Company: SLNH
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024045
Chunk: 121

Company: Soluna Holdings, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 121
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 D2 site focused on next generation data center designs for AI. It contemplates new direct liquid
cooling technologies, proprietary building and power designs – called Helix.

Project
Sophie

Project
Sophie is a 25 MW data center, based in Murray, Kentucky connected to the grid (“Sophie”). The project has a Power Purchase
Agreement (“PPA”) that requires the curtailment of the site during certain hours of the day to help balance the Kentucky
grid. We own 100% of the facility, which was completed in 2021.

Sophie
is focused on Bitcoin Hosting of multiple large customers. The data center generates revenue via a combination of fixed services fees
and profit share, while energy cost is passed through. As of June 30, 2025, there are approximately 9,480 Bitcoin miners installed or
contracted to be installed, resulting in an installed hashrate of approximately 1.24 EH/s and achieved a PUE of 1.03.

Project
Kati

We
are developing Project Kati in Willacy County, Texas, which is expected to be developed into 166 MW (broken out in 2 phases) of data
centers for HPC, Bitcoin Hosting and other computing-intensive applications. It is co-located with a 272.6MW wind farm. We have
completed the necessary studies for the ERCOT planning phase, which is the last formal step to secure approvals by regulatory
agencies or grid operators, such as ERCOT in Texas, to proceed with project construction and commissioning. We have completed the
necessary amendments to the interconnection agreements with American Electric Power, the transmission service provider. We have
secured land, contingent on reaching final agreement with local government and schools regarding taxation, for the project and have
started capital formation activities. On July 22, 2025, we finalized a contribution agreement from SLC for the first 35 MW of the 83
MW phase of Kati 1 with the goal of achieving initial energization by the first quarter of 2026.

Project
Rosa

We
are developing Project Rosa in Snyder, Texas, which is expected to be up to 187 MW of data center capacity for AI and Bitcoin Hosting
and other computing-intensive applications. It will be co-located with a 242.5 MW wind farm. We have signed term sheets for
both power and land purchase agreements in connection with this project.

44

Our
Growth Strategy