Soluna Announces Monthly Business Update; Company Reduces Convertible Debt By Over $4M; Plans Capital Raise For New AI Venture
Portfolio Pulse from Benzinga Newsdesk
Soluna Holdings, Inc. (NASDAQ:SLNH) has reduced its convertible debt by over $4M and plans a capital raise for a new AI venture. The company has made progress on its green data center projects, including Project Dorothy and Project Kati, and has signed a new 8.8 MW customer for Project Sophie. Soluna's data centers have been found to have an 18% lower carbon footprint than traditional data centers. Operational metrics and project updates were provided, with a focus on installed hashrate, power capacity, and energy consumption.
January 24, 2024 | 1:29 pm
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Soluna Holdings has reduced its convertible debt significantly and is preparing for a capital raise for an AI venture. The company's green data center projects are progressing, and it has secured a new customer for Project Sophie. An independent report highlighted the lower carbon footprint of Soluna's data centers.
The reduction in convertible debt is a positive financial development, potentially improving the balance sheet and investor sentiment. The capital raise for the AI venture indicates growth and diversification, which could attract investor interest. The progress in green data center projects and the signing of a new customer are operational positives that could lead to increased revenues. The report on the lower carbon footprint of Soluna's data centers may enhance the company's reputation in the ESG space, potentially attracting socially responsible investors.
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