The shares of crypto mining information heart Soluna Holdings (SLNH) rose about 12% on Monday, after the agency mentioned it would get $14 million in funding to complete the event of Mission Dorothy 1B in Texas, beneath a brand new take care of Navitas International.
The deal features a $2 million mortgage to finish development of the 25 megawatt (MW) website and a $12 million fairness funding, the corporate mentioned in a press launch on Monday. Soluna will present operations and upkeep experience and can stay 51% proprietor of the undertaking.
“This partnership along with current offers at Mission Dorothy 1A and Mission Sophie put the corporate on a trajectory to succeed in money circulate optimistic in the course of the second half of 2023,” the assertion mentioned.
After a protracted crypto winter that noticed capital dry up for miners, the business appears to be getting again on its toes as the worth of bitcoin has virtually doubled this yr. The shares of the information heart agency has fallen about 22% this yr, underperforming pure-play mining companies and bitcoin worth.