Soluna completes Dorothy 1B buyout in Texas
Soluna bought the remaining 49% of Project Dorothy 1B from Navitas Global for $8.8M, gaining full ownership of the 25 MW Silverton, Texas, facility to advance AI and HPC plans.
Soluna Holdings has acquired the remaining 49% equity in Project Dorothy 1B from Navitas Global for about $8.8 million, giving the company full ownership of the 25-megawatt facility in Silverton, Texas. The transaction closed on May 19 and was funded with balance-sheet cash.
With the purchase Soluna now owns 100% of both Dorothy 1A and 1B. Paired with the company’s Briscoe Wind Farm, which Soluna bought earlier for $53 million and which supplies 150 megawatts of renewable power, the company says it has a consolidated generation-to-compute chain across the 50-megawatt Dorothy 1 complex.
Dorothy 1A is a 25-megawatt bitcoin mining hosting facility, while Dorothy 1B has operated 25 megawatts for Soluna’s proprietary mining. Dorothy 2 adds roughly 48 megawatts, primarily for hosting operations, with Spring Lane Capital remaining an investor. The Dorothy campus currently operates about 100 megawatts across three phases.
Soluna said full ownership of Dorothy 1 is required before marketing Dorothy 3, the next phase of the Silverton site, to potential AI tenants. The company is evaluating options for Dorothy 2 as it refines its campus plan. Soluna plans to move existing mining customers from Dorothy 1A to other facilities in its portfolio over time as part of a conversion program.
The company has separated its bitcoin mining business from its AI infrastructure efforts, focusing future bitcoin activity on hosting services rather than expanding proprietary hashrate.
The transaction was funded with balance-sheet cash and closed on May 19. The shift follows a broader industry pattern of bitcoin miners repurposing power and compute infrastructure for AI and high-performance computing amid pressure on mining revenues and persistently low industry hashprice. Soluna’s overall development pipeline now exceeds 4.3 gigawatts, with more than 1 gigawatt in projects that are in development, construction or operation.
John Belizaire, Soluna’s chief executive, described the acquisition as “an important step in our broader roadmap toward building Dorothy 3 for AI and high-performance computing.”
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