Marathon Digital Holdings and Kenya’s Ministry of Energy and Petroleum Enter Into Agreement
Marathon Digital Holdings, Inc. (NASDAQ: MARA), a global leader in leveraging digital asset compute to support the energy transformation, has entered into an agreement with the Ministry of Energy and Petroleum of the Republic of Kenya (MOEP). The partnership aims to support the utilization of energy and optimize renewable energy projects across Kenya, according to a company press release.
Joint Steering Committee to Oversee the Project
The agreement establishes a Joint Steering Committee to oversee the project development and implementation. The committee, staffed by senior officials from MOEP and Marathon, will exchange policy, scientific, and technical information, along with project investment expertise. The goal is to better understand how to optimize renewable energy projects that produce surplus energy due to intermittency and seasonal variations. The venture is set to deliver economic benefits to the Kenyan economy and generate revenue for the local energy sector ecosystem, with projected foreign investments expected to exceed $80 million.
Marathon’s Commitment to Sustainable Growth
The partnership underscores Marathon’s commitment to supporting the sustainable growth of the energy sector. This move is part of the Company’s broader strategy to diversify its operations globally. ‘This agreement with the Ministry of Energy and Petroleum is a pivotal moment for our business as it provides us with a clear framework to pursue opportunities across the Republic of Kenya,’ said Fred Thiel, Marathon’s chairman and CEO. ‘It demonstrates the innovative approach that Kenya is taking to optimize their energy usage and to enhance their technological infrastructure.’
First Direct Collaboration with a Government
While Marathon has already successfully established operations in the UAE and Paraguay, this agreement marks the first direct collaboration with a government to enhance their energy infrastructure. ‘It is a testament to the value our solutions provide and is an integral step to Marathon scaling its international business over the coming years,’ commented Manoj Narender Madnani, Marathon’s managing director of the EMEA region.
The agreement was signed at the US Chamber of Commerce on the morning of Friday, May 24, 2024, by Marathon’s chairman and CEO, Fred Thiel, and Republic of Kenya Prime Cabinet Secretary, Hon. Musalia Mudavadi, E.G.H.
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