TechFlow news, September 17 — According to The Miner Mag, Soluna, a data center developer (market cap $55 million), has secured a credit facility of up to $100 million from Generate Capital at an interest rate of approximately 15%. Per the announcement, the initial drawdown of $12.6 million will be used for refinancing and construction of the Dorothy project in Texas.
In addition, a delayed drawdown of $22.9 million will fund the Dorothy 2 and new Kati 1 projects, while the remaining $64.5 million can be accessed through supplementary loans to support the company’s 1-gigawatt project pipeline. As part of the deal, Generate Capital will receive warrants for 4 million shares of Soluna stock and a board observer seat.
The loan matures in September 2030, secured by project assets without requiring corporate guarantees from the parent company. This marks another significant financing following Soluna’s earlier fundraising of over $30 million this year from institutions including Galaxy Digital and Spring Lane Capital.
