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- Soluna Holdings Secures $25 Million Standby Equity Purchase Agreement with Yorkville Advisors
Soluna Holdings Secures $25 Million Standby Equity Purchase Agreement with Yorkville Advisors
Slice of Energy Team
September 12, 2024
Key Highlights:
$25 million SEPA secured with Yorkville Advisors Global L.P.
Financing to fund Soluna Cloud AI operations and data center development.
Capital will simplify capital structure and retire Convertible Notes.
Enables 2 MW AI data center build-out and 166 MW Project Kati acceleration.
Source (Business Wire)
Notable Quote:
“The convergence of renewable energy and computing is real... we are now well-positioned to bring our winning formula to bear on the new opportunities ahead. This financing’s lack of warrants and other variable features will help us achieve our goal to simplify our capital structure while delivering much-needed growth capital.”
Our Take:
This $25 million Standby Equity Purchase Agreement strengthens Soluna Holdings' position in the burgeoning AI and green energy sectors. The flexible and unsecured financing will simplify the company’s capital structure while enabling strategic data center expansions. With plans to retire existing Convertible Notes and the deployment of fresh capital into high-potential projects, Soluna is set to accelerate its AI hosting and Cloud operations. The forward-looking strategy not only bolsters their balance sheet but also aligns with the rising global demand for sustainable, compute-intensive solutions, positioning the company for future growth.