Soluna Secures $100M Facility from Generate Capital to Expand Green Data Centers (Form 8-K)

Soluna Secures $100M Facility from Generate Capital to Expand Green Data Centers

Strategic partnership to accelerate deployment of clean computing infrastructure for AI

ALBANY, NY, September 16, 2025 - Soluna Holdings, Inc. ("Soluna" or the "Company"), (NASDAQ: SLNH), a developer of green data centers for intensive computing applications, including AI and Bitcoin mining, today announced the close of scalable credit facility in an amount of up to $100 million from Generate Capital, PBC ("Generate"), a leading infrastructure investment firm. The initial $12.6 million draw will fund refinancing and construction of active data center projects, with additional capital support for Soluna's 1 gigawatt and expanding pipeline.

Soluna is a digital infrastructure company that builds modular data centers that transform curtailed or underutilized renewable energy into compute power for energy-intensive, batchable applications such as Bitcoin mining and AI. By colocating with clean energy producers, Soluna supports a cleaner grid while delivering cost-effective, sustainable infrastructure to enterprises.

Generate has invested over $2.4 billion across sustainable infrastructure credit since inception, making the partnership with Soluna a natural fit. Generate's institutional experience and capabilities as an asset owner and operator enable it to deliver differentiated value, enabling the partnership to go beyond dollars invested to strategic collaboration.

"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. This deal reflects a different kind of infrastructure financing, focused on capital efficiency, modular growth, and disciplined execution. We've known the Generate team for quite some time before partnering; they understand our business, our team, and our industry well, making them so much more than just investors. We see them as strategic partners going forward."

This financing follows over $30 million in funding raised earlier in 2025 from Galaxy Digital, Spring Lane Capital, and a recent public offering. The new agreement adds further momentum to Soluna's execution roadmap, as the recent addition of 150 MW Projects Gladys and 100 MW Fei pushes the company past 1 gigawatt of renewable computing capacity.

"Soluna's vision for turning underutilized renewable energy into scalable computing power aligns with our belief in infrastructure that solves real-world challenges," said Ryan Miller, Principal at Generate Capital. "We're excited to support their growth through a flexible credit solution and continue our leadership at the nexus of digital and energy infrastructure."

This milestone builds on the recent 48 MW expansion underway at Project Dorothy 2 and the start of construction of Project Kati 1.

Soluna also intends to expand its computing offerings beyond Bitcoin mining to include AI workloads, reflecting the growing demand for green computing across various industries.

Recent expansions of partnerships with Blockware, Compass Mining, Galaxy Digital, and other Hyperscale miners further underscore the company's growing traction and operational maturity.

Highlights of the Scalable Financing:

Generate was represented by Vinson & Elkins LLP. Norton Rose Fulbright LLP, O'Melveny & Myers LLP, and Lowenstein Sandler LLP and Brownstein Hyatt Farber Schreck, LLP represented Soluna.

For more details, visit our Investor Center for the accompanying presentation and the Form 8-K.

Looking ahead to the remainder of 2025, Soluna looks forward to announcing additional project milestones, partnerships, and expansions. Stay tuned for more information at www.solunacomputing.com.

Soluna's glossary of terms can be found here.