Company secures more funds for cryptomine facility.
Cryptomining and AI data center developer Soluna has announced the finalization of its latest funding round, securing $20 million to begin developing its flagship site in Texas.
The company secured the funding from Spring Lane Capital (SLC), from which Soluna had previously attracted $20m investment to begin development of the same site in June.
The latest funding round will be used to commence construction of the first 35MW phase of Project Kati 1, with the goal of achieving energization and ramp-up by Q1 of 2026. When fully built, Project Kati 1 is expected to house 166MW worth of Bitcoin mining capacity.
“We expect these funds to fuel the construction of the first 35MW of the 83MW phase of Kati 1, which expands Soluna’s Texas fleet for Bitcoin Hosting,” said John Belizaire, CEO of Soluna
The facility is initially expected to house 12,000 Bitcoin mining rigs, which will be powered by the 273MW Las Majadas Wind Project, which became operational in 2021 and is located in Willacy County, southern Texas.
Spring Lane Capital previously invested in Soluna’s Projects Dorothy 1A and Dorothy 2 mining sites. A separate agreement to extend up to $100 million of additional project-level capital for Soluna’s project pipeline has also been agreed with SLC.
“We continue to invest in and be strategic supporters of Soluna because they continue to take steps toward sustainable high-performance computing and meeting green data center demand,” said Rob Day at Spring Lane Capital.
“We’re looking forward to construction getting underway at Project Kati so that Soluna can continue expanding its green computing power,” Day added.
Soluna also operates or is developing several other Bitcoin mining sites, including the 187MW Project Rosa facility in Texas; the 50MW Dorothy I A and B as well as 48MW Dorothy II, also in Texas; Project Sophie, a 25MW data center in Kentucky; and the 2MW Grace site, again in Texas.
Soluna has stated that it aims to host a total of 479MW of data center capacity spread across seven separate sites, eyeing a long-term pipeline totaling 19 projects and up to 2.6GW of capacity.
