Soluna Clears All 266 MW as Base Load in ERCOT Batch Zero, a Cleaner Result Than Larger Peers Managed

Soluna Holdings, Inc. (NASDAQ: SLNH), a developer of green data centers for intensive computing applications including AI and Bitcoin mining, announced on September 14, 2026 that ERCOT conditionally classified Project Dorothy’s 100 MW as Base Load in its Batch Zero interconnection process. The award follows a September 8 announcement that ERCOT conditionally classified the full 166 MW Kati campus the same way. Across both campuses, all 266 MW cleared into the higher tier, with none assigned to Studied Load.

Base Load Is the Classification That Actually Protects Capacity

Batch Zero replaced ERCOT’s project-by-project interconnection review with a system-wide evaluation, and the tier a project lands in determines how secure its position is. A Base Load classification preserves interconnection capacity on the basis of prior study work and exempts the project from further reliability evaluation or megawatt allocation inside the Batch Zero study. Studied Load carries no such protection and competes for capacity within the allocation process.

The distinction matters at scale. Galaxy Digital disclosed roughly 4.2 GW of conditional classifications on September 8, but only about 1.6 GW cleared as Base Load, and one project the company had submitted as Base Load returned as Studied Load. Soluna’s 266 MW is a fraction of that volume, but none of it sits in the lower tier.

Building Behind Existing Generation May Explain the Result

Soluna sites its campuses adjacent to power that already exists rather than requesting new grid capacity in areas without it. Project Dorothy operates behind the meter at the 150 MW Briscoe Wind Farm in Briscoe County, which Soluna acquired in April 2026. Project Kati draws from the Las Majadas wind project in Willacy County. CEO John Belizaire tied the classification directly to that approach, saying the company puts load at the generation rather than waiting years in an interconnection queue, and that Dorothy has operated that way from the start.

The operating record supports the claim. Soluna energized the final 14 MW of Kati 1 on September 8, completing the 83 MW site on the timeline management gave on its second-quarter earnings call and with infrastructure costs on budget. Galaxy Digital fills the 48 MW Kati 1A section, and the Bitdeer co-mining agreement announced in August is now deploying equipment. Soluna also closed on 397 acres for Project Dorothy 3 in late August, and reported second-quarter revenue growth of 145% year over year. Total operating capacity stands at roughly 206 MW against a development pipeline of approximately 6.3 GW.

Every Classification Remains Conditional, and the Denominator Is Hidden

Investors should read these announcements with two caveats. First, ERCOT Market Notice M-A080326-04, issued September 3, states that large loads are conditionally included in Batch Zero subject to one or more conditions, and ERCOT may remove a project if the applicant fails to respond to information requests. Soluna says it is participating in the verification process and expects confirmation, but nothing is final.

Second, ERCOT is keeping classifications private, which means the publicly visible results are self-selected. Companies that cleared have announced it; companies excluded from Batch Zero have not issued releases saying so. Of the roughly 6,230 MW that Galaxy and IREN disclosed on a comparable basis, 42% landed in the lower tier. ERCOT reported more than 438,000 MW of large load requests in the queue as of mid-2026, nearly 90% from data centers. A December filing will be the first time the market sees the full distribution.

Strategic Investment Summary

• Dorothy Classification: Soluna Holdings (NASDAQ: SLNH) announced on September 14, 2026 that ERCOT conditionally classified Project Dorothy’s 100 MW as Base Load in Batch Zero, following a September 8 Base Load classification for the full 166 MW Kati campus.
• Clean Sweep at 266 MW: All 266 MW across both campuses cleared as Base Load with none in Studied Load, compared with Galaxy Digital clearing roughly 1.6 GW of the 4.2 GW it disclosed, with the balance assigned to Studied Load.
• Behind-the-Meter Model: Project Dorothy sits behind the meter at the 150 MW Briscoe Wind Farm, acquired in April 2026, while Kati draws from the Las Majadas wind project; CEO John Belizaire credits that siting approach for the classification outcome.
• Kati 1 Complete: Soluna energized the final 14 MW at Kati 1 on September 8, completing the 83 MW site on schedule and on budget, with Galaxy Digital occupying the 48 MW Kati 1A section, the August Bitdeer co-mining agreement now deploying equipment, and Q2 revenue up 145% year over year.
• Pipeline and Capacity: Total operating capacity reached approximately 206 MW against a development pipeline of roughly 6.3 GW; Soluna also submitted a 50 MW interconnection request at Dorothy that falls below the Batch Zero threshold and is under direct study.
• Conditional and Incomplete Picture: ERCOT Market Notice M-A080326-04 confirms all Batch Zero inclusions remain conditional; ERCOT is not publishing classifications, so visible results reflect only companies choosing to announce, with a December filing expected to reveal the full distribution.

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