Soluna eco-miner secures $14 million in funding from Navitas Global

Soluna Holdings, a provider of eco-friendly data-centres for mining, secured $14 million in funding from Navitas Global. The investment is disclosed in the пресс-релизе.

The proceeds will fund the Dorothy 1B digital-asset mining project, based in Texas, United States.

Under the terms of the deal, Soluna will receive a $2 million loan to complete construction of a 25 MW facility. The remainder will be provided as investments.

The mining company will retain 51% of the shares in the new project, while other investors will be granted “expertise in operations and maintenance”.

Soluna’s management expects the firm to be profitable by the end of 2023.

“Navitas is a strong partner now and in the long term. Their team not only understands the value of mining and having a reliable partner, but also recognises the long-term benefits of our renewable-energy-powered infrastructure,” said John Belizer, CEO of Soluna Holdings.

According to data from Investing.com, since the start of 2023, the company’s shares have fallen about 22%. At the time of writing, SNLH is trading at $0.219, up 3.5% since the market opened.

In April, the mining company Greenidge Generation agreed with competitor Core Scientific to host 6,914 Bitcoin mining devices.