Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 98

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 98
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2.8 gigawatts (GW)—represents our most valuable
strategic asset. We believe this pipeline has the potential to support the development of approximately 300 to 400 MW of new digital
infrastructure annually over the next six to eight years.

In
parallel with new project development, we are refining our operational model across existing sites to position ourselves as a partner
of choice for both AI/HPC colocation and Bitcoin Hosting.

We
continue to grow our pipeline by increasing the number of curtailment assessments completed with power generation partners. These assessments
serve as a precursor to securing exclusive Power Purchase Agreements (“PPAs”), acquiring or leasing land, and executing other
pre-construction development activities necessary to advance projects to shovel-ready status.

In
2025 and 2026, we are focused on advancing the following key initiatives:

    ●
    Power
    Pipeline Expansion – Increasing the number of curtailment assessments completed with power partners, advancing more projects
    to shovel-ready status, and executing additional project term sheets.

    ●
    AI
    Infrastructure Development – Form partnerships to harness the value of our considerable and growing pipeline by developing
    AI/HPC data center joint ventures. Building governance, advisory and employee AI/HPC expertise in support of expected growth strategy.

    ●
    Project
    Optimization – Energize Project Dorothy 2, and enhancing the profitability, operational efficiency, and customer mix of
    our operational data centers, while improving overall customer satisfaction.

    ●
    Capital
    Formation – Pursuing financing opportunities to support key growth initiatives, including Projects Kati and Rosa. Leveraging
    strength of project cash flows to refinance and/ or pull forward value of existing projects and to deploy debt financing in new projects.

49

Financing
Agreements:

Standby
Equity Purchase Agreement

On
August 12, 2024, the Company entered into the SEPA with YA. Pursuant to the terms of the SEPA, the Company agreed to issue and sell to
YA, from time to time, and YA agreed to purchase from the Company, up to $25 million of shares of the Company’s common stock (the
“SEPA Shares”). The Company paid a commitment fee of approximately $250 thousand to YA and consent fee of $25 thousand to
the holder of shares of Series B Preferred Stock, which was paid through the issuance of 65,320 shares of common stock. The commitment
and consent fees were recorded within Other expense,