Marathon Digital Holdings Enters into Agreement with the Ministry of Energy and Petroleum of the Republic of Kenya To Enhance Kenya’s Energy Sector
May 24 2024 - 11:23AM
Marathon Digital Holdings, Inc.
(NASDAQ:MARA) ("Marathon"
or "Company"), 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”) to support the utilization of energy and to
optimize renewable energy projects across the Republic of Kenya.
The partnership underscores Marathon’s commitment to supporting the
sustainable growth of the energy sector and is part of the
Company’s broader strategy to diversify its operations globally.
Under the terms of the agreement, MOEP and
Marathon will exchange policy, scientific, and technical
information, as well as project investment expertise, to better
understand how to optimize renewable energy projects that produce
surplus energy due to intermittency and seasonal variations. A
Joint Steering Committee will be established that will be staffed
by both MOEP and Marathon senior officials to ensure the
development and implementation of these energy related projects
across the country. With projected foreign investments
expected to exceed $80 million, this venture is poised to deliver
economic benefits to the Kenyan economy and generate revenue for
the local energy sector ecosystem.
“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. We look forward to working closely with the
Ministry of Energy and Petroleum, President William Ruto, and other
Kenyan government leaders to drive progress through innovative and
sustainable energy solutions.”
Manoj Narender Madnani, Marathon’s managing
director of the EMEA region, commented, “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. We look forward
to working with the Kenyan leadership and any other entities that
are looking for innovative and effective ways to enhance their
energy infrastructure.”
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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uncertainties and forward-looking statements described under "Risk
Factors" in Item 1A of our most recent Annual Report on Form 10-K
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February 28, 2024. If any of these risks were to occur, our
business, financial condition or results of operations would likely
suffer. In that event, the value of our securities could decline,
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Additional risks not presently known to us or that we currently
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addition, our past financial performance may not be a reliable
indicator of future performance, and historical trends should not
be used to anticipate results in the future. See "Forward-Looking
Statements" below.
Forward-Looking Statements
Statements made in this press release include forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934. Forward-looking statements can be identified by the use of
words such as “may,” “will,” “plan,” “should,” “expect,”
“anticipate,” “estimate,” “continue,” or comparable terminology.
Such forward-looking statements are inherently subject to certain
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cautioned not to place undue reliance on these forward-looking
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together with the additional factors under the heading “Risk
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supplemented or amended by the Company's Quarterly Reports on Form
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forward-looking statements that become untrue because of subsequent
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About Marathon Digital Holdings
Marathon Digital Holdings (NASDAQ:MARA) is a global leader in
digital asset compute that develops and deploys innovative
technologies to build a more sustainable and inclusive future.
Marathon secures the world’s preeminent blockchain ledger and
supports the energy transformation by converting clean, stranded,
or otherwise underutilized energy into economic value.
For more information, visit www.mara.com, or
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Marathon Digital
Holdings Company Contact:
Telephone: 800-804-1690Email: ir@mara.com
Marathon Digital Holdings Media
Contact:Email: marathon@wachsman.com
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