Soluna Holdings Inc. (NASDAQ: SLNH) has reported robust financial results for the third quarter of 2024, achieving a year-to-date revenue of $29.7 million, marking a significant increase from the $10.9 million reported during the same period in 2023.

A key development contributing to this growth is the launch of Soluna Cloud AI, a sustainable cloud computing service designed to support AI training and customization. This initiative is bolstered by a strategic partnership with Hewlett Packard Enterprise (HPE), utilizing HPE’s direct liquid-cooled infrastructure powered by nearly 100% renewable energy.

In addition to technological advancements, Soluna has secured $25 million in growth capital to expand Project Dorothy, its flagship behind-the-meter data center. This expansion aims to enhance the company’s capacity to convert surplus renewable energy into scalable computing resources.

Progress has also been made on Project Kati, with several important milestones achieved, and Project Rosa is accelerating with the signing of term sheets for power and land. These projects are integral to Soluna’s mission to make renewable energy a global superpower by transforming surplus renewable energy into scalable computing resources.

CEO John Belizaire expressed optimism about the company’s trajectory, stating, “Soluna continues to move at a fast pace and has achieved several important milestones this quarter.” The company’s strategic initiatives and financial performance underscore its commitment to advancing renewable computing solutions.

^{BitcoinVersus.Tech Editor’s Note:}

^{We volunteer daily to ensure the credibility of the information on this platform is Verifiably True. If you would like to support to help further secure the integrity of our research initiatives, please donate here}

BitcoinVersus.tech is not a financial advisor. This media platform reports on financial subjects purely for informational purposes