Spring Lane Gives Soluna $35M to Build Green Data Centres

Soluna Holdings, a developer of data centers that use renewable energy for computing (SLNH), secured $35 million in project financing through Spring Lane Capital to help build more facilities.

According to a, the money will be used to develop three behind-the meter (BTM), facilities that convert waste renewable energy into clean computing. These facilities can be used to mine and extract bitcoin (BTC). statement.
“Soluna is the only true green bitcoin company we’ve yet seen,” said Rob Day, a Spring Lane partner and co-founder. “Going after wasted renewable energy – ‘spilled power’ – is a compelling solution – and fixes both bitcoin’s climate problem and wind power’s grid problem.”
Dorothy will be the first of three projects. It is a data center with a 100 MW capacity connected to a Texas windfar that produces more electricity per unit than the grid can use.
When energy from renewable sources like wind exceeds demand, the power grid can be overwhelmed. Data centers like Soluna’s help manage the supply by running computing-intensive processes like crypto mining.
Dorothy will initially have 50MW of capacity. She is expected to be activated over the next months.
The other two projects will “come from Soluna’s robust pipeline,” the statement said.
Soluna claimed that the new capital brings to $100 million total funding for data centres co-located alongside renewable energy assets.
Recently, it was closed a $29.2 million Series A preferred stock public offering and sold a business unit for $10.75 million.
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