Following the release of a business update, Soluna Holdings Inc. (NASD: SLNH) is gaining on the charts today, up 13.47% to trade at $0.65 at the most recent check.
What kind of update did SLNH give?
The business report was given today by Soluna Holdings (SLNH), the parent company of Soluna Computing, Inc. (“SCI”), a developer of green data centers for Bitcoin mining and other demanding computing. Soluna Holdings’ Dorothy Project, a 50MW Texas plant, has been steadily advancing through the regulatory process. The planning phase of the project is about to be finished, after which it will go on to the modeling phase.
When the project moves into the operations phase, where the logistics of a certain date for the facility’s energization are defined, the modeling phase is expected to be finished in February. As a result, the project would be on schedule to start energizing in the first quarter of 2023. As they travel to activate the site, the grid system operator, wind farm, and SLNH must coordinate physical logistics and other needs.
While the work to link the facility with the grid is being finished, the current target dates vary from early February to early March. SLNH has maintained its emphasis on getting Project Dorothy approved notwithstanding the market volatility. SLNH now has a clear road to activate the first 50MW of its Project Dorothy data center in Texas after cooperating with Texas regulators, the utilities, and the owner of the wind farm.
SLNH firmly thinks that Bitcoin and other forms of intense computing may serve as a significant stimulus for the renewable energy sector, and this project will serve as a model for similar initiatives in the future. The economic model for the first 50MW of this 100MW facility will continue to be improved until Soluna Holdings (SLNH) activates Dorothy, which is predicted to be one of the least expensive facilities of its kind in North America.
SLNH announced an equity move:
Soluna Holdings (SLNH) has engaged in a Securities Purchase Agreement with an initial acquire value of $855,000 of common stock and five-year rights to purchase common shares. The agreement was signed by SLNH and a few of the Company’s current investors, including those who had previously provided funding for the Company’s convertible note transaction. The warrants have an immediate exercise price of $0.76 per share, which translates into a maximum aggregate exercise price of $1,710,000 if the warrants are fully exercised for cash.