Share this article
Soluna Receives $35M From Spring Lane to Build Green Data Centers
The money brings Soluna’s total funding for data centers co-located with renewable energy assets to $100 million.
By Aoyon Ashraf
Updated May 11, 2023, 4:22 p.m. Published May 12, 2022, 1:39 p.m.
Soluna Holdings (SLNH), a data-center developer that uses renewable energy for computing, arranged $35 million in project financing from private equity firm Spring Lane Capital for building more facilities.
- The money will help develop three behind-the-meter (BTM) facilities, designed to convert wasted renewable energy into clean computing for services such as bitcoin (BTC) mining and artificial intelligence, according to a statement.
- “Soluna is the only true green bitcoin company we’ve yet seen,” said Rob Day, a Spring Lane partner and co-founder. “Going after wasted renewable energy – ‘spilled power’ – is a compelling solution – and fixes both bitcoin’s climate problem and wind power’s grid problem.”
- The first of the three projects, Dorothy, will be a 100 megawatt (MW) capacity data center connected to a Texas wind farm that produces more electricity than the grid can consume.
- Energy from renewable sources, such as wind, sometimes overloads the power grid when the energy produced exceeds demand. Data centers like Soluna’s help manage the supply by running computing-intensive processes like crypto mining.
- Dorothy will have 50MW of initial capacity and is expected to be activated in coming months.
- The other two projects will “come from Soluna’s robust pipeline,” the statement said.
- Soluna said the new capital brings total funding for data centers co-located with renewable energy assets to $100 million.
- Most recently it closed a $29.2 million Series A preferred stock public offering and sold a business unit for $10.75 million.
Read more: Can Crypto Miners Make the World Greener?
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
VanEck's new Avalanche ETF filing to include staking rewards for AVAX investors
The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
What to know:
- VanEck has updated its filing for an Avalanche ETF, VAVX, to include staking rewards, aiming to generate income for investors by staking up to 70% of its AVAX holdings.
- The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
- If approved, the fund will trade on Nasdaq under the ticker VAVX, tracking AVAX's price via a custom index, and will be custodied with regulated providers, including Anchorage Digital and Coinbase Custody.
Top Stories
