Marathon Digital Holdings Enters into Agreement with the Ministry of Energy and Petroleum of the Republic of Kenya To Enhance Kenya’s Energy Sector

Agreement Establishes a Joint Steering Committee and a Framework To Utilize Green Data Centers To Optimize Renewable Energy Projects, Advance Technological Infrastructure, and Promote Economic Development across the Republic of Kenya

Fort Lauderdale, FL, May 24, 2024 (GLOBE NEWSWIRE) -- 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.”