Soluna Holdings, Inc., a developer of green data centers for intensive computing applications including Bitcoin mining and AI, announced its project site-level operations, developments, and updates for August 2025. A key highlight includes the company surpassing one gigawatt of renewable-powered computing projects and expanding its partnership with Galaxy Digital for a significant hosting deployment.
Soluna has now exceeded 1 GW of renewable-powered computing capacity across its operations, construction, and development portfolio. This milestone was reached with the addition of Project Gladys, a 150 MW wind project under development, and Project Fei, a 100 MW solar project under development. The achievement underscores the scalability of Soluna’s behind-the-meter model and represents a significant step towards its long-term roadmap of 2.8 GW.
The company also expanded its partnership with Galaxy Digital, which is expected to deploy 48 MW at Soluna’s Project Kati 1. This deployment will bring Project Kati 1’s total capacity to 83 MW, marking Soluna’s largest hosting deployment to date. In its Q2’25 results, Soluna reported a steady gross margin, with Three-Month Adjusted EBITDA increasing by $2.3 million since Q3 2024, alongside the energization of Dorothy 2, which expanded its Texas footprint.
Further corporate updates include the interim appointment of David Michaels, a board member and former interim CFO in 2023, as the new interim Chief Financial Officer. Michaels brings over 30 years of financial leadership experience to the role. Soluna focuses on designing, developing, and operating digital infrastructure that transforms surplus renewable energy into global computing resources, strategically co-locating data centers with wind, solar, or hydroelectric power plants.
Regarding project developments, Project Dorothy 1A (25 MW) and 1B (25 MW), both involved in Bitcoin hosting and proprietary mining, operated through another 4CP month with fewer curtailed hours compared to previous months. A fleet upgrade at 1B is in progress, with over 900 new generation miners procured and being deployed. Dorothy 1A is also scheduled for additional fleet upgrades in December to enhance hashrate. Project Dorothy 2 (48 MW under construction) saw its Phase 2 fully deployed by mid-August, with 32 MW now operational. Phase 3 construction is anticipated to conclude by the end of October, with commissioning activities commencing mid-September.
Project Sophie (25 MW), dedicated to Bitcoin and AI hosting with profit share, maintained strong operations as summer temperatures began to subside. At Project Kati (166 MW under development), final approval for tax abatement with the county was secured. Civil construction has begun with initial site preparation and grading to support the first 48 MW of Galaxy Bitcoin Hosting at Project Kati 1. Additional civil work is underway to complete the interconnection with the upgraded substation, targeting a site energization date of December 2025. All pre-purchased long-lead equipment is being delivered, and further orders have been placed for the second 35 MW phase of Soluna Bitcoin Hosting at Project Kati 1. The next phase of the substation upgrade for Project Kati 2 (83 MW) is scheduled to start in October.
Beyond these updates, development activities are ongoing for Projects Rosa, Hedy, Ellen, Annie, Gladys, and Fei, with progress in power purchase agreement (PPA) negotiations, ERCOT planning, and land acquisition. The 2.8 GW long-term power pipeline continues to expand with new curtailment assessment and term sheet negotiations. Soluna is actively deploying 45 MW across three new partnerships secured earlier this year.
