Soluna Holdings, Inc. (NASDAQ: SLNH) exhibits a notable ascent in the market today, witnessing a surge of 12.57% to reach $0.94 as per the latest update. This upward trajectory follows the revelation of a new project.
Soluna Holdings (SLNH) has unveiled Project Dorothy 2 today, an initiative involving a 50 MW data center situated alongside a wind farm in Texas. This project has successfully navigated through the modeling phase within the ERCOT Large Flexible Load approval framework.
Securing approval in the ERCOT modeling stage marks a significant milestone, paving the way for commencing the bidding process and finalizing the financing arrangements for this substantial extension of the company’s flagship venture.
Drawing upon its expertise gleaned from the successful commissioning of the initial 50 MW phase of Project Dorothy, Soluna Holdings possesses a structured approach to expedite the launch of Project Dorothy 2 with enhanced efficiency.
The attainment of modeling clearance empowers the company to channel its efforts towards the construction of Project Dorothy 2, catering to a diverse array of Renewable Computing applications, notably including AI and Bitcoin mining.
Project Dorothy 2 represents the second phase of Soluna’s premier 100 MW data center, distinguished by its reliance on renewable energy sources. Forecasts suggest it will emerge as one of the most cost-efficient facilities of its kind across North America.
According to the financial projections put forth by the company, Project Dorothy 2 harbors the potential to yield up to $14 million in additional annualized project-level operating profits through Bitcoin Hosting revenue. The venture anticipates a commendable return on invested capital, with capital recuperation expected in approximately 27 months.
The forthcoming stages in the development process for the new site encompass finalizing the construction bidding process, including determining the ultimate construction costs for the initial 48 MW segment, and securing financing arrangements for the Bitcoin Hosting facility.
Thus far, Soluna has received several financing proposals for Project Dorothy 2 and is on the brink of completing due diligence procedures.
