Soluna Holdings, Inc. (NASDAQ: SLNH), a developer of green data centers for intensive computing applications including Bitcoin mining and AI, has released its June 2025 project site-level operational updates and developments.
The company secured $20 million from Spring Lane Capital to initiate Project Kati 1, with new construction scheduled to commence in Q3 2025. Spring Lane Capital has committed to supporting up to $100 million across Soluna’s development pipeline. In parallel, Soluna expanded its partnership with Blockware at Project Dorothy 2, increasing the sustainable hosting capacity by over 50% to a total of 8 MW. Compass Mining also renewed and expanded its long-term partnership across the Dorothy campus, now encompassing 13 MW.
Operational updates for Project Dorothy 1A (25 MW, Bitcoin Hosting) and Project Dorothy 1B (25 MW, Bitcoin Prop-Mining) indicate continued operation at over 90% uptime despite extreme heat conditions. Filter replacement is ongoing to optimize airflow, and a fleet upgrade for two hosting customers is underway to enhance hashrate. At Project Dorothy 1B, a review with the joint venture partner aims to upgrade aging miners and improve hashrate performance.
Project Dorothy 2 (48 MW Under Construction, Bitcoin Hosting) is progressing on schedule across its three build phases (16 MW, 14 MW, and 18 MW). Temporary support has been onboarded to complete the deployment of miners for Phase 1 in the upcoming week. Power commissioning has begun for Phase 2 (14 MW) and is anticipated to conclude by month-end, ahead of a planned substantial completion in early August. Miners for Phase 2 are being received and deployed as power commissioning efforts finalize.
At Project Sophie (25 MW, Bitcoin Hosting with Profit Share, AI Hosting), fleet expansion for an existing customer has been completed, and the site maintained steady-state operations throughout the month. Project Kati (166 MW Under Development, Bitcoin Hosting and AI) has seen its Phase 1 (83 MW) modeling completed by ERCOT, reaching its Production Load Date on July 2, 2025. Contracting for Kati 1 (83 MW) construction for Bitcoin Hosting is in progress, with mobilization timing nearing finalization. The project is planned for at least two phases, one of which is a 35 MW phase.
Soluna’s long-term power pipeline has increased by 200 MW, reaching 2.8 GW, driven by new curtailment assessments and active term sheet discussions. Development activities have commenced on new Projects Hedy, Ellen, and Annie, with progress observed in Power Purchase Agreement (PPA) negotiations, ERCOT planning, and land acquisition. A project scoring system is under development to assess the AI hosting potential across the company’s portfolio.
Customer success highlights include the completion of a contract for a 30 MW partnership expansion at Dorothy 2, marking the third expansion with this customer who initially deployed with Soluna at Project Sophie in 2023. The renewed and expanded agreement with Compass Mining now totals approximately 13 MW across Project Dorothy 1 and Project Dorothy 2. Blockware’s hosting agreement expanded with an additional 3 MW at Project Dorothy 2, bringing their total contracted footprint at the site to 8 MW. All pipeline contracting for Project Dorothy 2 is completed for 2025, with its 48 MW fully marketed and at full hosting capacity, including both new customers and existing partner expansions.
Soluna Holdings designs, develops, and operates digital infrastructure that converts surplus renewable energy into global computing resources. The company’s data centers are co-located with renewable power plants to support high-performance computing applications, including Bitcoin Mining and Generative AI.
