Soluna Holdings, Inc. (NASDAQ: SLNH), a developer of green data centers for intensive computing applications like Bitcoin mining and AI, has released its July 2025 project site-level operations, developments, and updates. The company also published its latest 2025 Earnings Power Presentation, which outlines its long-term profitability potential.
Key corporate highlights include securing $20 million from Spring Lane Capital to fund the first 35 MW of Project Kati, a wind-powered data center site in Texas, with construction anticipated to commence in Q3 2025. Additionally, Project Dorothy 2, a 30 MW expansion site, has reached full hosting capacity following a deployment with a Bitcoin miner, marking the third collaboration with this customer. Soluna also completed a $5 million public offering to strengthen its balance sheet and support future growth and operational flexibility.
In addition to these developments, Soluna has actively engaged in public discourse. CTO Dip Patel was featured by Blockspace Media, discussing the impact of the One Big Beautiful Bill on clean energy and Soluna’s focus on sustainable infrastructure. CEO John Belizaire was interviewed by The Wall Street Resource and hosted on Flanigan’s Eco-Logic, where he discussed unlocking stranded renewable energy, the evolution of Soluna’s hosting business, and the integration of AI growth with clean energy innovation. The company has also released new blogs, a new podcast season for Clean Integration, and an AMA session for shareholders.
Regarding specific project updates, Project Dorothy 1A (25 MW, Bitcoin Hosting) and Project Dorothy 1B (25 MW, Bitcoin Prop-Mining) continue to experience increased curtailment hours during summer. Fleet upgrades for two hosting customers at Dorothy 1A have been completed, while planning at Dorothy 1B has progressed with a joint venture partner to consolidate and invest in new miners for improved hashrate performance.
Project Dorothy 2 (48 MW under construction, Bitcoin Hosting) achieved substantial completion of Phase 2 construction, with customer ramping expected to bring the phase fully online within three weeks. Phase 3 construction continues, with site completion planned for October or November. Project Sophie (25 MW, Bitcoin Hosting with Profit Share, AI Hosting) has maintained over 90% availability despite extreme heat conditions.
For Project Kati (166 MW under development, Bitcoin Hosting and AI), final approval of tax abatement is pending. Contracting for Kati 1 (up to 83 MW) construction for Bitcoin Hosting has been completed, with civil construction mobilization for Phase 1 expected in late August. Soluna’s $20 million funding from Spring Lane Capital is specifically for Project Kati 1’s initial 35 MW, with construction slated for Q3 2025.
Development activities persist on Projects Hedy, Ellen, and Annie, with progress in PPA negotiations, ERCOT planning, and land acquisition. Soluna’s 2.8 GW pipeline continues to expand with new curtailment assessments and term sheet negotiations underway. All contracting for Project Dorothy 2 for 2025 has been completed, with 48 MWs fully marketed through new customers and expansions with existing partners. The company is also successfully deploying three partnership agreements signed in May and June.
