Company: SLNH
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024045
Chunk: 72

Company: Soluna Holdings, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 72
---
 on sustainability-oriented infrastructure. On May 3, 2022, SLC committed $35 million to finance Soluna’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”).

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 7,800 Bitcoin miners installed
at D1A, which as of June 30, 2025, resulted in a hashrate of approximately 900 TH/s. For the year ended December 31, 2024, D1A consumed
over 45,700 MWh of Curtailed Energy and for the three and six months ended June 30, 2025, D1A consumed over 12,100 and 24,000 MWh of
Curtailed Energy.

D1A
was constructed in partnership with SLC, a leading venture capital firm focused on sustainability solutions. SLC owns approximately 85%
of the Class B Membership Units of D1A, while we own 15% of the Class B Membership Units of D1A and own 100% of the Class A Membership
Units of D1A. After SLC achieves an 18% Internal Rate of Return hurdle, Soluna retains 50% of the profits on D1A.

43

Project
Dorothy 1B

D1B
is focused