Website: [solunacomputing.com](https://www.solunacomputing.com) ### Introduction Soluna Holdings, Inc. was founded in 2018 with a mission to transform wasted renewable energy into computing power for intensive applications such as Bitcoin mining, artificial intelligence (AI), and scientific research. Headquartered in Albany, New York, Soluna focuses on building green data centers co-located with renewable energy plants to create a sustainable and cost-effective computing infrastructure. While specific employee counts are not publicly available as of the latest data, the company has been scaling its operations and project pipeline significantly in recent years. Soluna Holdings is a publicly traded company listed on the NASDAQ under the ticker symbol SLNH. The company’s innovative approach to energy-integrated computing positions it at the intersection of renewable energy and high-performance computing (HPC), addressing grid inefficiencies by utilizing stranded energy that would otherwise go to waste. This model not only supports a cleaner energy grid but also provides scalable solutions for compute-intensive industries [solunacomputing.com](https://www.solunacomputing.com). ### Key Products and Technology Soluna’s primary focus in the mining category is on Bitcoin mining through its green data center infrastructure. Below are details of its key offerings and technologies: - **Green Data Centers for Bitcoin Mining (Infrastructure Solution)** - **Technical Specifications**: Soluna’s data centers are modular and scalable, with projects ranging from tens to hundreds of megawatts (MW). For instance, Project Kati in Texas is a 166 MW facility powered by wind energy, and the company has reported achieving a Bitcoin hash rate of 4 EH/s under management as of September 2025. Their Power Usage Effectiveness (PUE) is reported at an industry-leading 1.02, indicating high energy efficiency. - **Fuel Type or Energy Source**: Primarily wind and solar, with data centers co-located behind-the-meter at renewable energy plants to capture excess energy that cannot be absorbed by the grid. - **Key Differentiators**: Soluna’s model avoids reliance on public grid expansion by directly integrating with renewable sources, reducing costs and deployment timelines. Their MaestroOS™ software optimizes efficiency and profitability for mining operations. - **Development Stage**: Operational, with multiple projects like Sophie, Dorothy, and Kati already energized or under construction. The company has surpassed a 1 GW milestone in its project pipeline as of September 2025. - **Target Customers**: Bitcoin mining companies, AI/HPC tenants, and enterprises seeking sustainable computing solutions. Soluna’s focus on integrating renewable energy with mining operations sets it apart in an industry often criticized for high energy consumption, aligning profitability with environmental sustainability [solunacomputing.com](https://www.solunacomputing.com). ### Regulatory and Licensing Status As Soluna Holdings operates in the renewable energy and data center space rather than nuclear or heavily regulated energy production, it does not fall under the purview of the Nuclear Regulatory Commission (NRC). Instead, its regulatory considerations primarily involve local and state-level permits for data center construction and energy usage agreements with renewable energy providers. The company must comply with environmental regulations and grid interconnection policies, but specific regulatory milestones are not detailed in public filings or news as of the latest available data. Soluna’s behind-the-meter model reduces dependency on public grid approvals, which often delay competitors’ projects. There are no publicly disclosed timelines for specific regulatory hurdles or commercial deployment beyond project-specific announcements. The company’s recent expansions, such as Project Kati, indicate that it has successfully navigated necessary permits to energize new facilities as of late 2025 [solunacomputing.com](https://www.solunacomputing.com). ### Team and Leadership Soluna Holdings is led by a team with expertise in energy, technology, and infrastructure development. Key executives include: - **John Belizaire, CEO**: A seasoned entrepreneur with a background in technology and business development, Belizaire has been instrumental in shaping Soluna’s vision of renewable-powered computing. He actively shares updates on the company’s progress [@jbelizaireCEO](https://x.com/jbelizaireCEO). - Other executive details, such as CTO or additional founders, are not prominently highlighted in the most recent public data. The company’s investor relations page focuses on strategic milestones rather than individual bios [solunacomputing.com](https://www.solunacomputing.com/investors/). ### Funding and Financial Position Soluna Holdings has recently secured significant funding to support its expansion. On December 5, 2025, the company announced a $32 million registered direct offering priced at-the-market under NASDAQ rules, with the closing confirmed on December 8, 2025. This follows earlier reports of securing up to $100 million in financing as noted in posts on X, though specific details on investors were not disclosed in official releases. As a public company (NASDAQ: SLNH), Soluna’s market capitalization has fluctuated, with recent posts on X citing figures ranging from $105 million to $268 million in October 2025, reflecting a significant rally of over 330% in a single month. The company reported steady gross margins and a $2.3 million improvement in three-month adjusted EBITDA since Q3 2024, as per its Q2 2025 results released on August 15, 2025. While specific institutional investors are not detailed in the latest updates, Soluna’s investor presentations highlight a growing pipeline of 2.8 GW, signaling strong market interest. The company is generating revenue through operational projects like Sophie and Dorothy, though it continues to reinvest heavily in expansion [solunacomputing.com](https://www.solunacomputing.com/investors/). ### Recent News and Developments | Date | Event | Details | |---------------|------------------------------------|---------------------------------------------------------------------------------------------| | Dec 19, 2025 | Media Coverage of Project Kati | Texas Tribune covers Soluna’s 166 MW Project Kati, highlighting use of stranded wind energy for computing power [Soluna X Post](https://x.com/SolunaHoldings/status/2002016069217608081). | | Dec 8, 2025 | Funding Round Closing | Soluna closes $32 million registered direct offering priced at-the-market under NASDAQ rules [solunacomputing.com](https://www.solunacomputing.com/investors/). | | Dec 5, 2025 | Funding Announcement | Announces $32 million registered direct offering to support expansion [solunacomputing.com](https://www.solunacomputing.com/investors/). | | Oct 9, 2025 | Hosting Partnership | KULR Technology announces a 3.3 MW hosting partnership at Project Sophie in Kentucky, marking Soluna’s first deal with a Bitcoin+ treasury company [KULR X Post](https://x.com/KULRTech/status/1976264372587806989). | | Sep 29, 2025 | Bitcoin Hash Rate Milestone | Soluna achieves 4 EH/s of Bitcoin hash rate under management across its projects [Soluna X Post](https://x.com/SolunaHoldings/status/1972669466019266681). | | Sep 16, 2025 | Strategic Partnership for AI | Announces partnership to accelerate clean computing infrastructure for AI applications [solunacomputing.com](https://www.solunacomputing.com/news/). | | Sep 11, 2025 | Project Kati Announcement | Texas wind-powered facility expected to deliver 166 MW of clean computing for AI and Bitcoin [solunacomputing.com](https://www.solunacomputing.com/news/). | | Sep 9, 2025 | 1 GW Pipeline Milestone | Surpasses 1 GW in operational, construction, and development stages; starts Project Kati 1 construction [solunacomputing.com](https://www.solunacomputing.com/news/). | | Aug 26, 2025 | Project Diversification | Projects Gladys and Fei expand into solar and wind-powered data centers [solunacomputing.com](https://www.solunacomputing.com/news/). | | Aug 15, 2025 | Q2 2025 Financial Results | Reports steady gross margin and $2.3 million improvement in adjusted EBITDA; Dorothy 2 energized [solunacomputing.com](https://www.solunacomputing.com/news/q225-results/). | ### Partnerships and Collaborations - **KULR Technology**: Announced on October 9, 2025, this 3.3 MW hosting partnership at Project Sophie in Kentucky marks Soluna’s entry into deals with Bitcoin+ treasury companies, expanding its sustainable computing footprint. The strategic value lies in diversifying tenant types and validating Soluna’s infrastructure for digital asset strategies. - **Unnamed AI/Cloud Tenants**: As noted in investor updates and posts on X, Soluna expects half of its 900 MW capacity under development to serve AI and HPC tenants, indicating ongoing negotiations or agreements with tech enterprises. This positions Soluna as a key player in the AI infrastructure race. - **Renewable Energy Plant Operators**: Soluna’s core model involves partnerships with wind, solar, and hydro plant owners for behind-the-meter co-location, ensuring access to stranded energy and providing revenue stability to energy producers [solunacomputing.com](https://www.solunacomputing.com). ### New Hampshire Relevance Soluna Holdings’ technology and business model could have potential relevance for [[New Hampshire]], though no direct connections or expressed interest in the state are documented in the latest data. New Hampshire’s proximity to the ISO-NE grid and existing infrastructure like [[Seabrook Station]] (a nuclear power plant) could theoretically align with Soluna’s focus on integrating with energy sources for compute loads. However, Soluna’s current projects are concentrated in states like Texas and Kentucky, with an emphasis on wind and solar rather than nuclear or Northeast-specific grid dynamics. The company’s readiness for rapid deployment (often within one year compared to competitors’ 3-5 years, as noted by CEO John Belizaire on X) could fit NH’s timeline if legislative initiatives like HB 710 or SMR provisions evolve to include data center co-location incentives. Potential applications in NH include powering data centers for local industries or supporting grid stability with flexible-load computing. However, Soluna’s focus on stranded renewable energy might face challenges in NH due to a smaller scale of renewable curtailment compared to Texas. Without specific interest in the Northeast, relevance remains speculative [solunacomputing.com](https://www.solunacomputing.com); [ISO-NE](https://www.iso-ne.com). ### Competitive Position Soluna Holdings competes in the sustainable computing and Bitcoin mining space with companies like [[Iris Energy]] ([[[[IREN]]]]), [[[[Cipher Mining]]]] (CIFR), and [[[[Bitfarms]]]] (BITF), often cited in posts on X for comparison. Soluna’s unique advantage lies in its behind-the-meter model with renewable energy plants, achieving a PUE of 1.02 (better than IREN’s 1.10) and bypassing grid delays. Its 2.8 GW pipeline also positions it as a significant player for AI infrastructure, a growing market. However, risks include a smaller market cap ($105-268 million vs. larger competitors) and reliance on execution to scale projects like Kati. Compared to IREN and CIFR, Soluna’s micro-cap status suggests higher volatility but also potential for outsized returns if it captures AI tenant contracts as projected [solunacomputing.com](https://www.solunacomputing.com). ### Closing Note Soluna Holdings is at a pivotal stage, scaling a 2.8 GW pipeline of renewable-powered data centers with strong momentum in Bitcoin mining and AI computing, poised for significant growth if execution matches ambition. *Report generated December 24, 2025*