Latest news with #ProjectKati1
Business Wire
4 hours ago
- Business
- Business Wire
Soluna Expands Partnership with Galaxy Digital to Deploy 48 MW at Project Kati
BUSINESS WIRE)-- Soluna 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 an expanded partnership with Galaxy Digital Inc. ('Galaxy') (NASDAQ/TSX: GLXY), a global leader in digital assets and datacenter infrastructure. Under the new agreement, Galaxy will deploy proprietary bitcoin mining operations – previously housed at their Helios datacenter campus in the Texas panhandle – at a 48 MW expansion of Soluna's Project Kati 1 in Texas. The expansion brings Project Kati 1 to its full capacity of 83 MW and, having cleared tax abatement approvals, construction is expected to launch before the end of August. Soluna previously entered into a $5 million loan facility with Galaxy in Q1 2025. With this new deployment, the partnership extends into an operational collaboration. Project Kati 1 is currently expected to be operational in Q1 2026. This expansion marks Soluna's largest deployment of a single partner to date, following a recent 30 MW rollout with another Top-Tier Bitcoin miner. Galaxy will be the first customer to begin mining operations at Project Kati 1 once construction is complete. 'As demand from hyperscaler miners continues to surge, Soluna is scaling to meet the moment,' said John Belizaire, CEO of Soluna. 'This partnership with Galaxy represents our largest MW deployment to date and underscores how our modular approach allows us to deliver efficient, renewable-powered infrastructure at scale. We're proud to deepen our relationship with Galaxy and help power the next wave of computing.' Key Deal overview: 48 MW of hosting of Galaxy Bitcoin mining containers and miners Deployment expected 1Q26 and 2Q26 Turnkey power infrastructure and operations provided by Soluna 'As we transition our Helios campus to an AI and high-performance computing data center, we're pleased to relocate a portion of our existing Bitcoin mining assets to Soluna to manage,' said Sam Kiernan, Business Development Lead at Galaxy. The company expects that this expansion will bring Soluna's operating capacity to 206 MW once fully deployed. For more information, visit Soluna's glossary of terms can be found here. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates,' 'confident' and similar statements. Other examples of forward-looking statements may include, but are not limited to, statements of Soluna's plans and objectives, including with respect to the development of Project Kati and our expectations with respect to the amount of renewable energy capacity Project Kati will deliver. Soluna may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ('SEC'), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including but not limited to statements about Soluna's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, further information regarding which is included in the Company's filings with the SEC. All information provided in this press release is as of the date of the press release, and Soluna Holdings, Inc. undertakes no duty to update such information, except as required under applicable law. About Soluna Holdings, Inc. (Nasdaq: SLNH) Soluna is on a mission to make renewable energy a global superpower, using computing as a catalyst. The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. Soluna's pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications, including Bitcoin Mining, Generative AI, and other compute-intensive applications. Soluna's proprietary software MaestroOS(™) helps energize a greener grid while delivering cost-effective and sustainable computing solutions and superior returns. To learn more, visit and follow us on: LinkedIn: Soluna regularly posts important information on its website and encourages investors and potential investors to consult the Soluna investor relations and investor resources sections of its website regularly. About Galaxy Galaxy Digital Inc. (NASDAQ/TSX: GLXY) is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence. Galaxy's digital assets platform offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology. In addition, Galaxy invests in and operates cutting-edge data center infrastructure to power AI and high-performance computing, meeting the growing demand for scalable energy and compute solutions in the U.S. Galaxy is headquartered in New York City, with offices across North America, Europe, the Middle East, and Asia.
Business Wire
22-07-2025
- Business
- Business Wire
Soluna Closes $20M Funding from Spring Lane Capital to Begin Construction on Project Kati 1
ALBANY, N.Y.--(BUSINESS WIRE)--Soluna Holdings, Inc. ('Soluna' or the 'Company'), (NASDAQ: SLNH), a developer of green data centers for intensive computing applications, including Bitcoin mining and AI, today announced it has closed its latest round of financing from Spring Lane Capital ('SLC') for a 35 megawatt (MW) expansion of Project Kati in Texas with Project Kati 1. With these funds, Soluna will commence Project Kati 1 construction in Q3 2025, with the goal of achieving initial energization and ramp-up by Q1 2026. 'Spring Lane Capital has walked alongside Soluna on our path to growth since the beginning with an investment in Project Dorothy,' said John Belizaire, CEO of Soluna. 'We expect these funds to fuel the construction of the first 35MW of the 83MW phase of Kati 1, which expands Soluna's Texas fleet for Bitcoin Hosting.' Key details Financial Structure and Equity Ownership: Soluna expects that the $20 million will fully cover the project's funding needs, including working capital. Kati 1 continues the superior waterfall structure and enhanced management and development fees, allowing Soluna to benefit from substantial current income during the construction and operational phases. Construction Timeline: The parties intend to commence Project Kati 1 construction in Q3 2025, with the goal of achieving initial energization and ramp-up by Q1 2026. Capacity and Technology: The new facility is designed to accommodate approximately 12,000 next-generation Bitcoin mining rigs. SLC's Expanded Financial Support: SLC and Soluna previously signed an agreement to extend up to $100M of additional project-level capital for Soluna's growing data center pipeline for Bitcoin and AI, subject to certain conditions precedent. Fund 2 Investment: SLC deployed its capital from its second private equity fund, Spring Lane Capital Fund II, which is twice the size of its initial fund. The fund is lined up to provide up to $4 million in Development Expenditure (DevEx) financing for Soluna's long-lead equipment purchases. Project Approvals: Kati 1 already has all the necessary ERCOT planning approvals. An ERCOT model update will be submitted at least 90 days before energization. 'We continue to invest in and be strategic supporters of Soluna because they continue to take steps toward sustainable high-performance computing and meeting green data center demand,' said Rob Day at Spring Lane Capital. 'We're looking forward to construction getting underway at Project Kati so that Soluna can continue expanding its green computing power.' For more information, visit Soluna's glossary of terms can be found here. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates,' 'confident' and similar statements. Other examples of forward-looking statements may include, but are not limited to, statements of Soluna's plans and objectives, including with respect to use of proceeds from the SLC financing, the development of Project Kati and our expectations with respect to the amount of renewable energy capacity Project Kati will deliver. Soluna may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ('SEC'), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including but not limited to statements about Soluna's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, further information regarding which is included in the Company's filings with the SEC. All information provided in this press release is as of the date of the press release, and Soluna Holdings, Inc. undertakes no duty to update such information, except as required under applicable law. About Soluna Holdings, Inc. (Nasdaq: SLNH) Soluna is on a mission to make renewable energy a global superpower, using computing as a catalyst. The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. Soluna's pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications, including Bitcoin Mining, Generative AI, and other compute-intensive applications. Soluna's proprietary software MaestroOS(™) helps energize a greener grid while delivering cost-effective and sustainable computing solutions and superior returns. To learn more, visit and follow us on: LinkedIn: X (formerly Twitter): YouTube: Newsletter: Resource Center: Soluna regularly posts important information on its website and encourages investors and potential investors to consult the Soluna investor relations and investor resources sections of its website regularly. About Spring Lane Capital Spring Lane Capital is a private equity firm based in Boston, MA and Montreal, QC focused on providing hybrid project capital for sustainability solutions in the energy, food, water, waste, and transportation industries. The firm's structured financial model seeks to tap into some of the fastest-growing segments of these markets that more traditional forms of project capital cannot access due to their scale and the limitations of existing investment models – the so-called 'Missing Middle'. SLC's pioneering 'Developer U' is a first of its kind effort to build the ecosystem of developers of sustainable infrastructure projects. For more information, please visit
Business Wire
11-06-2025
- Business
- Business Wire
Soluna Inks $20M from Spring Lane Capital to Launch Project Kati 1
BUSINESS WIRE)--Soluna Holdings, Inc. ('Soluna' or the 'Company'), (NASDAQ: SLNH), a developer of green data centers for intensive computing applications, including Bitcoin mining and AI, today announced financing from Spring Lane Capital ('SLC') for a 35 megawatt (MW) phase of Project Kati, Soluna's 2nd behind-the-meter data center project. Spring Lane Capital, a private equity firm providing hybrid project capital for sustainability solutions, has entered into a term sheet to lead the financing round with a commitment of at least $20 million. Spring Lane Capital is also an investor in Projects Dorothy 1A and Dorothy 2 and has been an important supporter of Soluna's efforts to accelerate the convergence of renewable energy and high-performance computing. In addition, Spring Lane Capital and Soluna signed an agreement to extend up to $100M of additional project-level capital for Soluna's growing pipeline. John Belizaire, CEO of Soluna Holdings, stated, 'Spring Lane Capital has been a trusted and strategic partner throughout our growth. We're proud to continue that momentum with Project Kati — a partnership on a facility that marks an exciting new phase for Soluna, with multiple projects moving forward in parallel. This investment accelerates our ability to deploy scalable, clean, compute where the energy grid needs it most.' 'Soluna continues to be at the forefront of converting otherwise curtailed or wasted renewable energy into clean computing solutions, particularly for crypto mining and AI applications, at a time when we need it most,' said Rob Day, Co-Founder and Partner, Spring Lane Capital. 'We are proud to be an early and ongoing supporter of Soluna as they take another step toward sustainable high-performance computing and meeting green data center demand.' Soluna Unveils Initial Financing Plan for Project Kati 1: The financing will facilitate the construction of the first 35MW of the 83MW phase of Kati 1, which expands Soluna's Texas fleet for Bitcoin Hosting. Financial Structure and Equity Ownership: Under the non-binding term sheet, Soluna expects to secure at least $20 million from SLC, fully covering the project's funding needs, including working capital. Kati 1 continues the superior waterfall structure and enhanced management and development fees, allowing Soluna to benefit from substantial current income during the construction and operational phases. Construction Timeline: The parties intend to complete definitive documentation and commence Project Kati 1 construction in Q3 2025, with the goal of achieving initial energization and ramp-up by Q1 2026. Capacity and Technology: The new facility is designed to accommodate approximately 12,000 next-generation Bitcoin mining rigs. SLC's Expanded Financial Support: SLC and Soluna signed an agreement to extend up to $100M of additional project-level capital for Soluna's growing data center pipeline for Bitcoin and AI, subject to certain conditions precedent. Fund 2 Investment: SLC is deploying capital from its second private equity fund, Spring Lane Capital Fund II, which is twice the size of its initial fund. The fund is lined up to provide up to $4 million in Development Expenditure (DevEx) financing for Soluna's long-lead equipment purchases. Project Approvals: Kati 1 already has all the necessary ERCOT planning approvals. An ERCOT model update will be submitted at least 90 days before energization. 'Our pipeline conversion rate is now higher than in previous years. With over 650 MW in our development phase, Spring Lane's continued support is more than welcome. We have now expanded beyond an idea – using colocated data centers to solve curtailment – to a burgeoning digital infrastructure platform,' John Belizaire continued. In keeping with its tradition of honoring women scientists, Soluna named Project Kati after Katalin 'Kati' Karikó, the pioneering Hungarian scientist whose groundbreaking work made mRNA-based therapies and modern vaccines possible. For more information, visit Soluna's glossary of terms can be found here. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates,' 'confident' and similar statements. Other examples of forward-looking statements may include, but are not limited to, statements of Soluna's plans and objectives, including with respect to the SLC financings, including the expected terms of such financings and the amounts that are expected to be available thereunder, the development of Project Kati and our expectations with respect to the amount of renewable energy capacity Project Kati will deliver. Soluna may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ('SEC'), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including but not limited to statements about Soluna's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, further information regarding which is included in the Company's filings with the SEC. All information provided in this press release is as of the date of the press release, and Soluna Holdings, Inc. undertakes no duty to update such information, except as required under applicable law. About Soluna Holdings, Inc. (Nasdaq: SLNH) Soluna is on a mission to make renewable energy a global superpower, using computing as a catalyst. The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. Soluna's pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications, including Bitcoin Mining, Generative AI, and other compute-intensive applications. Soluna's proprietary software MaestroOS(™) helps energize a greener grid while delivering cost-effective and sustainable computing solutions and superior returns. To learn more, visit and follow us on: Soluna regularly posts important information on its website and encourages investors and potential investors to consult the Soluna investor relations and investor resources sections of its website regularly. About Spring Lane Capital Spring Lane Capital is a private equity firm based in Boston, MA and Montreal, QC focused on providing hybrid project capital for sustainability solutions in the energy, food, water, waste, and transportation industries. The firm's structured financial model seeks to tap into some of the fastest-growing segments of these markets that more traditional forms of project capital cannot access due to their scale and the limitations of existing investment models – the so-called 'Missing Middle'. Spring Lane's pioneering 'Developer U' is a first of its kind effort to build the ecosystem of developers of sustainable infrastructure projects. For more information, please visit
