Eco-miner Soluna Attracts $14M in Latest Funding Round

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Soluna Holdings, a green data center provider for mining, has raised $14 million in investment from Navitas Global, according to a press release.

These funds will be used to develop the Dorothy 1B project for digital asset extraction, which is based in Texas, USA.

As part of the deal, Soluna will receive a $2 million loan to complete the 25 MW facility, with the remaining funds coming in the form of investments.

Soluna will retain a 51% stake in the new project, while Navitas will provide expertise in operation and maintenance.

John Belizaire, CEO of Soluna Holdings, expressed confidence that the company will become profitable by the end of 2023. Since the start of the year, SNLH shares have fallen 22%, and at the time of writing, the stock is trading at $0.219, up 3.5% since the opening of trading.