thecoinrepublic.com
- 1 The share of crypto mining data center Soluna Holdings (SLNH) rose about 12% after declaring that it will get a $14M fund.
- 2 With funds Soluna will finish the Project Dorothy 1B in Texas securing Navitas Global as investment partner.
The Firm declared that it will get funding of $14M on Monday and this will be utilized in finishing the project Dorothy 1B in Texas under a new deal with Navital Global. The deal became public on 15 May. The company in a press release stated that the deal will have a $2M loan to complete construction of a 25 megawatt (MW) site and $12M equity investment. The major 51% ownership will remain with Soluna. It will provide operations and maintenance.
avitas A Strong Partner For Crypto Mining Firm Soluna
Navitas is a strong partner for Soluna in the long term. It is a private data center development company that has experience with the bitcoin mining industry. So, it will not only understand the value of bitcoin mining but they also understand the long term value of infrastructure being interconnected to renewable energy power plants. It basically focuses on sites with low operational costs, excellent opportunities and competitively priced equipment.
The project Dorthy will soon be online this coming week. This partnership and recent deals at project Dorothy 1A and project Sophie will benefit Soluna by maintaining the useful cash flow in the mid of 2023. Also, both the projects will help to save a lot of waste energy by utilizing it properly and by making machines work more efficiently.
Soluna Holdings, which is a leading developer of green data centers will not be in a cash deficit now as the total amount of the deal is $14M now. Out of which $2M is provided as a loan to complete the construction of the project Dorothy 1B and $12M is provided as equity investment.
Soluna and Navitas both hold the positive views about collaboration
Both the companies hold positive views about the investment. The CEO of Solana Holding John Belizaire said that Navitas is and will be a strong partner in the long term. They understand the long term value of our infrastructure being interconnected to renewable energy power plants.
On the other hand, Chad Roach, managing partner at Navitas commented that Soluna has done a good job with both the projects and this will lead to good work together. And this leads to the ideal partnership for Navitas.This partnership will survive all the market conditions.fantastic job with the project Dorothy and they are excited to work together.
It can be clearly seen in the graph that the price of Soluna was $0.20 and after the news it surged to $0.22. Currently the stock is trading at 12.25% high in last 15 days
It is 12.19% high today.
Miners saw capital dry up after a long crypto winter. The industry appears to grow as the price of bitcoin has almost doubled this year. Besides the bitcoin price rise the share of data center firms has fallen to 22% this year.