Company: SLNH
Filing Date: 2025-05-22
Form Type: S-1
Source: 0001641172-25-012098
Chunk: 18

Company: Soluna Holdings, Inc
Filing Date: 2025-05-22
Form: S-1
Chunk 18
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 of the first of 3 phases, each of 16MW, that will occur
between May and October 2025 with the site expected to be fully operational in November 2025. As each phase is commissioned, it will begin
to generate revenue, both due to Bitcoin Hosting and Demand Response Services.

Project Rosa

We are developing Project Rosa which is expected
to be a 187MW data center for AI and Bitcoin hosting and other computing-intensive applications, as well as joint venture potential. It
will be co-located with a wind farm in Texas. We have signed term sheets for both power and land purchase agreements in connection with
this project.

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Project Kati

We are developing Project Kati which is expected
to be a 166MW data center for AI, machine learning, Bitcoin hosting and other computing-intensive applications, as well as joint venture
potential. It will be co-located with a wind farm in Texas. We have received final ERCOT approval for the Reactive Power Study which is
the last study required to exit planning. It is also waiting for required amendments to Las Majadas Wind Farm’s agreement with the
transmission service provider to be completed.

Project Grace

We continue to develop a 2MW AI/HPC data center
to be co-located with the same windfarm as Project Dorothy that will be the first construction of Soluna’s proprietary Helix design
that remains in the concept design phase.

Project Hedy

We have signed a term sheet for power for Project
Hedy, a new 120 MW data center co-located with a 200 MW wind farm in South Texas.The wind farm is owned by a new power partner–a
multinational conglomerate that focuses on developing and managing sustainable infrastructure solutions, with a strong emphasis on renewable
energy, water management, and services, aiming to contribute to a low-carbon economy and a better planet.

Project Ellen

We have signed a term sheet for power for Project
Ellen, a new 100 MW data center co-located with a 145 MW wind farm in South Texas. The wind farm is owned by a new power partner–a
leader in renewable energy and sustainable infrastructure in the U.S. and internationally.

Implications of Being a Smaller Reporting Company

We qualify as a “smaller
reporting company” under applicable SEC regulations. A smaller reporting company may take advantage of reduced reporting requirements
that are otherwise applicable to public companies. These provisions include, but are not