Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 228

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 228
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’s Project Dorothy
    1A (“D1A”). On July 22, 2024, SLC committed an additional $30 million to support the development of D2. On July 22, 2025,
    SLC committed $20.0 million for the first phase of the construction on Project Kati, subject to customary conditions.

    ●
    Navitas
    West Texas Investments SPV, LLC (“Navitas”) – an investment vehicle organized by Navitas Global, a private
    equity firm focused on sustainable Bitcoin mining. On May 9, 2023, we entered into a strategic partnership with Navitas to support
    mining operations at Project Dorothy 1B (“D1B”).

    ●
    Galaxy
Digital, LLC (“Galaxy”) – a financial services and investment management
innovator in the digital asset and blockchain technology sectors. On March 12, 2025, the Soluna SW Loan Parties entered into a
five-year term loan facility in the principal amount of $5.0 million.

    ●
    Generate
    Capital (“Generate”) –  a leading infrastructure investment firm.  On September 12, 2025, we
    entered into a $100.0 million credit facility with Generate, in which as of September 30, 2025, we have drawn approximately $12.6
    million to fund refinancing and construction of active data center projects.

Project
Dorothy

During
2023, we transitioned our flagship data center Project Dorothy from construction to operations. This data center is co-located with Briscoe
Wind Farm (“Briscoe”), a 150 MW wind power generation facility in Silverton, Texas. The project comprises three phases, D1A
and D1B (each 25 MW facilities), and D2 (48 MW facility).

Project
Dorothy 1A

D1A
is focused on Bitcoin Hosting for industry hyperscale miners. There are approximately 7,700 Bitcoin miners installed at D1A, which as
of September 30, 2025, resulted in a hashrate of approximately 990 PH/s. For the year ended December 31, 2024, D1A consumed over 45,700
MWh of Curtailed Energy and for the three and nine months ended September 30, 2025, D1A consumed over 700 and 24,400 MWh of Cur