Soluna Holdings (SLNH), a data center developer that uses renewable energy for computing, has received $35 million in project financing from private equity firm Spring Lane Capital to build more facilities.
- The money will help develop three behind-the-meter (BTM) facilities designed to convert wasted renewable energy into clean computing power for services such as bitcoin mining and artificial intelligence, it said in a statement.
- "Soluna is the only truly green bitcoin company we've seen to date," said Rob Day, a partner and co-founder of Spring Lane. "Finding wasted renewable energy - 'buried energy' - is a compelling solution that solves both Bitcoin's climate problem and wind energy's grid problem."
- The first of the three projects, Dorothy, will be a 100 megawatt (MW) data center connected to a Texas wind farm that produces more electricity than the grid can consume.
- Energy from renewable sources like wind sometimes overloads the power grid when the power generated exceeds demand. Data centers like Soluna's help manage supply by running computationally intensive processes like crypto mining.
- Dorothy will have an initial capacity of 50 MW and is expected to come online in the coming months.
- The other two projects will come from Soluna's robust pipeline," the statement said.
- Soluna said the new capital brings its total funding for data centers associated with renewable energy assets to $100 million.
- Recently, the company completed a $29.2 million public offering of Series A preferred stock and sold a business unit for $10.75 million.