Marathon Digital Holdings and Kenya’s Ministry of Energy and Petroleum enter into an agreement
Marathon Digital Holdings, Inc. (NASDAQ: MARA), a global leader in leveraging digital asset computing to support the energy transition, has signed an agreement with the Kenya Ministry of Energy and Petroleum (MOEP). According to a company press release, the partnership aims to support energy utilization and optimize renewable energy projects across Kenya.
a joint steering committee to oversee the project;
The agreement establishes a joint steering committee to oversee project development and implementation. The committee, comprised of 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 expected to provide economic benefits to the Kenyan economy and generate revenue for the local energy sector ecosystem, with expected foreign investment expected to exceed $80 million.
Marathon’s promise for sustainable growth
This partnership highlights Marathon’s commitment to supporting sustainable growth in the energy sector. The 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 a clear framework within which we can pursue opportunities across the Republic of Kenya,’ said Fred Thiel, Chairman and CEO of Marathon. ‘This demonstrates the innovative approach Kenya is taking to optimize energy use and improve technology infrastructure.’
First direct collaboration with government
While Marathon has already successfully established operations in the UAE and Paraguay, this agreement marks its first time working directly with governments to improve energy infrastructure. ‘This is a testament to the value our solutions deliver and is an essential step as Marathon expands its international business in the coming years,’ said Manoj Narender Madnani, Marathon’s Managing Director for EMEA.
The agreement was signed at the American Chamber of Commerce on the morning of Friday, May 24, 2024 by Marathon Chairman and CEO Fred Thiel and Prime Minister of the Republic of Kenya, Hon. Musalia Mudavadi, EGH
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