Soluna raises $7.5M from Spring Lane Capital for funding Project Dorothy

Soluna ( NASDAQ: SLNH ) said Wednesday it completed raising $7.5 million from Spring Lane Capital to fund "Project Dorothy" and certain corporate expenses. The company, which operates renewable energy datacenters, said $1.2 million of the capital was funded and used for operations and construction on Feb. 10. Spring Lane Capital, by providing SLNH with the capital it needs, has bumped up its stake in Project Dorothy 1A to 85% from 32%, while Soluna continues to own 100% of Dorothy 1B. The additional investment implies a total approximate estimated value of $30 million for Project Dorothy. “This additional investment by Spring Lane Capital is not only great for Project Dorothy but is a catalyst to bring in additional investment for our robust pipeline and has attracted top-tier Bitcoin miners to host at Project Dorothy,” Soluna CEO Michael Toporek said. Press Release .