Soluna Holdings Inc (NASDAQ:SLNH) saw its stock climb 7.5% Tuesday following the announcement of a flexible credit facility of up to $100 million from Generate Capital, PBC.
The green data center developer, which transforms excess renewable energy into computing power for Bitcoin mining and AI operations, plans to use an initial $12.6 million draw to refinance existing projects and fund ongoing construction. The agreement also provides a $22.9 million delayed draw for the Dorothy 2 and Project Kati 1 centers, along with an additional $64.5 million accordion facility for future developments.
“We believe this deal with Generate primes Soluna for scale,” said John Belizaire, CEO of Soluna. “We’re not just growing our current projects, we’re building new ones wherever wasted renewable energy can be converted into valuable high performance computing.”
Earlier in 2025, Soluna raised over $30 million from Galaxy Digital, Spring Lane Capital, and a public offering. With the recent 150 MW Project Gladys and 100 MW Project Fei additions, the company now exceeds 1 gigawatt of renewable computing capacity.
Under the terms of the facility, Generate Capital received warrants for 4 million Soluna shares and a board observer seat. The credit line is limited recourse, with no guarantees from the parent company. Soluna aims to broaden its scope beyond Bitcoin mining to AI workloads, reflecting growing demand for sustainable computing infrastructure.
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