Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 232

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 232
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 Northeast Texas.
The solar farm is owned by a new power partner–a leader in renewable energy and sustainable infrastructure both in the U.S. and
internationally.

Project
Fei

We
have signed a term sheet for power for Project Fei is a 100 MW data center in development co-located with a 240 MW utility-scale solar
farm, Soluna’s second solar-based project to date. Developed in partnership with a global leader in energy infrastructure investment,
Project Fei will convert underutilized solar energy into clean, high-performance computing power. The project is currently advancing
through land acquisition, power contract negotiation, and ERCOT interconnection planning.

Project
Gladys

We
have signed a term sheet for power for Project Gladys is a 150 MW facility in development, which will be co-located with a 226 MW wind
farm and developed in partnership with a prominent U.S.-based independent power producer (“IPP”) managing over $40 billion
in assets and more than 80 energy facilities nationwide. The project is currently advancing through land acquisition, power contract
negotiation, and ERCOT interconnection planning.

Our
Growth Strategy

Our
growth strategy is focused on expanding our pipeline of renewable energy-powered data center projects and accelerating their development
through joint ventures, co-ownership structures, and other strategic partnerships. Over time, we intend to increase our ownership stake
in these projects to enhance long-term value.

We
believe our renewable energy project pipeline—currently estimated at over 2.8 gigawatts (GW)—represents our most valuable
strategic asset. We believe this pipeline has the potential to support the development of approximately 300 to 400 MW of new digital
infrastructure annually over the next six to eight years.

In
parallel with new project development, we are refining our operational model across existing sites to position ourselves as a partner
of choice for both AI/HPC colocation and Bitcoin Hosting.

We
continue to grow our pipeline by increasing the number of curtailment assessments completed with power generation partners. These assessments
serve as a precursor to securing exclusive Power Purchase Agreements (“PPAs”), acquiring or leasing land, and executing other
pre-construction development activities necessary to advance projects to shovel-ready status.

In
2025 and 2026, we are focused on advancing the following key initiatives:

    ●
    Power
    Pipeline Expansion – Increasing the number of curtailment assessments completed with power partners, advancing more projects
    to