Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 93

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 93
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    150
     
    Development
     
    Bitcoin
    Hosting / AI or HPC
     
    Wind

We
manage our data center operations using MaestroOS. MaestroOS continuously monitors and analyzes a variety of real-time signals,
including local electricity prices, weather conditions, Bitcoin market metrics, and grid demand signals, to optimize facility performance.
In addition, MaestroOS is used to coordinate and execute our participation in demand response programs.

We
finance the development and construction of our data centers through a combination of public equity offerings, debt instruments, and
partnerships with project-level capital providers. As of September 30, 2025, we had four primary project-level financing partners:

    ●
    Spring
    Lane Capital (“SLC”) – A private venture capital firm with approximately $450 million in assets under management,
    focused 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”).

    ●
    Galaxy
Digital, LLC (“Galaxy”) – a financial services and investment management
innovator in the digital asset and blockchain technology sectors. On March 12, 2025, the Soluna SW Loan Parties entered into a
five-year term loan facility in the principal amount of $5.0 million.

    ●
    Generate
    Capital (“Generate”) –  a leading infrastructure investment firm.  On September 12, 2025, we
    entered into a $100.0 million credit facility with Generate, in which as of September 30, 2025, we have drawn approximately $12.6
    million to fund refinancing and construction of active data center projects.

Project
Dorothy

During
2023,