canaan Inc. (NASDAQ:CAN) to deploy Avalon A15 XP Bitcoin miners at Project Dorothy.
Soluna joined the Texas Blockchain Council to deepen its footprint in the state’s renewable energy and blockchain sectors and plans to participate in the North American Blockchain Summit in Dallas this month.
Related ETFs: Valkyrie Bitcoin Miners ETF (NASDAQ:WGMI) and Global X Blockchain ETF (NASDAQ:BKCH).
Price Action: SLNH shares were trading 16.67% higher at $2.10 at last check Tuesday.
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