Soluna secures $100 million facility, settles with NYDIG

Soluna Holdings Inc. (NASDAQ: SLNH) announced several corporate developments, including a settlement with NYDIG and securing a $100 million credit facility from Generate Capital, according to a company statement.

The renewable energy data center developer settled all outstanding matters with NYDIG as disclosed in a Form 8-K filed September 30. "We are pleased to put this matter behind us," said CEO John Belizaire. "With this settlement, we can direct our full attention to building long-term value for our shareholders, partners, and customers."

Soluna closed a scalable credit facility up to $100 million from Generate Capital, with an initial $12.6 million draw in September used for refinancing and construction of active data center projects. The facility will support the company's 1 gigawatt pipeline.

The company regained compliance with Nasdaq's continued listing requirements and announced it has surpassed 4 EH/s of hash rate under management following fleet upgrades across all sites.

Construction updates include nearing completion of Project Dorothy 2, a 48 MW facility in Texas. Phases 1 and 2 are operational, with Phase 3 commissioning underway and completion expected in November. The company broke ground on Project Kati, a 166 MW wind-powered data center in Texas, on September 18.

Soluna signed a partnership with Canaan Inc. to deploy 20 MW of Bitcoin miners at Project Dorothy. The company completed power purchase agreement drafts for five projects totaling 545 MW of load capacity.

The company develops data centers co-located with renewable energy sources for Bitcoin mining and AI applications.

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