Marathon Digital Holdings and the Kenyan Ministry of Energy and Petroleum enter into agreement
Marathon Digital Holdings, Inc. (NASDAQ: MARA), a global leader in leveraging digital asset compute to support 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 use of energy and optimize sustainable energy projects across Kenya, said one company press release.
Joint steering committee to oversee the project
The agreement establishes a joint steering committee to oversee the development and implementation of the project. 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 excess energy due to volatility and seasonal variations. The venture will deliver economic benefits to the Kenyan economy and generate revenue for the local energy sector ecosystem, with expected foreign investment expected to exceed US$80 million.
Marathon’s commitment to sustainable growth
The partnership underlines 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 marks a pivotal moment for our company as it provides us with a clear framework to pursue opportunities across the Republic of Kenya,” said Fred Thiel, Chairman and CEO of Marathon. “It demonstrates the innovative approach Kenya is taking to optimize their energy consumption and improve their technology infrastructure.”
First direct collaboration with a government
While Marathon has already successfully established operations in the UAE and Paraguay, this agreement marks its first direct collaboration with a government to improve their energy infrastructure. “It is a testament to the value our solutions provide and is an integral step as Marathon scales its international operations in the coming years,” said Manoj Narender Madnani, Marathon’s Managing Director for the EMEA region.
The agreement was signed at the American Chamber of Commerce on Friday morning, May 24, 2024, by Marathon Chairman and CEO Fred Thiel and Prime Minister of the Cabinet of the Republic of Kenya, Hon. Musalia Mudavadi, EGH
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