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Soluna Holdings says Texas data center on track to begin energizing in Q1

Soluna Holdings (NASDAQ:SLNH) said Tuesday its Dorothy project, a 50 MW facility in Texas, is on track to begin energizing in Q1.

Shares of Soluna (SLNH), which ended 27% lower on Monday after it announced a registered direct offering, rose 13.1% before the bell on Tuesday.

The project is nearing the end of the planning phase and will advance into the modeling phase, which is expected to be completed in February.

Current target dates for energizing range from early February to early March as work is completed to integrate the facility with the grid.

Once Soluna (SLNH) energizes Dorothy, it will continue to refine the economic model of the first 50 MW of the 100 MW site.

The company expects total adj. monthly cash inflows of ~$2.2M from the project (100% hosting) and $3.5M (100% owned).

The guidance assumes $17K bitcoin price, 270 EH/s network hash rate, and that purchased and hosted machines are 140 Th/s Bitmain XPs.

"Through the market turbulence, we remained focused to get Project Dorothy through the approval process. We believe bitcoin and other intensive computing can be a major catalyst for the renewable energy industry, and this project will be a repeatable blueprint for future projects," said Soluna (SLNH) CEO Michael Toporek.