Soluna: Soluna secures $30 million in funding for data center expansion

May 24, 2024 | Posted by Abdul-Rahman Oladimeji

Data center operator Soluna has secured $30 million in funding from Spring Lane Capital to expand its data center in Texas. Soluna said the financing will accommodate approximately 12,700 Bitcoin mining rigs, each with a power consumption of around 3.5kW, totaling 48MW. 

Soluna has an existing facility on the site in West Texas, dubbed Dorothy 1, and aims to have completed the second facility by the end of 2024. The company traditionally names its data centers after women scientists. The Dorothy name is derived from Dorothy Vaughan, an African American mathematician who worked for NASA.

“Spring Lane Capital has proven to be the company’s most strategic partner. We are honored to partner with them again on Project Dorothy 2. This continues our momentum of bringing more projects to shovel-ready status and beyond as we grow our assets under management,” said John Belizaire, CEO of Soluna. The innovative financing approach and robust project design underscore Soluna’s commitment to expanding its footprint in the renewable energy sector and advancing the scale of its Bitcoin Hosting services.”