Contract Ledger

Acquired 150 MW Briscoe Wind Farm for $53 Million – Soluna acquired the Briscoe Wind Farm, achieving full vertical integration at Project Dorothy and securing the energy foundation for the planned 300 MW Dorothy 3 AI campus. Financed through $12.5 million from Generate Capital and cash on hand, the acquisition is projected to generate $6 million to $11 million in Year-One Adjusted EBITDA and $20.0 million to $24.4 million in annualized revenue.

All three phases of Project Kati 1A, totaling 48 MW, reached completion ahead of schedule, supported by $10.9 million in project-level financing from Spring Lane Capital.

The Briscoe Project Company owns an approximately 149.85 MW nameplate capacity wind generation project located in Briscoe and Floyd counties, Texas (the “Briscoe Project”). ... The aggregate closing payment under the MIPA was approximately $53,000,000.

Under the Amended Credit Agreement: (i) Tranche A-1 and Tranche A-3 loan commitments finance the Dorothy 1A Project and the Dorothy 2 Project, respectively; and (ii) Tranche B loan commitments finance the development and construction of the Kati Project. ... Among other changes, the Amendment: (i) adds the Tranche C Borrower as a new borrower and guarantor; (ii) establishes Tranche C loan commitments of $12,500,000 to finance the Briscoe Project Acquisition; (iii) adds the Briscoe Project Company as a guarantor following the acquisition; and (iv) includes the Briscoe Project as a new project under the Amended Credit Agreement.

Soluna Holdings, Inc. ... announced that it has executed an Equipment Supply Agreement with Cormint Data Systems ... to support a 12 MW deployment at Project Kati 1 in Willacy County, Texas. Under the agreement, Cormint will design, procure, and deliver eight modular data center units for Soluna's 12 MW Kati 1 deployment.

The $12.5 million note financing was provided by GreenCloud Partners, LLC ("GreenCloud") and was used to make the down payment on the HPE agreement and to fund startup working capital for Soluna Cloud. That note remains and is being serviced by Soluna Holdings, Inc.

we made the initial $10.4M down payment and monthly payments from the inception of the HPE agreement until termination. We do not expect to recover any of those funds. Additionally, as required by accounting standards, we have recognized the remainder of the total contract value as a liability on the balance sheet at the Soluna AL CloudCo, LLC subsidiary level.

announced today that it has signed a term sheet for power for Project Annie, a new 75 MW data center co-located with a 114 MW solar farm in northeast Texas.

Term Sheet Signed for Power for New 120MW Wind-Powered Data Center 'Project Hedy' in Texas – Expected to expand Soluna's presence in ERCOT and strengthen commitment to sustainable computing.

Term Sheet Signed for Power for New 100MW Wind-Powered 'Project Ellen' Planned to Power AI & Bitcoin Workloads – Designed to meet rising demand for clean, high-performance computing infrastructure.

announced today that it has signed a term sheet for power for Project Ellen, a new 100 MW data center co-located with a 145 MW wind farm in South Texas. The wind farm is owned by a new power partner—a leader in renewable energy and sustainable infrastructure in the U.S. and internationally. ... Ellen will be developed in two 50MW phases, leveraging wind energy to drive sustainable computing at scale.

announced that it has signed a term sheet for power for Project Hedy, a new 120 MW data center co-located with a 200 MW wind farm in South Texas.

Under the HPE Agreement, HPE agreed to provide data center and cloud services for artificial intelligence (“AI”) and supercomputing applications, utilizing NVIDIA H100 Graphic Processing Units (“GPUs”) in exchange for an aggregate of $34 million payable over 36 months beginning June 2024, with $10.3 million pre-paid in June 2024 at contract execution and monthly payments of $667 thousand due until June 2027. ... On March 24, 2025, CloudCo sent notice of its termination of the HPE Agreement for convenience. Subsequently, on March 26, 2025, HPE sent notice of its termination of the HPE Agreement for cause, effective immediately ... CloudCo must pay HPE the remaining payment stream under the term of the HPE Agreement of approximately $19.3 million.

announced today that it has signed term sheets for power and land for Project Rosa, a new 187 MW Data Center indicating an important step forward in the Company's expansion efforts. ... Soluna has secured 60 acres of land for this project's development, an important milestone in its journey to shovel readiness. ... Upon completion, Project Rosa is poised to provide up to 187 MW of data center capacity for AI, machine learning, Bitcoin hosting, and other computing-intensive applications, as well as joint venture potential.

Closes $30M Funding for Project Dorothy 2 – Spring Lane Capital leads financing for a 48 MW expansion of Soluna's flagship behind-the-meter data center, Project Dorothy.

GPUs in partnership with Hewlett Packard Enterprises (HPE) are now available to reserve – At least 512 H100 SXM GPUs are now available at Soluna Cloud to support generative AI workloads.

The DVSL II Facility is financed by Soluna2 SLC Fund II Project Holdco LLC (the “Investor”), which will make a capital contribution up to US $29,979,940, and the Company (the parent company of ComputeCo), which will make a capital contribution up to US $4,599,968, and as of the Effective Date became co-owners of ComputeCo with the Developer.

Soluna Cloud Expands Funding for AI Business to $13.75 Million ... announced its subsidiary, Soluna Cloud, has raised additional funding to increase its new credit facility by $1.25 million, bringing the total to $13.75 million for its AI business. ... the Company, CloudCo, Soluna Cloud and the Existing Investor entered into a First Amendment to Note Purchase Agreement (the "June SPA Amendment"), which amended the June SPA to permit CloudCo to issue additional secured promissory notes in an aggregate principal amount equal to $1,250,000 (the "Additional Notes") to additional accredited investors ... The Additional Notes ... have the credit support provided by the Cloud Agreements ... and the Holdings Agreements ...

The financing will support the launch of Soluna Cloud, and secure NVIDIA H100 GPUs leveraging a 3-year managed-services agreement at a Tier 3 hydro-powered data center in collaboration with the Company's Strategic OEM Partner. ... Over the life of the contract, the Company expects to generate a total of between $38.0 million to $80.0 million.

HPE agreed to provide datacenter and cloud services for artificial intelligence and supercomputing processes via Nvidia H100 GPUs to CloudCo in exchange for an aggregate of $34.0 million, including an initial pre-payment of $10.3 million to be made on or before June 24, 2024. The HPE Agreement has a term of 36 months, and the services thereunder are expandable upon agreement of the parties.

Extension: Services are expandable upon agreement of the parties.