Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 3

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 3
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5, we terminated our agreement with HPE.

We
are currently developing new infrastructure projects intended to support AI and HPC workloads. These efforts include engagement with
potential joint venture partners, conducting site and feasibility studies, securing access to power and land, and performing other early-stage
development activities.

Our
first planned AI/HPC colocation project is Project Kati, which is in advanced development. Additional projects, including the
announced Project Rosa, are also in progress. For the year ended December 31, 2024, we generated minimal revenue from our HPC
Business.

Demand
Response Business

We
provide demand response services to grid operators and utilities by leveraging our data centers as dispatchable energy resources. In
select states where we operate, our data centers are enrolled in ancillary services programs that support grid reliability.

Under
these programs, we commit to reducing a facility’s power consumption to a predetermined level when called upon by the grid operator.
In return, we receive compensation for maintaining this dispatch capability, provided we meet specific performance criteria. For example,
to qualify for compensation in a given period—typically monthly—the data center must meet minimum uptime and availability
requirements.

For
the year ended December 31, 2024, our Demand Response Business represented approximately 6% of total revenue.

Operations
and Project Pipeline

As
of December 31, 2024, we operate approximately 75 MW of capacity across two active sites located in Murray, Kentucky and Silverton, Texas.
An additional 48 MW is under construction at our D2 project site, and as of December 31, 2024, we had over 403 MW of facilities in advanced
development or near shovel-ready status. In total, our project pipeline includes approximately 2.6 gigawatts (GW) of renewable energy-powered
data center developments.

8

A
summary of our pipeline, current and anticipated operating locations are as follows (as of December 31, 2024):

    Project
    Name
     
    Location
     
    MW
     
    Status
     
    Line of Business
     
    Power
    Source

    Sophie
     
    Murray,
    KY
     
    25
     
    Operating
     
    Bitcoin
    Hosting
     
    Grid
    / Hydro

    Dorothy
    1A
     
    Silverton,
    TX
     
    25
     
    Operating