Soluna Holdings, Inc. Announces Initial Funding from Spring Lane Capital
11 Août 2022 - 10:01PM
via NewMediaWire – Soluna Holdings, Inc. (“SHI” or the
“Company”), (NASDAQ: SLNH), the parent company of Soluna Computing,
Inc. (“SCI”), a developer of green data centers for cryptocurrency
mining and other intensive computing, today announced the initial
funding of up to $12.5 million from funds managed by Spring Lane
Capital, a private equity firm focused on hybrid project capital
for sustainability solutions in the energy, food, water, waste and
transportation industries. The funding is the first of the up to
$35 million in project financing committed by funds managed by
Spring Lane Capital, originally announced on May 12, 2022. The
proceeds will fund the development of the initial 50 MW phase of
our development project in Texas, known as the Dorothy project, a
100 MW data center being built in phases.
Michael Toporek, CEO of Soluna Holdings, Inc.,
said, “This initial funding from Spring Lane Capital enables us to
begin the next phase of Soluna’s development pipeline. The
Dorothy project provides a mature, repeatable model that we believe
can be scaled to assist partner organizations, like the Electric
Reliability Council of Texas (“ERCOT”), and Spring Lane Capital to
come together to solve the problem of curtailed output.”
For more information on the Dorothy project,
please visit HERE.
About Soluna Holdings, Inc.
Soluna Holdings, Inc. (Nasdaq: SLNH) is the
leading developer of green data centers that convert excess
renewable energy into global computing resources. Soluna builds
modular, scalable data centers for computing intensive, batchable
applications such as cryptocurrency mining, AI and machine
learning. Soluna provides a cost-effective alternative to battery
storage or transmission lines. Soluna uses technology and
intentional design to solve complex, real-world challenges. Up to
30% of the power of renewable energy projects can go to waste.
Soluna’s data centers enable clean electricity asset owners to
‘Sell. Every. Megawatt.’
For more information about Soluna, please
visit www.solunacomputing.com or follow us on LinkedIn
at linkedin.com/solunaholdings and
Twitter @SolunaHoldings.
Forward Looking Statements
The statements in this press release with respect
to the initial funding of up to $12.5 million from funds managed by
Spring Lane Capital, the progress of Soluna’s development pipeline
and the ability to scale the Dorothy project to assist partner
organizations constitute forward-looking statements within the
meaning of the federal securities laws. Forward-looking statements
reflect management’s current expectations, as of the date of this
press release, and are subject to certain risks and uncertainties
that could cause actual results to differ materially from future
results expressed or implied by such forward-looking statements.
Actual results could differ materially from those expressed or
implied by such forward-looking statements as a result of various
factors, including, but not limited to: (1) those risk factors set
forth in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2021 and other reports filed with the SEC.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date made.
Except as required by law, the Company assumes no obligation to
update or revise any forward-looking statements.
Contact Information:
Chris Gandolfo
Financial Reporting Manager
Soluna Holdings
christopher@soluna.io
518 218 2565
Investor Relations
Brian M. Prenoveau, CFA
MZ Group – MZ North America
SLNH@mzgroup.us
561 489 5315
Soluna (NASDAQ:SLNHP)
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