Soluna secures $35M financing to enhance green bitcoin mining initiative

Data center developer Soluna (NASDAQ:SLNH) on Thursday has secured $35M in project financing from private equity firm Spring Lane Capital for the development of eco-friendly data centers. Shares of SLNH are climbing 5.1% in midday trading. The move brings Soluna's (SLNH) total funding for data centers located with renewable energy assets to $100M and doubles employee headcount, the company said. The financing will help Soluna (SLNH) build three behind-the-meter ("BTM") projects designed to convert wasted renewable energy into clean computing services like bitcoin (BTC-USD) mining and artificial intelligence, the company said. “Soluna is the only true green bitcoin company we’ve yet seen,” said Spring Lane Capital Partner and Co-Founder Rob Day. “Going after wasted renewable energy – ‘spilled power’ – is a compelling solution – and fixes both bitcoin’s climate problem and wind power’s grid problem.” The first project dubbed Dorothy is a 100 megawatt data center connected to a wind farm in