Soluna Holdings, a green data center provider for mining, has raised $14 million in investment from Navitas Global. This is stated in press release.
The funds received will be used to develop the Dorothy 1B project for the extraction of digital assets, which is based in Texas, USA.
Under the deal, Soluna will receive a $2 million loan to complete the 25 MW facility. The rest of the funds will come in the form of investments.
The mining company will retain a 51% stake in the new project, providing the other contributors with “expertise in operation and maintenance.”
Soluna’s management predicts that by the end of 2023, the company will be able to become profitable.
“Navitas is a strong partner now and in the long term. Their team not only understands the value of mining and having a reliable partner, but also realizes the long-term benefit in our infrastructure associated with renewable energy power plants,” said John Belizer, CEO of Soluna Holdings.
According to the data Investing.com, since the beginning of 2023, the company’s shares have fallen by about 22%. At the time of writing, SNLH is trading at $0.219, up 3.5% since the opening of trading.
Recall that in April, the mining company Greenidge Generation agreed with a competitor Core Scientific on hosting 6914 devices for bitcoin mining.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
Soluna Holdings, a green data center provider for mining, has raised $14 million in investment from Navitas Global. This is stated in press release.
The funds received will be used to develop the Dorothy 1B project for the extraction of digital assets, which is based in Texas, USA.
Under the deal, Soluna will receive a $2 million loan to complete the 25 MW facility. The rest of the funds will come in the form of investments.
The mining company will retain a 51% stake in the new project, providing the other contributors with “expertise in operation and maintenance.”
Soluna’s management predicts that by the end of 2023, the company will be able to become profitable.
“Navitas is a strong partner now and in the long term. Their team not only understands the value of mining and having a reliable partner, but also realizes the long-term benefit in our infrastructure associated with renewable energy power plants,” said John Belizer, CEO of Soluna Holdings.
According to the data Investing.com, since the beginning of 2023, the company’s shares have fallen by about 22%. At the time of writing, SNLH is trading at $0.219, up 3.5% since the opening of trading.
Recall that in April, the mining company Greenidge Generation agreed with a competitor Core Scientific on hosting 6914 devices for bitcoin mining.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
