ALBANY, N.Y.--(BUSINESS WIRE)--Jul 22, 2025--
Soluna Holdings, Inc. (“Soluna” or the “Company”), (NASDAQ: SLNH), a developer of green data centers for intensive computing applications, including Bitcoin mining and AI, today announced it has closed its latest round of financing from Spring Lane Capital (“SLC”) for a 35 megawatt (MW) expansion of Project Kati in Texas with Project Kati 1.
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With these funds, Soluna will commence Project Kati 1 construction in Q3 2025, with the goal of achieving initial energization and ramp-up by Q1 2026.
“Spring Lane Capital has walked alongside Soluna on our path to growth since the beginning with an investment in Project Dorothy,” said John Belizaire, CEO of Soluna. “We expect these funds to fuel the construction of the first 35MW of the 83MW phase of Kati 1, which expands Soluna’s Texas fleet for Bitcoin Hosting.”
Key details
“We continue to invest in and be strategic supporters of Soluna because they continue to take steps toward sustainable high-performance computing and meeting green data center demand,” said Rob Day at Spring Lane Capital. “We’re looking forward to construction getting underway at Project Kati so that Soluna can continue expanding its green computing power.”
For more information, visit www.solunacomputing.com
Soluna’s glossary of terms can be found here.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Other examples of forward-looking statements may include, but are not limited to, statements of Soluna’s plans and objectives, including with respect to use of proceeds from the SLC financing, the development of Project Kati and our expectations with respect to the amount of renewable energy capacity Project Kati will deliver. Soluna may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including but not limited to statements about Soluna’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, further information regarding which is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of the press release, and Soluna Holdings, Inc. undertakes no duty to update such information, except as required under applicable law.
About Soluna Holdings, Inc. (Nasdaq: SLNH)
Soluna is on a mission to make renewable energy a global superpower, using computing as a catalyst. The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. Soluna’s pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications, including Bitcoin Mining, Generative AI, and other compute-intensive applications. Soluna’s proprietary software MaestroOS(™) helps energize a greener grid while delivering cost-effective and sustainable computing solutions and superior returns. To learn more, visit solunacomputing.com and follow us on:
LinkedIn: https://www.linkedin.com/company/solunaholdings/
X (formerly Twitter): x.com/solunaholdings
YouTube: youtube.com/c/solunacomputing
Newsletter: bit.ly/solunasubscribe
Resource Center: solunacomputing.com/resources
Soluna regularly posts important information on its website and encourages investors and potential investors to consult the Soluna investor relations and investor resources sections of its website regularly.
About Spring Lane Capital
Spring Lane Capital is a private equity firm based in Boston, MA and Montreal, QC focused on providing hybrid project capital for sustainability solutions in the energy, food, water, waste, and transportation industries. The firm’s structured financial model seeks to tap into some of the fastest-growing segments of these markets that more traditional forms of project capital cannot access due to their scale and the limitations of existing investment models – the so-called ‘Missing Middle’. SLC’s pioneering “Developer U” is a first of its kind effort to build the ecosystem of developers of sustainable infrastructure projects. For more information, please visit www.springlanecapital.com.
Soluna Closes $20M Funding from Spring Lane Capital to Begin Construction on Project Kati 1
MINNEAPOLIS (AP) — President Donald Trump on Thursday threatened to invoke an 1807 law and deploy troops to quell persistent protests against the federal officers sent to Minneapolis to enforce his administration's massive immigration crackdown.
The threat comes a day after a man was shot and wounded by an immigration officer who had been attacked with a shovel and broom handle. That shooting further heightened the fear and anger that has radiated across the city since an Immigration and Customs Enforcement agent fatally shot Renee Good in the head.
Trump has repeatedly threatened to invoke the Insurrection Act, a rarely used federal law, to deploy the U.S. military or federalize the National Guard for domestic law enforcement, over the objections of state governors.
“If the corrupt politicians of Minnesota don’t obey the law and stop the professional agitators and insurrectionists from attacking the Patriots of I.C.E., who are only trying to do their job, I will institute the INSURRECTION ACT, which many Presidents have done before me, and quickly put an end to the travesty that is taking place in that once great State,” Trump said in social media post.
Presidents have invoked the law more than two dozen times, most recently in 1992 by President George H.W. Bush to end unrest in Los Angeles. In that instance, local authorities had asked for the assistance.
“I’m making a direct appeal to the President: Let’s turn the temperature down. Stop this campaign of retribution. This is not who we are,” Gov. Tim Walz, a Democrat, said on X.
Minnesota Attorney General Keith Ellison said he would challenge any such action in court. He's already suing to try to stop the surge by the Department of Homeland Security, which says officers have arrested more than 2,500 people since Nov. 29 as part of an immigration operation in the Twin Cities called Metro Surge.
The operation grew when ICE sent 2,000 officers and agents to the area early in January. ICE is a DHS agency.
In Minneapolis, smoke filled the streets Wednesday night near the site of the latest shooting as federal officers wearing gas masks and helmets fired tear gas into a small crowd. Protesters responded by throwing rocks and shooting fireworks.
Demonstrations have become common in Minneapolis since Good was fatally shot on Jan. 7. Agents who have yanked people from their cars and homes have been confronted by angry bystanders demanding they leave.
“This is an impossible situation that our city is presently being put in and at the same time we are trying to find a way forward to keep people safe, to protect our neighbors, to maintain order,” Minneapolis Mayor Jacob Frey said.
The American Civil Liberties Union of Minnesota filed a class-action lawsuit on behalf of three people who said they were questioned or detained in recent days. The lawsuit says two are Somali and one is Hispanic; all three are U.S. citizens. The lawsuit seeks an end to what the ACLU describes as a practice of racial profiling and warrantless arrests. The government did not immediately comment.
Homeland Security said in a statement that federal law enforcement officers on Wednesday stopped a driver from Venezuela who is in the U.S. illegally. The person drove off then crashed into a parked car before fleeing on foot, DHS said.
Officers caught up, then two other people arrived and the three started attacking the officer, according to DHS.
“Fearing for his life and safety as he was being ambushed by three individuals, the officer fired a defensive shot to defend his life,” DHS said. The confrontation took place about 4.5 miles (7.2 kilometers) from where Good was killed.
Police chief Brian O’Hara said the man who was shot did not have a life-threatening injury. O’Hara's account of what happened largely echoed that of Homeland Security, which later said the other two men were also in the U.S. illegally from Venezuela.
The FBI said several government vehicles were damaged and property inside was stolen when agents responded to the shooting. Photos show broken windows and insults made with paint. A reward of up to $100,000 is being offered for information. The FBI’s Minneapolis office did not immediately reply to messages seeking more details.
St. Paul Public Schools, with more than 30,000 students, said it would begin offering an online learning option for students who do not feel comfortable coming to school. Schools will be closed next week until Thursday to prepare for those accommodations.
Minneapolis Public Schools, which has a similar enrollment, is also offering temporary remote learning. The University of Minnesota will start a new term next week with different options depending on the class.
Madhani reported from Washington, D.C. Associated Press reporters Sophia Tareen in Chicago; Bill Barrow in Atlanta; Rebecca Santana in Washington; and Ed White in Detroit contributed.
Federal immigration officers confront protesters outside Bishop Henry Whipple Federal Building, Thursday, Jan. 15, 2026, in Minneapolis. (AP Photo/John Locher)
Law enforcement officers at the scene of a reported shooting Wednesday, Jan. 14, 2026, in Minneapolis. (AP Photo/Adam Gray)
A woman covers her face from tear gas as federal immigration officers confront protesters outside Bishop Henry Whipple Federal Building, Thursday, Jan. 15, 2026, in Minneapolis. (AP Photo/Adam Gray)
A protester throws back a tear gas canister during a protest after a shooting on Wednesday, Jan. 14, 2026, in Minneapolis. (AP Photo/John Locher)
Federal immigration officers confront protesters outside Bishop Henry Whipple Federal Building, Thursday, Jan. 15, 2026, in Minneapolis. (AP Photo/Adam Gray)
Minneapolis City Council Member Jason Chavez, second from left, blows a whistle with other activists to warn people of federal immigration officers Thursday, Jan. 15, 2026, in Minneapolis. (AP Photo/John Locher)
Tear gas surrounds federal law enforcement officers as they leave a scene after a shooting on Wednesday, Jan. 14, 2026, in Minneapolis. (AP Photo/John Locher)
A child and family are escorted away after federal law enforcement deployed tear gas in a neighborhood during protests on Wednesday, Jan. 14, 2026, in Minneapolis. (AP Photo/Adam Gray)
A protester holds an umbrella as sparks fly from a flash bang deployed by law enforcement on Wednesday, Jan. 14, 2026, in Minneapolis. (AP Photo/Adam Gray)
Monica Travis shares an embrace while visiting a makeshift memorial for Renee Good, who was fatally shot by an ICE officer last week, Monday, Jan. 12, 2026, in Minneapolis. (AP Photo/John Locher)
A protester yells in front of law enforcement after a shooting on Wednesday, Jan. 14, 2026, in Minneapolis. (AP Photo/John Locher)
Tear gas surrounds federal law enforcement officers as they leave a scene after a shooting on Wednesday, Jan. 14, 2026, in Minneapolis. (AP Photo/John Locher)
Protesters shout at law enforcement officers after a shooting on Wednesday, Jan. 14, 2026, in Minneapolis. (AP Photo/Abbie Parr)
Law enforcement officers stand amid tear gas at the scene of a reported shooting Wednesday, Jan. 14, 2026, in Minneapolis. (AP Photo/Adam Gray)
