Marathon Digital Holdings Partners with Kenya’s Ministry of Energy and Petroleum

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.

Image
source:
Shutterstock

.
.
.

Tags