Albany, New York-based Soluna builds and manages modular data centers co-located with wind turbines, solar panels and other renewable energy assets. It taps the excess and waste energy production to power for bitcoin mining, generative AI and other energy-intensive applications.
A “flexible credit” line from Generate, a San Francisco-based green infrastructure investor and operator, will help Soluna expand its renewable-powered pipeline amid growing AI demand. “Soluna’s vision for turning underutilized renewable energy into scalable computing power aligns with our belief in infrastructure that solves real-world challenges,” said Generate’s Ryan Miller.
Recycled energy
An initial $12.6 million will be used to refinance existing debt and fund the construction of projects currently under construction. Soluna says the refinancing will unlock free up capital for the company and Boston-based private investor Spring Lane Capital, one of Soluna’s most recent backers.
An additional $22.9 million will go towards data center development. The other $64.5 million will finance specialized equipment for AI projects. “We’re not just growing our current projects, we’re building new ones where wasted renewable energy can be converted into valuable high performance computing,” said Soluna’s John Belizaire.
