Shares of Soluna, a developer of environmentally friendly bitcoin mining data centers, rose 12% after the firm raised $14 million in funding.
The funds will be used to complete the development of the Dorothy 1B project in Texas in a new deal with Navitas Global.
The deal includes a $2 million loan to complete the 25 MW site and a $12 million equity investment.
The company will retain ownership of 51% of the project in Texas and will provide operations and maintenance services.
“The Navitas team not only understands the value of bitcoin mining, but also understands the long-term value of our infrastructure associated with renewable energy power plants,” said Soluna CEO John Belizaire.
The company said the new partnership, combined with recent deals on the Dorothy project, opens up new opportunities for Soluna.
The firm plans to achieve positive cash flow in the second half of this year. The new deals could be a turning point for Soluna, whose stock is down 22% in 2023.
Earlier, OpenAI CEO Sam Altman said he plans to raise about $100 million in funding for his Worldcoin cryptocurrency project.
Also in May, Swiss company Odsy was valued at $250 million in a new round of funding. Odsy has raised $7.5 million to continue developing decentralized cryptocurrencies.