2024

<ul class="list-ic vertical">
 <li>1 <a>Marathon Digital Holdings (NASDAQ: MARA) has announced a partnership with the Ministry of Energy and Petroleum of the Republic of Kenya (MOEP).</a></li>
 <li>2 <a>The partnership will explore the international expansion of MARA and work on sustainable energy projects.</a></li>
 <li>3 <a>The news has led to an increase of over 5% in the share price of MARA.</a></li>
</ul>
Fried Thel, the chairman and CEO at Marathon Digital Holdings (NASDAQ: MARA), took to his X account to announce the partnership between MARA and the Ministry of Energy and Petroleum of the Republic of Kenya. He has shared multiple posts with the details of the collaboration.
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 Signed! Kenya and <a href="https://twitter.com/MarathonDH?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@MarathonDH</a> sign a historic deal for monetizing underutilized energy across Kenya and jointly developing technology projects. <a href="https://t.co/d4Zh9o8MGI" rel="noopener noreferrer nofollow">pic.twitter.com/d4Zh9o8MGI</a>— Fred Thiel (@fgthiel) <a href="https://twitter.com/fgthiel/status/1794021163191906430?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 24, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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MARA, a global leader in leveraging digital asset computing to support the energy <a href="https://www.thecoinrepublic.com/2022/10/15/circle-ceo-on-crypto-technology-transformation-and-banks-skepticism/" target="_blank" rel="noopener noreferrer nofollow">transformation</a>, has signed an agreement with the Ministry of Energy and Petroleum of the Republic of Kenya (MOEP). The objective of this partnership is to support the utilization of energy and to optimize the existing projects on renewable energy across all the parts of the Republic of Kenya.&nbsp;
That is a step towards Marathon’s commitment to supporting the sustainable growth of the energy sector and is part of the Company’s strategy to expand and diversify its operations globally.
Fried Thel is very excited to work with President William Ruto of the Ministry of Energy and Petroleum and other leaders of the Kenyan government. Fried Thel stated, “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,” It demonstrates the innovative approach that Kenya is taking to optimize their energy usage and to enhance their technological infrastructure.”
<h2 class="wp-block-heading" id="strong-terms-of-contract-strong">Terms of Contract</h2>
MOEP and Marathon will exchange policy, scientific, and technical information. They will share project investment expertise to better understand the optimization of renewable energy projects that produce surplus energy due to intermittency and seasonal variations.
A joint committee including senior officials from both organizations will ensure the development and implementation of these energy-related projects across Kenya.&nbsp;
The projected foreign investments are anticipated to be over $80 Million. The investment will be deployed to deliver economic benefits to the Kenyan economy and generate revenue for the country’s local energy sector ecosystem.
<h3 class="wp-block-heading" id="strong-how-did-shareholders-react-to-the-news-strong">How Did Shareholders React to the News?</h3>
The news outbreak led to an increase of 5.63%, an absolute increase of $1.13. The increase reflects the positive reaction to the news. The shareholders are anticipating growth with this collaboration. The MARA stock has observed considerable buy volume since the news outbreak.
However, at the time of writing, the pre-market session was experiencing a decline of 0.24%, or $0.05 in absolute terms.
However, the investor relations’ team has highlighted the high degree of risk involved in the amalgamation of Marathon and the Ministry of Energy of Kenya. They have also advised shareholders to be careful. The exact impact of the partnership on the company’s financials will be visible in quarterly reports for upcoming quarters.

MARA Partnered with the Ministry of Kenya, Promoting Global Expansion

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Thecoinrepublic.com

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